US investment firm Stonepeak to invest in Singapore-headquartered AGP Sustainable Real Assets
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This deal will in turn enable Stonepeak to invest in new markets and sectors with a local partner.
PHOTO: ST FILE
Megan Cheah
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SINGAPORE – Singapore-headquartered AGP Sustainable Real Assets, a fund and asset management group focusing on sustainable real assets, announced on Friday that it will be receiving an investment from US-based investment company Stonepeak.
The Business Times understands that the total investment amount is potentially up to A$1 billion (S$883.6 million), and will be AGP’s first group-level strategic capital partnership.
Previous funding rounds had occurred at the underlying portfolio company level.
AGP finances, develops and operates sustainable real assets in the power, infrastructure and built environments, evaluating its portfolio against the United Nations Sustainable Development Goals.
This investment from Stonepeak, which specialises in infrastructure and real assets, will help to accelerate the growth of AGP’s portfolio in areas such as energy transition and sustainable community infrastructure across housing, logistics and data.
The investment will also catalyse the growth of AGP across various regions, including India, Britain, Europe, the US and Asia-Pacific, as well as bolster the group’s balance sheet and seed new community infrastructure projects.
AGP has operations in Australia, Europe, US, India and Britain.
It has invested, deployed and managed US$4 billion of capital for institutional investors.
This deal will in turn enable Stonepeak to invest in new markets and sectors with a local partner. The investment firm has approximately US$57.1 billion in assets under management.
AGP partner Ben Salmon said: “We are thrilled to be working with such a high calibre partner in Stonepeak and foresee this investment as a powerful catalyst for our forward trajectory.
“Our aim is to seamlessly integrate energy and community infrastructure, developing innovative sustainable solutions that meet society’s evolving needs.”
Stonepeak senior managing director Hajir Naghdy said: “The opportunity to invest in sustainable asset creation and the exposure across multiple geographies make this partnership a strong fit for Stonepeak’s Asia infrastructure strategy.”
The investment is expected to close in the fourth quarter of 2023, subject to satisfaction of customary closing conditions. THE BUSINESS TIMES
