Newly-listed investment fund Pantheon Infrastructure (PINT) has announced two significant deals with a combined value of more than £60 million.
In line with its strategy to build a diversified portfolio, the firm has now invested in three different businesses in just a week.
UTILITIES AND DATA
The company’s biggest deal to date is a £40 million investment as part of a Macquarie Asset Management-led consortium which has agreed to buy a 60% stake in the UK gas transmission and metering business of National Grid (NG.).
The business owns and operates the UK’s regulated 7,660-kilometre national gas transmission system and an independent gas metering business.
Pantheon described its investment in the utility sector as ‘attractive given the high visibility of stable and inflation-linked cash flows, as well as growth opportunities available with the transition toward Net Zero’.
The second investment announced today is the take-private of CyrusOne, a global data centre business, through an investment vehicle affiliated to private equity giant KKR.
Pantheon’s portion of the net asset value of the vehicle is around £21 million.
The firm described the data centre business as ‘benefitting from strong tailwinds’.
TRANSPORT AND LOGISTICS
A week ago (21 March 2022) Pantheon announced it had made a £36 million maiden investment in a European transport and logistics business through a company managed by affiliates of Apollo Fund Management.
The target company is a market leader in cold chain warehousing, transport and supply-chain management serving the fruit and vegetable import-export industry.
The logic behind buying into the logistics sector was its increasing attractiveness due to ‘the fragmented market, resilience of cash flows and opportunities for value creation’.
Pantheon listed on the Main Market last November after ‘a successful and substantially over-subscribed’ £400 million initial public offering.
The shares gained 0.8% to 108p against an IPO price of 100p.