The consortium members have over 20 years of combined experience in the acquisition and management of infrastructure assets. The Consortium has a strong Swedish presence with AP 1, AP 3 and Folksam owning 50% of the shares. The Consortium is committed to a long-term, stable and supportive ownership of the Distribution business.
Further information on the consortium members:
AP1 is one of five buffer funds in the Swedish national income pension system. The capital reserves in the AP funds are used to cover the deficit when disbursements from the pension system exceed contributions to the system. The AP Funds strive to manage the fund capital so as to deliver attractive long-term investment returns while maintaining an appropriate level of risk for current and future pensioners.
AP1 has assets under management of SEK284 billion (at 31 December 2014) in a global portfolio consisting of equities, fixed income securities and alternative investments that include real estate, private equity funds and hedge funds. AP1’s strategic allocation focus is around 50% of the fund capital invested in equities, 30% in fixed income securities and around 20% in alternative investments. The allocation to alternatives, and in particular infrastructure, is targeted to grow further as AP1 seeks to further enhance its risk factor diversification.
AP3 is one of the five buffer funds in the national income pension system in Sweden and manages a diversified global portfolio of listed equities, fixed income assets and alternative investments. Alternative investments consist of real estate, private equity, timberland and infrastructure assets. The value of the portfolio stood at approximately SEK288 billion on 31 December 2014.
Folksam is a Swedish mutual insurance and pension savings company and has approximately SEK350 billion of assets under management (as at 31 December 2014) and with a strong market position in both life and non-life insurance. Folksam has today more than 4 million customers, or almost every second person in Sweden. www.folksam.se
Borealis Infrastructure has 16 years of experience originating, structuring and actively managing infrastructure investments on behalf of the Ontario Municipal Employees Retirement System (“OMERS”), a large defined benefit Canadian pension plan with over 450,000 members, with C$72.0 billion (SEK487 billion) of net assets (as at 31 December 2014) and a AAA credit rating from Standard & Poor’s. OMERS was one of the first large Canadian pension plans to invest in private markets, including infrastructure and has earmarked more than 20% of its portfolio to be allocated to infrastructure investments. Borealis has sourced and currently manages over 20 infrastructure investments in Canada, Europe and the United States, representing over C$12.7 billion (SEK86 billion) of OMERS’s invested equity. www.borealis.ca