Pinnacle acquires Perpetual infrastructure funds
In what represents a key transaction, Pinnacle Investment Management subsidiary Palisade Investment Partners Limited has announced an agreement to acquire Perpetual Limited’s infrastructure funds, including the Diversified Infrastructure Fund, Regional Infrastructure and Rail Fund.
The funds have a total of $250 million in assets under management with a focus on unlisted investments.
The transaction will see the key managers on the Perpetual infrastructure team — Roger Lloyd, Karen Fox, Vicki Rigg and Jim Fanning — moving across to Palisade to join existing team members, Ian Mitchell and Peter Salisbury.
The funds will remain unlisted and are expected to be reopened to existing and new wholesale clients next month under the new Palisade management.
Commenting on the transaction, Palisade joint managing director Ian Mitchell said the acquisition would provide the company with a valuable platform and a pipeline of investment opportunities from which to grow the funds.
“The assets in each of the funds fit with Palisade’s strategy of focusing on niche mid-sized infrastructure assets,” he said.
AUTHOR
Mike Taylor
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