Equitix has sold £58m of LP interest in Equitix Fund III to Stafford Capital Partners on behalf of an outgoing UK investor.
Fund III is Equitix’s third infrastructure fund, a 2013-vintage fund that includes 46 mostly PPP/PFI assets located in the UK and Italy across social infrastructure, transportation, environmental services, and renewables.
Stafford tapped its fourth infrastructure secondaries fund for the transaction. It is the 13th deal of the fund and brought its committed capital to €350,.
Hugh Crossley, Equitix CEO, said, “The secondary market for stakes in infrastructure funds continues to grow and evolve and there is a strong appetite for the assets and, importantly, the diverse yielding portfolios that Equitix manages. This transaction allows us to demonstrate that we can efficiently facilitate good liquidity outcomes for our investors from our funds.
“Although some of our funds have an organised liquidity window at year 10 in their life, this transaction serves as confirmation that we can assist our investors to access liquidity in the secondary LP market at any stage in a fund’s life; whether that is with the help of a secondary broker or by running the process in house.”
William Greene, managing partner at Stafford Infrastructure, said, “We are delighted to expand our exposure to core operating infrastructure assets through this transaction. This diversified portfolio exhibits strong cashflow visibility alongside creditworthy counterparties, delivers an immediate and stable yield, and provides access to a reputable and experienced manager”.
Stafford crossed the halfway point of its fourth infrastructure secondaries fundraise by hauling in €450m for a third close twelve months ago.
That total means Stafford has passed the €400m it collected for its third fund in the series in 2018, which had initially targeted €250m.
Stafford hit a €153m first close for Stafford Infrastructure Secondaries Fund IV in 2020 and a €347m second close in January last year.
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