Stafford Capital Partners and Equitix complete secondary transaction in Equitix Fund III
London, 11 July 2022 – Stafford Capital Partners and Equitix are pleased to announce the completion of a secondary transaction in Equitix’s third infrastructure fund, Equitix Fund III.
The transaction involved the sale of a GBP 58 million LP interest in Equitix Fund III, 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.
Equitix ran the transaction on behalf of an outgoing UK investor and reached agreement with Stafford Capital Partners at the end of last month.
Equitix has previously assisted investors with the sale of LP interests in Equitix Fund I, Fund II, Fund IV and other co-investment vehicles, although all of these previous transactions were facilitated with the help of third-party advisers.
Stafford acquired the interest with its fourth infrastructure secondaries fund, Stafford Infrastructure Secondaries Fund IV (SISF IV) alongside a managed account for a single investor. The investment is the 13th to be completed by SISF IV and brings the fund’s committed capital to approximately EUR 350m.
Equitix is a long-term infrastructure manager of funds that traditionally have a 25-year fund life.
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 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”.
About Stafford Capital Partners
Stafford Capital Partners (“Stafford”) is an independent private markets investment and advisory firm with USD %%AuM%%bn in assets under management and advice* for more than %%numClients%% institutional clients worldwide. Founded in 2000, it has a global team of 80+ professionals investing in infrastructure, timberland, agriculture & food and sustainable private equity through secondaries, primaries, and co-investments. Stafford has been a UN PRI signatory since 2010 and has committed to the Net Zero Asset Managers initiative. It puts sustainability at the centre of its investment process and implements a well-defined ESG program across all strategies. In the UK, Stafford is authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 225586).
* As of 30 September 2023