Concert Infrastructure Fund Announces Further $150 Million Recapitalization
May 15, 2017 Vancouver, BC – Concert is pleased to announce the successful recapitalization of Concert Infrastructure Fund (“the Fund”) with an additional $150 million irrevocable commitment from existing unitholders. As the Fund’s fourth successful rights offering, this recapitalization is intended to support planned and future investments in Canadian infrastructure projects.
“This milestone strengthens Concert’s position in the Canadian infrastructure market and reinforces its mission to invest and manage infrastructure projects over the long-term,” says David Podmore, Concert Infrastructure Chairman & CEO. “This will not only enable the company to meet its short-to-medium-term business objectives, but will provide the capacity to adequately fund Public-Private Partnership (“P3”) infrastructure projects well into the future.”
Owned by 10 Canadian union and management pension funds, Concert Infrastructure Fund was established in 2010 to enable a group of Canadian pension plans to directly invest in and manage Canadian infrastructure projects. Today, the Fund holds investments in six P3 projects in three provinces, as well as an infrastructure portfolio investment.
“This rights offering speaks directly to the trust we have built with our unitholders through the effective investment and management of their funds in the Canadian infrastructure and P3 market,” Podmore continues. “As well as to the attractive long-term returns that have been generated for them to date.”
The aggregate value of the projects and portfolio investment is $2.1 billion and the Fund now has irrevocable equity commitments totaling $505 million. Concert Infrastructure remains focused on growing its investment portfolio through direct investment and management of Canadian infrastructure assets over the long-term.
About Concert Infrastructure
Concert Infrastructure is dedicated to developing and managing a diverse range of critical social and economic infrastructure in support of Canada’s growing economy. Proudly Canadian, Concert Infrastructure is committed to being a responsive and community-focused investment and development partner.
Concert Infrastructure Fund Unitholders
All Concert Infrastructure unitholders are union and management pension funds representing Canadian workers. Our foundation and success is based upon their strength and backing. The pension plans that invest in Concert Infrastructure are:
- B.C. Labourers’ Pension Plan
- Local 213 Electrical Workers’ Pension Plan
- Marine and Shipbuilders Local 506 Pension Plan
- Operating Engineers’ Pension Plan
- Pile Drivers, Divers, Bridge, Dock & Wharf Builders Pension Plan
- Plumbing and Pipefitting Workers Local 170 Pension Plan
- Pulp & Paper Industry Pension Plan
- Teamsters Local 213 Pension Plan
- Telecommunication Workers Pension Plan
- United Food & Commercial Workers Union Pension Plan