TORONTO, WELLESLEY, Mass., and LONDON – July 1, 2020 – Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) has officially announced the completion of its majority stake acquisition of Infrared Capital Partners (“InfraRed”), a significant move that bolsters Sun Life’s alternative asset management business, SLC Management.
InfraRed Capital Partners, headquartered in London, UK, is a globally recognized infrastructure and real estate manager. As of March 31, 2020, InfraRed managed approximately US$12 billion (C$17 billion) in assets, advising a diverse portfolio of institutional and pooled fund clients.
This strategic acquisition integrates InfraRed into SLC Management, enhancing its suite of investment solutions for institutional clients. The addition of InfraRed’s expertise in infrastructure equity is particularly noteworthy, as it expands SLC Management’s offerings and strengthens its commitment to sustainable investment options. InfraRed’s global infrastructure capabilities are a strong complement to SLC Management’s existing platform, which is robust in public and private fixed income investments.
“We are thrilled to finalize the acquisition of InfraRed Capital Partners,” stated Steve Peacher, President of SLC Management. “Despite the ongoing global economic challenges, we maintain a strong conviction in the long-term growth potential of infrastructure investing. The need for infrastructure development worldwide remains substantial and undiminished. Infrastructure investments are uniquely positioned to contribute positively to societies in the evolving post-COVID-19 landscape.”
Peacher further highlighted the opportunities within North America’s renewable infrastructure sector. “We see a compelling investment case in renewable infrastructure, such as wind and solar energy projects. These investments not only offer attractive returns but also contribute to a sustainable future.”
Werner von Guionneau, CEO of InfraRed Capital Partners, also commented on the completion of the agreement. “This agreement with Sun Life marks a pivotal moment for InfraRed and will be instrumental in our continued growth and evolution. This includes the exciting launch of a North American renewable infrastructure fund.”
von Guionneau emphasized the critical role of infrastructure, especially during global crises. “High-quality, dependable core infrastructure has been vital in supporting communities throughout the recent crisis. As societies recover from the coronavirus pandemic, investing in improved, greener, and more connected infrastructure is more important than ever. This transaction strategically positions InfraRed to remain at the forefront of essential and sustainable infrastructure development, ensuring we continue to support communities and deliver sustainable returns.”
Looking forward, von Guionneau added, “We are eager to collaborate closely with SLC Management and Sun Life to expand our capabilities in North America. A key focus will be on the energy transition and decarbonization, areas where we see tremendous opportunity.”
With the completion of this transaction, Sun Life has acquired an 80% stake in InfraRed Capital Partners. The agreement also includes a provision for InfraRed’s owners to sell their remaining interest to Sun Life in 2024, and Sun Life holds an option to acquire any remaining interest by the end of 2025.
Further details about the transaction are available in the original news release and related materials dated December 18, 2019.
About Sun Life
Sun Life Financial is a leading international financial services organization, providing a comprehensive range of insurance, wealth, and asset management solutions for individuals and corporate clients. With a global presence spanning markets including Canada, the United States, the United Kingdom, and Asia, Sun Life manages total assets of $1,023 billion as of March 31, 2020. For more information, please visit www.sunlife.com.
Sun Life Financial Inc. is publicly traded on the Toronto Stock Exchange (TSX), the New York Stock Exchange (NYSE), and the Philippine Stock Exchange (PSE) under the ticker symbol SLF.
About InfraRed Capital Partners
InfraRed Capital Partners is a distinguished international investment manager specializing in infrastructure and real estate investments. Operating from key global hubs including London, New York, and Hong Kong, InfraRed manages US$12 billion in equity capital across various private and listed funds. InfraRed is regulated by the Financial Conduct Authority in the UK, demonstrating its commitment to the highest standards of operation and client service.
InfraRed is committed to best-in-class practices in asset management and investment, upholding ethical conduct, and actively engaging in community support initiatives. A signatory of the Principles of Responsible Investment since 2011, InfraRed has consistently achieved high ratings for its responsible investment practices.
With a 30-year track record, InfraRed Capital Partners has established itself as a leading developer and manager of core infrastructure, renewable energy, and real estate assets, contributing significantly to the development of sustainable communities. More details can be found at www.ircp.com.
About SLC Management
SLC Management is the institutional asset management division of Sun Life Financial Inc., providing a range of traditional, alternative, and yield-oriented investment solutions to institutional investors. With expertise in public and private fixed income, as well as global real estate equity and debt, SLC Management offers diverse investment opportunities.
Key components of SLC Management include BentallGreenOak, a leading global real estate investment management advisor. As of March 31, 2020, SLC Management’s assets under management totaled C$236 billion (US$168 billion). For additional information, please visit www.slcmanagement.com.
| Media Relations Contact: | Investor Relations Contact: |
|---|---|
| Rajani Kamath | Leigh Chalmers |
| Associate Vice-President, Corporate Communications | Senior Vice-President, Head of Investor Relations & Capital Markets |
| t. 416-979-6070 | t. 647-258-8201 |
| [email protected] | [email protected] |
