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A&O advises infrastructure investors on a EUR1 billion alliance for investing in Europe

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Six Jean-Christian
Jean-Christian Six

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Patrick Mischo

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Wang Miao
Miao Wang

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White Zofia
Zofia White

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Hiscock Samara
Samara Hiscock

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Alina Golovkova

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25 March 2021

Allen & Overy has advised a group of institutions, including AP4, IMAS Foundation, Industriens Pension and KLP, on forming an investment alliance partnership with Arjun Infrastructure Partners to invest in low-risk European infrastructure. 

The long-term vehicle, Infrastructure Alliance Europe, has raised commitments of €1 billion to be invested across different sectors in Western Europe and will have a strong focus on sustainability. ETORE Advisory assisted the investor group in the development of the Infrastructure Alliance initiative.

Allen & Overy acted as a legal advisor on the transaction, advising on the fund structuring and establishment aspects of the project, as well as on all Luxembourg fund regulatory issues. Our Luxembourg tax practice was also involved on the matter with respect to the tax structuring aspects of the fund. The team was led by partner Jean-Christian Six. He was supported by counsel Miao Wang, associate Leonhard Nagel, junior associate Victor Pierre and paralegal Anna Nagy. Partner Patrick Mischo, supported by counsel Julie Carbiener, senior associate Zofia White and associate Samara Hiscock, advised on the tax aspects of the transaction.

About AP4: AP4 is a Swedish public pension fund contributing to the financial security of current and future pensioners in Sweden by managing part of the national pension system’s buffer capital. AP4 is a long-term investor with a strong focus on sustainability, specifically regarding mitigating climate change and enhancing corporate governance. Fund capital amounted to SEK 449 billion at year-end 2020.

About IMAS Foundation: IMAS Foundation is a sister foundation to the INGKA Foundation—the owner of INGKA Group, who owns and operates the majority of IKEA stores globally. The foundation was set up in 1998 by Ingvar Kamprad, the founder of IKEA, and specialises in creating long-term returns on financial assets.

About Industriens Pension: Industriens Pension is among Denmark's largest labour market pension schemes and currently has about 410,000 members. The investment assets amount to around DKK 190 billion by the end of December 2020 of which about 10% is invested in infrastructure. Industriens Pension is a long-term investor with a highly-diversified portfolio and a strong focus on sustainability. The entire earnings benefit the members as no dividends are paid to the shareholders.

About KLP: KLP is the leading pension company for Norwegian municipalities, health enterprises and companies affiliated to the public sector. Around 900.000 individuals have their pensions managed by KLP. KLP is owned by its customers, the same municipalities, health enterprises and businesses with public-sector occupational pensions. KLP has over NOK 800 billion (USD 95 billion) in assets under management. At KLP, to think simultaneously about society, the environment and responsible investment is part of the daily course of business.

About Arjun Infrastructure Partners: Arjun Infrastructure Partners is an independent asset management company dedicated to executing and managing mid-market infrastructure investments. Founded in 2015, Arjun now manages €3.5 billion of capital on behalf of 20 prominent institutional investors. Arjun’s team of 24 professionals and a further 10 industry partners has extensive operational and financial experience in the utilities, energy & renewables, digital and transportation infrastructure sectors. Arjun works in close partnership with its clients and has a strong focus on ESG as part of a long-term, responsible asset management approach.