Travers Smith LLP has advised long-standing client Pensions Infrastructure Platform Limited on the sale of its business to Foresight Group LLP (Foresight). The transaction completed on 18 August 2020.
The Pensions Infrastructure Platform (PiP) is the infrastructure investment platform that was developed in 2013 under the leadership of the Pensions and Lifetime Savings Association to facilitate long-term investment into UK infrastructure by pension schemes. It is backed by the British Airways pension scheme, the Pension Protection Fund, Railpen and local government pension schemes Strathclyde and West Midlands.
The PiP platform and portfolio will continue within Foresight, and the PiP team will continue to manage PiP’s assets and relationships with its investors, building on this base for further diversification.
Following completion of the acquisition, PiP CEO, Paula Burgess, will become a partner of Foresight.
The acquisition will strengthen the depth and breadth of Foresight's specialist infrastructure presence and sees Foresight’s assets under management grow by 38% (£1.8 billion) to £6.5 billion.
The Travers Smith team was led by Corporate Partner Mohammed Senouci and Funds Partner Sam Kay with support from Senior Associates Morgan Grindlay (Corporate) and Edward Ford (Funds). The wider team also included Associates Carmella Crinnion (Corporate) and Natacha Öz (Funds).