Storebrand Asset Management, Norway’s largest private asset manager, and two of Denmark’s largest pension funds, PKA and PenSam, announced today the launch of a new climate and infrastructure fund, with the investors jointly committing up to NOK 45 billion (USD$5 billion).
Jan Erik Saugestad, CEO Storebrand Asset Management, said:
“This marks the start of our expansion into infrastructure as an investor and asset manager and it enables us to further contribute to the green transition in an excellent way. Our clients show great interest in these kind of long-term investments with stable returns and positive impact. We therefore embrace this collaboration which gives our clients access to a large and diversified investment pool and look forward to growing this part of our business further allowing for our clients to co-invest with us.”
The new fund will be managed by their jointly owned investment company managed by AIP Management. According to the investors, AIP already manages more than NOK 30 billion in wind turbines and solar parks. PKA and PenSam will increase their commitments by 50%, while Storebrand will enter as the first investor outside Denmark.
Jon Jonsen, CEO of PKA, said:
“With a total commitment of NOK 45 billion to one of the largest climate and infrastructure funds ever in the Nordic region, we are raising our common ambitions for sustainable investments to a new level. The entry of a large and experienced investor such as Storebrand, allows us to further strengthen AIP Management. It also shows the success AIP has had since the platform was established in 2012 and that the model is unique not only in a Danish context, but in an international light.”
Torsten Fels, CEO of PenSam, said:
“With this co-operation across the Nordic borders, we show that we are stronger together. It is precisely this kind of collaboration that is the key to us, so that we on behalf of our members, can continue to push the green transition in the right direction.”
Kasper Hansen, Managing Partner at AIP, added:
“We are very pleased with the trust PKA and PenSam show the AIP team with the new and increased commitments to this fund. At the same time, we are proud to be able to attract such a significant partner as Storebrand to the AIP platform as a co-investor and co-owner. We look forward to continuing to execute on the successful investment strategy and deliver attractive risk-adjusted returns to current and future investors.”