Strategic Transaction of
Investment Adviser with Boyd Watterson
30 May 2024
~ Strategic combination creates a leading
global alternatives investment platform with AUM in excess of
approximately $35 billion ~
The Board of Directors (the
Board) of International
Public Partnerships Limited (the Company and/or INPP) is pleased to be informed by
Amber Fund Management Limited (AFML or the Investment Adviser) that, through a
strategic transaction, its parent Amber
Infrastructure Group (Amber) will
combine with Boyd Watterson Asset
Management (Boyd
Watterson), a leading real estate
and fixed income investment manager in the United
States. This remains subject to
Financial Conduct Authority and other approvals.
The Company believes that this is a
positive transaction with a highly credible and well-established
real assets investor with strong links to the public sector in the
United States.
Hunt Companies, Inc, (Hunt) which is a common investor
in the Investment Advisor and Boyd Watterson, will continue to be
an investor in the combined entity and no shareholders will exit as
a result of the merger. The existing Amber team will continue
to lead on (i) all infrastructure investment funds, (ii)
investment recommendations and advice for
those mandates, and (iii) the day-to-day
operations for the infrastructure business. In addition, the
Investment Adviser group will continue to hold its c.8 million
shares interest in the Company.
As part of this transaction, the
Company will be granted a further 'first look' over investment
opportunities sourced by Boyd Watterson in the United States which
meet the Company's investment criteria. This agreement is on the
same terms to the Company's existing agreements with AFML and Hunt
that provide that both AFML and Hunt (through AFML) present the
Company details of opportunities (including those which it disposes
of itself) which are consistent with the Company's current
investment portfolio (principally regulated or contracted
government-backed infrastructure investments similar to those owned
by the Company already).
Commenting on the announcement,
Chairman of INPP, Mike Gerrard said: "We are pleased to see Amber continue to grow
its capability as investment manager of INPP's international
portfolio of infrastructure assets. INPP will also benefit from the
widened right of first refusal for new investment opportunities
which arises from this merger."
Commenting on the announcement,
Chief Executive of Amber Gavin Tait said: "We are excited to combine with Boyd
Watterson to form a significant diversified investment
platform. Boyd and Amber have a keen focus on delivering
outstanding client service and proven expertise in partnering with
governments around the world. This merger will create new
opportunities for Amber to build upon our existing global presence
while bringing new opportunities for Boyd Watterson's
clients."
About Boyd
Watterson
Founded in 1928 by its predecessor firm, Boyd
Watterson Asset Management, LLC (Boyd) is a leading real estate and
fixed income investment manager. Headquartered in Cleveland, Ohio,
Boyd employs 130 employees in seven offices across the
US. Boyd manages c.US$18.2bn of AUM, through separately
managed accounts and a number of funds with real estate and fixed
income strategies. www.boydwatterson.com
About Amber Infrastructure Group
Amber is a specialist international
investment manager, focused on investment origination, asset
management and fund management. Amber currently manages or advises
9 funds (2 listed and 7 private) with over £ 5billion (c.$6
billion) in funds under management. With a presence across 12
countries, Amber manages 175 infrastructure investments
representing total assets under management of £14 billion (c.$17.5 billion). Amber's core business focuses on managing infrastructure
assets across the public, transport, energy, digital and
demographic infrastructure sectors internationally. Amber is
headquartered in London with offices in Europe, North America,
Australia and New Zealand. Amber employs over 180 professionals
globally. www.amberinfrastructure.com
About Hunt Companies
Hunt Companies is a family-owned
principal investment firm founded in 1947 based in El Paso, TX with
interests in the real estate, infrastructure and financial services
sectors. As an owner operator with a strong investment platform and
financial structuring expertise, Hunt develops lasting
relationships to create value for its investors, clients, employees
and communities. The company and its affiliates are committed to
promoting community growth and a sustainable future through our
business practices, purpose driven investment and charitable
giving. www.huntcompanies.com