Updated with correction.
Pantheon Ventures said it intends to launch an initial public offering of a U.K. infrastructure vehicle on the London Stock Exchange in efforts to raise $406 million, rather than all of its infrastructure business. Incorrect information appeared in P&I Daily on Oct. 11.
Pantheon Ventures said Monday it intends to launch an initial public offering of an infrastructure vehicle on the London Stock Exchange in efforts to raise £300 million ($406 million), a spokesman confirmed.
In the latest IPO ambitions by a private markets manager, Pantheon Ventures, which manages $71.3 billion in assets across private equity, infrastructure, private debt and real estate, will use proceeds from the IPO of a newly formed investment trust Pantheon Infrastructure PLC to invest and co-invest in private infrastructure investments.
The investments funded from the IPO will be a mix of yielding and growth infrastructure assets with strong downside and inflation protection in developed markets, the company said.
Pantheon will look for investments with strong ESG credentials in sectors such as digital infrastructure, renewables and energy efficiency, power and utilities as well as transport and logistics.
"We will be confirming the timeline for the IPO when we publish the prospectus, which we expect to do very soon," the spokesman said. The issue price is set at 100 pence per share.
Pantheon Ventures will be the listed fund's investment manager following the IPO.
Across its business, Pantheon Ventures managed around $16 billion in infrastructure assets as of March 31.
Commenting on the IPO plans, Vagn Sorensen, chairman of the company, said in an intention to float announcement: "We are very pleased to announce the launch of PINT (Pantheon Infrastructure PLC), which is an exciting opportunity for investors to gain access to attractive risk-adjusted returns from infrastructure assets that benefit from longterm contractual cash flows, and have a positive correlation to inflation and favorable exposure to secular changes in society."
In the last quarter, other private managers such as alternatives business Petershill Partners PLC, infrastructure investment firm Antin Infrastructure Partners and private equity firm Bridgepoint Group PLC all turned to public markets to seek cash to grow their businesses.