APG acquires UK PPP portfolio advised by PwC
February 2026
The PwC UK Corporate Finance team is pleased to announce that it acted as lead financial advisor to APG Asset Management ("APG") on its acquisition of seven UK public-private partnership ("PPP") assets from HICL Infrastructure PLC ("HICL"), via a newly established separately managed account (“SMA”) with InfraRed Capital Partners (“IRCP”).
Following the successful completion, the SMA has been initially seeded with a £225m portfolio of UK healthcare and education assets. The SMA will focus on investing in operational social core infrastructure assets in the UK and Europe, and has ambition for substantial expansion over time.
The seed assets include HICL’s stakes in four Local Improvement Finance Trust ("LIFT") assets and a schools PFI, as well as part of HICL's stakes in two hospital Private Finance Initiatives ("PFIs").
Strategic acquisition and investment objectives
The acquisition aligns with APG's long-term strategic objective to expand its social infrastructure portfolio across Europe, which provides long-term availability based, and inflation-linked income streams.
Additionally, the transaction establishes a new long-term partnership for APG with IRCP, an experienced investment manager with deep expertise in social infrastructure assets, while also creating a framework with HICL that provides opportunities for future divestment and co-investments.
PwC's role and expertise
PwC acted as lead financial advisor to APG, while also providing accounting and tax due diligence and tax structuring services.
This transaction is the fourth transaction that PwC Corporate Finance has advised on in the listed infrastructure space, and reinforces our market-leading capabilities to advise on large-scale and complex transactions.
PwC Deal team
PwC UK Corporate Finance: James Pincus, Nitin Premchandani, and Michael Allen, supported by Sarah Brewer, Sahil Aggarwal, Sam Arts, Louis Kennett, Henry Bolton, Pete Bowles, Fynn Havinga, Angus Sharp, and Isa Lu.
PwC UK Tax: Naz Klendjian and Shane Harry, supported by Tozaye Balogun and Annika Patel.
PwC UK Accounting: Daniel McNulty and Waqas Sheikh.
James Pincus, Partner at PwC UK said:
“It has been a privilege to advise APG on this important acquisition which demonstrates PwC’s capabilities in complex and large-scale infrastructure transactions. We look forward to seeing APG and InfraRed realise the benefits of this long-term partnership.”
Nitin Premchandani, Director at PwC UK said:
“We are thrilled to have advised APG on its landmark SMA with InfraRed Capital Partners. This transaction highlights our role as a trusted advisor across both listed and private infrastructure markets. We are proud to continue supporting leading global investors on innovative and strategic infrastructure mandates.”
If you would like to discuss the infrastructure M&A market then please contact James Pincus or Nitin Premchandani.
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