PKA: Storebrand increases its ownership in AIP Management

27 June 2024

Storebrand has entered into an agreement to purchase an additional 50% of the shares in the Danish infrastructure manager AIP Management P/S (“AIP”) so that they obtain a direct ownership of 60%. AIP was founded by PKA and is headquartered in Copenhagen with a total commitment from investors of EUR 8 billion (DKK 60 billion).

Already in 2020, Storebrand Asset Management A/S (“Storebrand”) bought 10% of AIP in connection with a capital commitment to the AIP platform. Storebrand thus became the first international partner and investor in the Danish infrastructure manager.

With the increased ownership, Storebrand takes over a well-established infrastructure platform. At the same time, AIP will benefit from Storebrand’s strong market position, size and contacts in the investment world. In connection with the agreement, PKA reduces its ownership of AIP from 30 to 18.75%

AIP will continue to be managed by the current partners as an independent company under the AIP name. The owners, which in addition to Storebrand and PKA continue to include PenSam and the Partners in AIP, will build on the strong collaboration to further develop and strengthen the AIP platform.

“AIP will expand our investment offer in infrastructure and will strengthen Storebrand Asset Management’s position as an investment partner and leader in sustainable investments. Our customers show a great interest in long-term investments with stable returns and a positive effect for the green transition as infrastructure. AIP has a strong track record record, and sustainable investments are the core of AIP’s investment strategy. The partnership with the other Danish pension funds has worked well, and together we are now taking AIP to the next level”, says CEO of Storebrand Asset Management Jan Erik Saugestad.

AIP, which has EUR 8 billion (DKK 60 billion) in commitments, gives Storebrand more investment opportunities, so that it becomes possible to strengthen the position in Denmark, the Nordic countries and internationally.

“I am proud of what we have achieved to date and I appreciate PKA’s vision to enter the renewable energy market more than ten years ago. The collaboration with Storebrand has been positive and trusting, rooted in shared values. With Storebrand as new majority owner, we get a fantastic partner who can help fulfill our potential and accelerate progress towards a CO2-neutral economy by enabling even more investors to invest in the energy transition”, says Managing Partner in AIP, Kasper Hansen.

PKA, which was among the first to invest massively in renewable energy, founded AIP in 2012. The aim was both to accelerate PKA’s own green energy investments and to create a platform for other investors to invest in the green transition. Just over a decade later, it has borne fruit, and AIP’s investments in infrastructure today deliver green electricity to 5.9 million households across Europe and North America.

“Together with the team at AIP, we have established a highly specialized platform that delivers good results both for the green transition of the European and North American energy infrastructure and industry, while at the same time delivering good long-term returns for our members’ pensions,” says Jon Johnsen, CEO of PKA, and adds,

“AIP has now reached a point where the company is ready to take the next steps in its development so that more investors can benefit from AIP’s expertise and investment opportunities. Therefore, we have concluded that Storebrand, with its size and commercial platform, is a more natural majority owner for AIP Management in the future.”

Source: PKA