Global law firm Freshfields is advising APG Asset Management, on behalf of its pension fund client ABP, on the formation of a separately managed account to be managed by InfraRed Capital Partners and the acquisition of a seed portfolio of seven UK public-private partnership infrastructure assets (including hospitals, primary care and community health and educational facilities) from HICL Infrastructure PLC. 

The seed portfolio transaction is expected to be completed by 31 December 2025 and is subject to customary third party consents.  The transaction also involves the establishment of a partnership framework with HICL Infrastructure for the consideration of future social infrastructure acquisitions.

The Freshfields team was led by infrastructure M&A partner Alon Gordon and private funds and secondaries counsel Keith Chapman, supported by partners Patrick Ko and Mary Lavelle, senior associate Alex Ryan, secondaries legal consultant Leah Neilly and associates Jo Lee, Liv Nadan and Mikaela Choo.

Energy, transport and infrastructure partners Stuart Rowson and Fedor Teselkin, and associates Natalia Distler and Tessie Chang, advised on projects and financing aspects of the transaction, tax advice was provided by partner Peter Clements and antitrust advice was provided by partner Paul van den Berg.