Stafford buy includes Macquarie infra FOF

Stafford Capital Partners has acquired three funds of funds (FOFs) that formed part of Macquarie’s private markets business, enhancing its existing capabilities in the infrastructure sector and adding new capabilities in the areas of sustainable capital and venture capital, the Sydney-based private equity firm said in a statement.

With the acquisition of the infrastructure secondaries, sustainable and venture capital fund of funds management businesses from Macquarie Investment Services and Macquarie Investment Management, Stafford has increased its total assets under management from $2.6 billion to $3.3 billion.

The acquisition of the infrastructure secondaries FOF is subject to regulatory approval, according to the statement.

Through its sister companies – Stafford Private Equity and Stafford Timberland – Stafford already has specialist teams that invest in the infrastructure, private equity and timber markets. “This, together with the expansion into Sustainable and Venture Capital, provides a rare single point of access to these international markets at a time when institutional investors are looking to consolidate the number of managers they work with,” the investment firm said.

Along with the approximately $700 million in assets transferred, the transaction also includes the transfer of all key people associated the acquired businesses.

Rick Fratus, Kurt Faulhaber and Andy Betz will be based in San Diego, while Erica Bushner will continue in an advisory capacity. Ingo Marten and William Greene will be based in Zurich.

The acquisition will enable Stafford to source secondary, co-investment, and primary deals across a broader range of asset classes, according to the statement.

“We are delighted to have selected Stafford for this transaction,” Ben Bruck, global head of Macquarie Investment Management, said. “Our fund-of-funds businesses compete in specialised niches which we believe sit best with a dedicated private equity fund-of-funds manager.”

Stafford Private Equity, which comprises the asset management businesses of private equity, infrastructure, sustainable capital and venture capital, recently changed its name from Quay Partners to bring it under the same brand name as Stafford Timberland. The two entities operate under the umbrella of Stafford Capital Partners.