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Investment activity
- Investments
- Portfolio
- Investment activity
Explore UPP's investment activity
Private market investments
Private equity
Return enhancing September 2024
CLEAResult
Co-investment with Kohlberg & Company
CLEAResult is an energy efficiency services provider in the US working with utility, government, and commercial customers to design and implement energy efficiency programs to reduce energy usage, costs, and emissions. This co-investment offers UPP a more direct participation model by providing more control and transparency over investments, while also lowering external fees.
Private credit
Return enhancing July 2024
CoreWeave
Direct loan participation
UPP participated in its first direct loan in the latest private debt financing for CoreWeave, a cloud-based provider specializing in high-performance computing resources for AI and machine learning applications. This investment diversifies UPP’s private credit portfolio into the IT sector and aligns with their direct participation model, offering greater control, transparency, and reduced external fees.
Infrastructure
Inflation sensitive July 2024
Rowan Digital Infrastructure
Co-investment with Quinbrook Infrastructure Partners
Rowan Digital Infrastructure provides data centre solutions for large digital businesses across the US. Beyond adding important inflation-hedging properties to UPP’s investment portfolio, this investment provides a unique opportunity to help fund the critical infrastructure required for the growth of data centres with renewable energy sources. Read more about the investment here.
Real estate
Inflation sensitive July 2024
Co-Investment, North Vancouver
Co-investment
UPP’s first real estate co-investment is represented by a 420-unit, purpose-built-rental development project in North Vancouver, a key supply-constrained Canadian gateway market. The project will target an 11% affordable housing component and a minimum LEED gold certification.
Private equity
Return Enhancing April 2024
Kohlberg Investors X
Fund investment with Kohlberg & Company
Kohlberg & Company’s fund pursues control buyout investments in middle-market service-oriented businesses in the US. UPP stands to benefit from additional investment opportunities with favourable terms and long-term prospects from this investment partner.
Infrastructure
Inflation Sensitive March 2024
Angel Trains
Co-investment with Arjun Infrastructure Partners
Angel Trains is the largest rolling stock company in the UK, serving the passenger rail sector with close to 4,100 vehicles, most of which are electric. This co-investment expands UPP’s infrastructure investment program in alignment with our desire to support the transition to a low-carbon economy. Read more about the investment here.
Private equity
Return Enhancing March 2024
Riveron
Co-investment with Kohlberg & Company
Riveron is a financial and advisory services firm in the US specializing in accounting, finance, technology, and operations. This co-investment offers UPP a more direct participation model by providing more control and transparency over investments, while also lowering external fees.
Infrastructure
Inflation Sensitive December 2023
Infrastructure Alliance Europe II
Fund investment with Arjun Infrastructure Partners
IAE II is a core/core-plus strategy targeting traditional infrastructure assets in Europe’s mid-market to deliver yield and inflation-protected returns. Arjun aims to secure control or co-control positions for the Fund, ensuring the ability to oversee key governance decisions. As an Article 8 fund under the EU’s Sustainable Finance Disclosure Regulation, this investment aligns with UPP’s commitment to promoting positive, measurable environmental, and social outcomes.
Infrastructure
Inflation Sensitive September 2023
US Co-investment Sidecar
Co-investment with Quinbrook Infrastructure Partners
As part of a broader partnership with Quinbrook, UPP’s investment in the Net Zero Power Fund is complemented by a co-investment in a sidecar vehicle, investing alongside the Net Zero Power Fund in U.S. portfolio companies. Quinbrook’s focus on providing innovative renewable energy solutions for high-growth, energy-intensive industries aligns with UPP’s commitment to supporting greenhouse gas emissions reductions in the real economy.
Infrastructure
Inflation Sensitive September 2023
Net Zero Power Fund
Fund investment with Quinbrook Infrastructure Partners
Quinbrook’s flagship fund focuses on investing in low carbon and renewable energy infrastructure. The strategy pursues a defined set of thematics ranging from large scale solar and storage, sustainable infrastructure solutions for hyperscale data center customers, renewable fuels production, synchronous condensers providing direct grid support and contracted battery storage in strategic locations. This investment underscores UPP’s desire to support the transition to a low-carbon economy, in line with our Climate Action Plan.
Real estate
Inflation Sensitive September 2023
Built-to-Own Fund, Canadian Multi-Residential
Fund investment
This fund is focused on the ground-up development and long-term ownership of high quality, sustainable, purpose-built-rental properties across core urban locations in major Canadian markets. UPP’s commitment supports our objective to partner with a leading sector specialist to address the Canadian housing supply shortage and generate long-term stable cash flows with inherent inflation-hedging attributes.
Infrastructure
Inflation Sensitive
May 2023
Copenhagen Infrastructure V
Fund investment with Copenhagen Infrastructure Partners
Fund V, focused on renewable energy infrastructure investments across North America, Western Europe, and Asia Pacific, helps enable energy sector decarbonization and is classified as an Article 9 fund under the European Union’s Sustainable Finance Disclosure Regulation. This investment aligns with UPP’s Climate Action Plan, which emphasizes decarbonization in the real economy. Read more about the investment here..
Infrastructure
Inflation Sensitive November 2022
Strategic Assets Fund I
Fund investment with DigitalBridge
DigitalBridge’s fund aims to generate risk-adjusted returns through privately negotiated equity investments in digital infrastructure assets across Canada, the US, Europe and Asia Pacific. It stands to provide UPP access to co-investments in proprietary deals, an approach which provides us enhanced governance rights, increased transparency, and cost reductions.
Public market investments
Public equity
Return Enhancing May 2024
Ashmere LP (130-30 Carbon-Reduced Strategy)
Fund investment on a Managed Account Platform, managed by Acadian Asset Management
This UPP-initiated long/short mandate, managed by Acadian Asset Management, has a 2050 net-zero portfolio goal, and seeks to achieve year-over-year carbon reductions. This allows UPP to capture long-term returns while mitigating downside risk and aligning with the commitments of our Climate Action Plan.
Absolute return
Return Enhancing May 2024
Whitebox Multi-Strategy Partners Fund
Fund investment managed by Whitebox Multi-Strategy Partners
This credit-focused fund invests in multiple underlying credit-oriented strategies, dynamically allocating risk across them based on the opportunity set. This investment helps align our portfolio with our long-term investment strategy and responsible investing considerations.
Public equity
Return Enhancing March 2024
Impactive Capital Fund
Fund investment managed by Impactive Capital
Impactive Capital is a 100% women and minority-owned asset manager running a strategy investing primarily in the small and middle market capitalization segment of the U.S. equity market. The firm shares UPP’s focus on improving environmental, social, and governance factors by engaging with portfolio companies to add long-term value.
Absolute return
Return Enhancing December 2023
Claren Road Credit Fund
Fund investment managed by Compass Rose Asset Management
This fund focuses on long/short relative value trading in global investment grade credit and larger high yield issuers. As a specialist in global transactable credit markets, Compass Rose is uniquely positioned to deliver a complementary return stream to UPP’s absolute return and overall portfolio.
Public equity
Return Enhancing July 2023
Crosby Street Fund
Fund investment managed by Select Equity Group
This is a global fundamental equity mandate managed by Select Equity Group. The Crosby Street Fund uses a segregated structure, which provides UPP better transparency and control over the fund’s underlying securities. This allows us to better implement our Responsible Investing strategy in the portfolio.
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