UPP invests in Angel Trains and expands its infrastructure program through partnership with Arjun Infrastructure Partners

Toronto / London – March 26, 2024 – Arjun Infrastructure Partners (Arjun) and University Pension Plan Ontario (UPP) are pleased to announce an investment in Angel Trains, as well as the establishment of a partnership to pursue further infrastructure investments in OECD countries. UPP’s investment includes a meaningful commitment to Arjun’s current Infrastructure Alliance Europe fund along with acquiring an interest in Angel Trains, the UK’s leading rolling stock company. This initial investment is a testament to the partnership, laying the groundwork for future co-investments.

Angel Trains is the largest rolling stock company in the UK, serving the passenger rail sector with a diversified fleet of circa 4,400 vehicles, the majority of which are electric multiple units. Angel Trains, as an Investor in People, brings market-leading expertise in asset management, ensuring the fleets deliver to their full potential throughout the whole asset lifecycle.

“Arjun is delighted that UPP have chosen to make this significant commitment to its European infrastructure platform, underscoring their dedication to growth in the region. Angel Trains has excellent ESG credentials with sector-leading commitment to decarbonization and innovation; its ‘cradle-to-grave’ asset stewardship approach ensures fleets deliver their full potential throughout their asset lives. We are delighted to continue supporting the company and its highly regarded management team in delivering its next phase of development,” said Surinder Toor, Managing Partner at Arjun Infrastructure Partners.

“We are delighted to partner with Arjun to expand our infrastructure investment program and complete UPP’s first co-investment. A key part of our investment strategy is partnering with market-leading, like-minded investors like Arjun on attractive co-investments and we are confident this investment can help UPP generate strong and stable long-term returns for our members. Given UPP’s desire to support the transition to a low-carbon economy and Angel Trains’ focus on decarbonizing their fleet, along with the company’s strong management team, shareholder group and business, this is a very attractive opportunity for us,” said Peter Martin Larsen, Senior Managing Director and Head of Private Markets Investments at UPP.

About Arjun Infrastructure Partners

Arjun Infrastructure Partners is an independent European infrastructure fund manager with CAD8.5bn / USD6.2bn AUM. Founded in 2015, Arjun provides direct access to European mid-market core/core plus infrastructure through funds as well as separate managed accounts. Arjun has an experienced, sector-specialist team of 38 with extensive operational knowledge combined with institutional financial pedigree.

Press Enquiries for Arjun
Peregrine Communications
Sophie Svestad / David Read
Telephone: +44 (0) 20 3040 0890 / +44 (0) 7354 249 214
[email protected]

About University Pension Plan Ontario (UPP)

University Pension Plan Ontario (UPP) is a jointly sponsored defined benefit pension for Ontario’s university sector. UPP manages nearly CAD$11 billion in pension assets and proudly serves over 39,000 members across four universities and 12 sector organizations. UPP is growing a resilient fund to secure pension benefits for members today and for generations to come, and is open to all employers and employees within Ontario’s university community. For more information, please visit

Media Contract
Kelly Conlon
Managing Director, Strategic Communications and External Relations
[email protected]



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