(Reuters) – The management team of Babcock & Brown Infrastructure Fund North America LP and John Hancock Life Insurance Co said on Sunday they acquired Babcock & Brown’s interests in the fund as well as Babcock & Brown’s management rights.
The fund is a San Francisco-based infrastructure fund that owns and manages energy and infrastructure assets throughout North America.
Under the terms of the transaction, the management team has established a new entity, SteelRiver Infrastructure Partners LP, to acquire the general partner of the fund. SteelRiver will solely manage the fund’s investments.
John Hancock, a diversified financial services organization and an existing limited partner of the fund, has acquired Babcock & Brown’s limited partner interests in the fund.
Babcock & Brown’s management rights over the fund have been acquired by an entity jointly owned by SteelRiver and John Hancock and will be managed under contract with SteelRiver.
“The existing management team of the Fund will remain in place and the fund will continue to pursue the same long-term investment objectives within the infrastructure asset class in North America,” said Chris Kinney, Senior Managing Partner of SteelRiver and CEO of the fund.
The transaction, which has received formal approval from the fund’s limited partners, followed a competitive bidding process for the sale of Babcock & Brown’s interests in the fund.
(Reporting by Jessica Hall; Editing by Jan Paschal)