Sources say Aware Super has hired Campbell Lutyens, a specialist in moving illiquid investments for institutional investors, to shop a $600 million stake.
Superannuation funds are rushing to sell out of Utilities Trust of Australia, owner of stakes in monopoly infrastructure assets including NSW electricity transmission company Transgrid and its South Australian equivalent ElectraNet, as the cost of backing the energy transition eats into cash returns.
Big super funds have faced questions over whether they can justify investing in the energy transition, which is popular with members, if those investments can’t deliver competitive returns to those members. Cbus and Aware declined to comment.This is not the only change in UTA’s investor line-up to hit this year.
Were UTA to press sell on its stake, there would be no shortage of suitors on and off Transgrid’s register. Canada’s CDPQ, OMERS, Spark Infrastructure and a few Middle Eastern funds are already investors.
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