9th May 2016
Langham Hall UK has been appointed as fund administrator to PiP’s Multi-Strategy Infrastructure Fund, which held a first close of £125m in April 2016.
Commenting on the mandate, Niyamat Fazal, Head of Private Equity at Langham Hall, said she believed PiP had been impressed not only by the level of competency in terms of technical knowledge displayed by the firm, but also advisory services provided during the due diligence process in the early stages of fund raising.
The fund is particularly significant for PiP because up until recently it has invested in UK infrastructure via an external manager programme. However, it is now investing directly for the first time with the objective of producing stable, long-term inflation-adjusted yields required by pension schemes to meet their long-term pension payment liabilities.
PiP’s chief executive officer, Mike Weston, said: “Reaching first close of our first fund is another key step in the development of PiP. The Founding Investor pension schemes, which have supported PiP from its establishment, have now achieved their objective of providing pension schemes of all sizes with an efficient route to direct ownership of infrastructure assets to enable greater access to infrastructure investment.”
Speaking of the appointment of Langham Hall, Mike Weston added: “It became clear through the due diligence process we conducted of potential service providers that Langham Hall would be the best fit for us. The firm demonstrated good experience in servicing Fund Managers investing in infrastructure assets and we were confident they will provide a high quality service.”
PiP is the latest mandate for Langham Hall’s private equity business which includes fund of funds, venture capital, infrastructure, debt and private equity funds among its clients.
Mike Weston: best fit
In March, it was revealed that UK Mid-market Private Equity firm, NorthEdge Capital, had appointed Langham Hall as fund administrator for its Fund II, which closed at a hard cap of £300m earlier this year.
Langham Hall currently employs more than 170 staff across its offices in London, Jersey, Guernsey, Luxembourg, Hong Kong, and Singapore and provides fund accounting, administration, depositary, compliance and Annex IV reporting services.
Head of Private Equity
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