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Portfolio

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Sector

Structured Finance

Location

UK

Entry date

December 2003

Exit date

February 2007

Fund

STAR I

Status

Realised


Overview

STAR acquired the Secondary Market Infrastructure Fund ("SMIF"), the first active secondary PFI Fund, in December 2003 from Abbey National and Babcock & Brown. At the time of acquisition, the portfolio had a net asset value of approximately £120 million and comprised of 23 underlying assets, including interests in the education, local authority and health sectors.

During STAR’s period of ownership, STAR supported SMIF in the acquisition of further interests in PFI and PPP assets from developers who were looking to release capital for re-investment in new projects. Over a three year period, SMIF built a diversified portfolio of interests in 80 projects, including the British Embassy in Berlin and the M40 motorway in the UK. In addition, SMIF established an asset management division to monitor and drive value from the underlying portfolio.

In February 2007 STAR sold SMIF to Land Securities Trillium.

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