Just when we thought the Intellihub saga was done and dusted, we’ve spotted Singapore’s sovereign wealth fund, GIC, lurking around the business.
It looks like Pacific Equity Partners has cut GIC into its remaining 50 per cent stake of the smart meters asset via its Intellihub continuation fund.
As it turns out, GIC was an underbidder in the Intellihub sale process last year, which, as our readers will remember, ended with Brookfield walking away with half the business.
The deal is a clear sign that GIC is keen on local private equity deals even though its prime focus has been commercial property, and that it’s willing to tee up with another investor (despite its scale) when it sees an asset it likes.
