Semperian PPP Investment Partners (“Semperian”) was launched in October 2007, with the acquisition of a £1.0bn portfolio of infrastructure assets from Land Securities plc. Semperian is an infrastructure manager that provides its investors with access to a large, diverse portfolio of mature PPP infrastructure investments with long term inflation linked returns, which may be matched against the investors’ long term liabilities.
Semperian employs its own staff to actively manage the portfolio covering the operational, commercial, financial and administrative functions and many of Semperian’s employees have been with the assets since their conception.
Although the company was formed in 2007, its origins date back to 2001. A brief history of the company can be found in the links below:
Key events in Semperian's history
- Eight small schools and health care assets are sold.
- A further 20.0% stake in Newcastle Estates Partnership is acquired.
- Awarded a further SPV Management Contracts.
- PIML is sold to Compass Group, with the TUPE of 411 staff originally employed within the PIML business.
- A further 7.67% stake in University College London Hospital was acquired.
- A further 20.0% stake in Newcastle Estates Partnership was acquired.
- Awarded two further SPV Management Contracts.
- Jarvis PPP FM business (“PIML”) is placed in administration. Semperian TUPE 411 members of staff and takes on the management of these contracts directly to ensure service continuity to our clients.
- Semperian takes over the administration of a further 12 SPV contracts, which brings directly managed assets to 68.
- Semperian was converted into a UK Corporation, from a Limited Liability Partnership. In addition, all General Partnerships and Advisory Agreements were terminated.
- Semperian became a self-supporting company, with its own Accounting, Company Secretarial, IT and HR resources department.
- Semperian owned an interest in 106 PPP assets and SAML directly managed 56 assets within the portfolio.
- TIP was renamed Semperian Investment Partners (“Semperian”), after the acquisition of the Advisory Agreement from Land Securities and the TUPE of 140 members of staff.
- Semperian acquired the residual 16 PPP assets from Land Securities, plus Land Securities residual investment in Semperian.
- Trillium Investment Partners acquires a further 12 new assets from Land Securities, plus five incremental investments.
- Land Securities Ltd acquires Secondary Market Infrastructure Fund (“SMIF”), which by this time owned 76 assets and directly employed 89 members of staff, in both the Management and SAML Companies.
- Land Securities Ltd established Trillium Investment Partners (“TIP”), an investment vehicle designed to provide access to a large portfolio of mature PPP assets, based predominantly on the SMIF asset portfolio.
- The original TIP portfolio comprised 81 assets, managed via an Advisory Agreement between Land Securities and Trillium Investment Partners.
- SMIF acquired 19 new assets in the year, building the portfolio to 76 assets.
- SAML managed 50 contracts.
- SMIF established a separate, but wholly owned, asset management business "SMIF Asset Management Limited” (“SAML”), to provide efficient stewardship of its investments through direct management of the project SPV companies.
- To facilitate further growth, two additional equity investors were introduced.
- Original leverage buy-out was refinanced, thereby increasing SMIF’s capacity and flexibility.
- SMIF doubled again in value (assets under management), acquiring 25 new assets building a portfolio of 57 assets.
- SAML managed 24 contract within the SMIF portfolio.
- SMIF made their first independent acquisition.
- SMIF had doubled in value (assets under management), acquiring 8 new assets building a portfolio of 32 assets.
- Secondary Market Infrastructure Fund (“SMIF”) investment vehicle was formed with the acquisition of the 24 assets owned by SMIFF.
- An Independent management team was established, sourcing Partners and staff from ANTS and B&B, who worked on the underlying assets from as early as 1999.
- Secondary Market Infrastructure Fund Facility (“SMIFF”) was formed with the acquisition of 24 assets from Barclays European Infrastructure Fund by Abbey National Treasury Services (“ANTS”) and Babcock & Brown (“B&B”).
- This was the first material secondary market transaction and widely considered the genesis of the PPP Secondary Market.