UniSuper strikes US$500m global private equity partnership

The fund has joined forces with Macquarie Asset Management in a deal targeting infrastructure-linked businesses across global markets.

UniSuper has expanded its global investment footprint through a new US$500 million private equity partnership with Macquarie Asset Management (MAM), focused on infrastructure-related opportunities across developed markets.

The $160 billion fund said the strategic partnership marks a step forward in its plan to deepen offshore exposure and secure access to high-quality, stable businesses benefiting from long-term economic trends such as decarbonisation and digitisation.

The agreement includes US$250 million in co-investments across the partnership’s first two assets — DynaGrid and Potters Industries — which operate in the US and Europe respectively.

DynaGrid, one of America’s largest utility service providers, specialises in maintaining and upgrading critical transmission and substation networks across Texas, the South-East and Midwest regions. The investment closed in June this year.

Potters Industries, meanwhile, manufactures reflective glass beads and microspheres used in road markings and performance materials. The deal was signed in early November and is expected to complete by year-end.

Under the agreement, UniSuper will hold about 30 per cent equity stakes in both companies alongside MAM, with board representation and governance rights.

The MAM private equity strategy is designed to back businesses that support infrastructure end markets across the US, Europe and other OECD economies.

MAM, one of the world’s largest infrastructure investors, brings a long track record in managing operationally intensive assets and generating value through active ownership.

Sandra Lee, head of private markets at UniSuper, said the partnership represents a continuation of the fund’s “smart partnership” approach with top-tier global managers.

“We’re delighted to extend our partnership with Macquarie Asset Management. MAM’s infrastructure adjacent strategy offers a pipeline of high-quality investments in key offshore markets leveraging structural themes such as decarbonisation, digitisation, and technological innovation,” she said.

Lee said UniSuper’s first co-investment in DynaGrid has already exceeded expectations, benefiting from strong spending by US utilities to modernise and strengthen electricity grids.

“UniSuper’s first co-investment in DynaGrid has performed strongly to date, exceeding our base case expectations. We believe DynaGrid is poised to grow and scale its business underpinned by strong structural tailwinds as US utilities invest to expand and harden the electricity grid,” she said.

She added that Potters Industries complements the portfolio with its defensive market position and exposure to growing safety and regulatory requirements for road reflectivity.

“We are also pleased to have signed our second co-investment in Potters Industries, which is expected to benefit from increased focus on safety and regulatory requirements for retro-reflectivity on roads. With a defensible market position and clear opportunities for future expansion, Potters Industries represents a strong addition to the portfolio.

“These are compelling investments enhancing diversification and value for UniSuper members. They further demonstrate the benefits of our smart partnership approach as well as our ability to identify and act on opportunities fast.”

UniSuper said the partnership with MAM highlights its growing ability to secure bespoke global opportunities while maintaining direct governance oversight — an approach it believes will deliver stronger long-term outcomes for members.