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Foresight Group acquires JLEN mandate

Foresight Group (Foresight) is to acquire the advisory mandate for John Laing Environmental Assets Group Limited (JLEN) from John Laing Capital Management (JLCM). The transaction, which will complete at the end of June, brings Foresight’s assets under management to GBP4 billion.

JLEN has a portfolio of 28 operational assets across a wide range of renewable generation, wastewater and waste management activities located in the UK and Europe. JLEN has a Gross Asset Value of GBP764 million and was listed on the London Stock Exchange in 2014.   

The Fund will further strengthen Foresight’s position as a leading renewables energy infrastructure asset manager, boosting the group’s total assets under management by 26 per cent and supporting its already strong ESG and sustainability credentials, which not only apply to its growing renewables portfolio but also to the Group’s successful and expanding regional private equity strategy.

Foresight has been an active investor in environmental infrastructure for over 10 years. In that time, it has established one of the leading environmental infrastructure asset management teams numbering over 90 professionals in five international offices who between them manage 170 assets.  With this transaction Foresight will manage more than GBP3 billion of renewable energy assets with a generating capacity of close to 2GW.

The Co-Heads of JLEN, Chris Holmes and Chris Tanner, will become Partners of Foresight Group LLP on completion and their 12 strong investment, portfolio and finance team, which will continue to manage the Fund on behalf of the JLEN Board, chaired by the present chairman Richard Morse, will be relocating to Foresight’s London base in the Shard from the beginning of July 2019.

Bernard Fairman, Foresight Chairman, says: “This brings our total assets under management to GBP4 billion and strengthens our commitment to the clean energy and environmental infrastructure sector, where we are keen to consider other similar acquisitions globally.  We are proud of our environmental focus which plays such a critical role in addressing the twin threats of climate change and energy security. Chris and Chris’s decision to join our Partnership is an endorsement of our strength in ESG and sustainability – investing for a smarter future.”   

Richard Morse, Chairman of JLEN, says: “We hold Foresight Group in high regard as a successful and experienced funds management platform with a track record of investment in environmental infrastructure asset classes. We look forward to working with Foresight as our investment advisory team is transferred from John Laing and as we continue to seek to enhance and grow our portfolio of environmental assets in the interests of shareholders.

“We wish to express our thanks to John Laing for its key role in establishing JLEN and for facilitating this change of investment adviser.”

Nigel Aitchison (pictured), Partner and Head of Infrastructure at Foresight, says: “The complementary skills of the JLEN team will further strengthen the depth and breadth of our specialist infrastructure team and Foresight’s position as a leading renewables energy infrastructure manager. We look forward to welcoming Chris and Chris and the team to the group.”

Chris Holmes and Chris Tanner, Co-heads of JLEN, say: “We are delighted that our team will be joining Foresight and benefiting from its broad experience and geographical reach across a wide range of environmental sectors.”

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