ADIA and PAI Partners acquire a controlling stake in Alvest: Abu Dhabi Investment Authority (ADIA), through a subsidiary, teamed up with private equity firm PAI Partners to acquire a controlling interest in French ground support equipment firm Alvest, press release (pdf). The financial terms of the agreement were not disclosed.

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Leadership remains involved: The company’s founding team and senior leadership will remain shareholders and are reinvesting as part of the agreement. Ardian, Alvest’s previous majority owner, will stay on with a minority stake.

Where will the money go? The investment aims to drive Alvest’s expansion and innovation plans, enabling it to push forward with its transition to electric ground support equipment. The funds will also allow Alvest to expand its range of products and services to include automated or autonomous systems, advanced decarbonization technologies, robust maintenance operations, fleet management tools, and support services.

This is not ADIA and PAI’s first rodeo: The sovereign fund also agreed to acquire a significant minority stake in European Camping Group (ECG) from PAI, with the latter remaining on board as a majority shareholder.

Adia has been ramping up investments over the past few weeks, with its subsidiary teaming up with Apollo’s private markets fund Apollo S3 to invest in asset manager Tikehau Capital ’s EUR 1 bn private equity continuation fund. The fund also recently took part in India’s HDB Financial Services’ INR 3.4 bn (c. AED 1.4 bn) pre-IPO funding round and participated in Malaysian equipment manufacturer Yinson Production Offshore’s USD 1 bn funding round.

IN OTHER ADIA NEWS-

ADIA and OTTP mull selling their stake in Equis: Adiaand the Ontario Teachers’ Pension Plan (OTPP) are exploring the sale of their majority interest in Singapore-based Equis Development, sources familiar with the matter told Bloomberg. The two investors have reportedly hired a financial adviser to assess the potential transaction.

What we know: It’s still early, but the company could be valued at over USD 2 bn. Infrastructure-focused investment funds are said to be among the potential buyers.

Equis develops and manages sustainable infrastructure across the Asia-Pacific region, focusing on clean energy, bioenergy, and waste-related projects, with major activities in Australia, Japan, and South Korea.

The possible sale would come amid a broader trend of asset rebalancing by Adia: The sovereign wealth fund recently sold a USD 1.5 bn stake in Shanghai’s One Museum Place to a China Post Life-backed vehicle. Together with I Squared Capital, Adia were also reportedly preparing to divest up to USD 400 mn of their combined 59.5% stake in Cube Highways Trust, an Indian infrastructure platform. The fund is also planning to exit its 19.99% stake in Australian power grid operator Transgrid, Financial Review reports.

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