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ADQ + Plenary unveil investment platform: Abu Dhabi’s investment company ADQ is poised to launch a co-development and investment platform in partnership with Australian asset manager Plenary Group, after it snapped up a 49% stake in the asset manager, according to a statement. The platform will focus on investing in public and social infrastructure in high-growth markets, including the GCC, MENA and Central Asia.
Australian media first got wind of the transaction yesterday, reporting that ADQ will acquire the 49% stake for USD 1 bn, citing statements from Plenary Chairman John O’Rourke. The acquisition is expected to take several months to complete.
Who is selling? The transaction will see Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) sell its entire 20% stake in Plenary. The remaining shares will be acquired through a capital injection that will help the company expand its presence across Australia, MENA, Asia, the UK, and Europe, the statement reads. CDQP will retain its majority stake in Plenary’s US construction arm, Plenary Americas.
Who owns what? Plenary will continue to be owned by its Australian founders and senior management, according to the statement. The shareholders include founders Ray Wilson and Paul Oppenheim, CEO David Lamming, and CIO Paul Crowe. Alongside three other executives, they will all retain their 41% stake in Plenary.
This marks ADQ’s first foray into Australia, ADQ Deputy Group CEO Hamad Al Hammadi said. “We are confident that our partnership in Plenary will unlock significant opportunities to contribute to the development of state-of-the-art infrastructure assets, boosting economic growth and social welfare in the target geographies. ADQ’s existing portfolio of infrastructure assets…will serve as a catalyst to leverage the significant potential of public-private partnership projects together with Plenary,” he said.
Plenary already has a presence in the region: The company established its presence in the UAE in 2022 with the UAE’s first schools infrastructure public-private partnership (PPP), the Zayed City Schools project. It has also been awarded other “major projects” expected to be announced soon, the statement said, without disclosing further details.
