Ropes & Gray Advises Partners Group on £260 Million Investment in Next-Generation UK Rolling Stock Leasing Platform

Ropes & Gray has advised Partners Group, one of the largest firms in the global private markets industry, on its investment in a UK passenger rolling stock leasing platform (the "Platform"), on behalf of its clients.  Partners Group has invested £260 million through its infrastructure secondaries strategy, acting as a co-lead investor in a continuation vehicle that has been established by existing owners Aberdeen Investments and Rock Rail.

The continuation vehicle raised c. £800 million for the Platform, which will be used to consolidate five UK passenger rolling stock fleets and fund future opportunities. The existing fleets include more than 1,500 vehicles that span the UK's core rail network, providing a mix of essential commuter, regional, and intercity services, with the majority originating from London. The vehicles are modern electric or bi-mode units with an average age of around three years, representing some of the youngest rolling stock on the country's rail network.

Partners Group's infrastructure secondaries strategy has now invested $2 billion over the last twelve months, up from $1.2 billion in the prior period. The firm is currently raising its latest infrastructure secondaries program, which includes a closed-end fund and mandates that will invest alongside.

The Ropes & Gray team was led by asset management partners Tom Alabaster and Chris Townsend, with support from associates Madalina-Georgiana Asandului, August Jones-Loiacono and Calum Foster. Additional support was provided by tax partner Andy Howard and associate Omar Asfar.