The Caisse de dépôt et placement du Québec is investing $335 million in TerraPact, a U.S.-based firm that owns and operates ground leases and rights of way for more than 700 digital, utility and energy infrastructure assets.
The financing will support TerraPact’s real estate portfolio across the U.S. and in British Columbia. It will also refinance the firm’s existing debt structure.
“TerraPact is a strategically positioned ground lease platform which occupies a core position in the infrastructure value chain, delivering connectivity and energy across North America,” said Marc Cormier, executive vice-president and head of fixed income at the Caisse, in a press release. “With this transaction, [the Caisse] is providing a bespoke infrastructure financing solution as sole lender, tailored to propel TerraPact’s growth ambitions over the years to come.”
The venture growth arm at the Ontario Teachers’ Pension Plan leads a Series D funding round of US$100 million in Australia-based Fleet Space Technologies.
According to a press release, the new funds will help expand the capabilities of Fleet Space’s global end-to-end exploration platform and to accelerate the discovery of critical minerals.
“Current mineral exploration methods are inadequate for efficient discovery and production,” said Rick Prostko, senior managing director at the Teachers’ Venture Growth, in the release. “Fleet Space addresses this with advanced 3D subsurface imaging and [artificial intelligence] analysis tools, which have the potential to sustainably transform the industry.”
The Teachers’ Venture Growth is also co-leading a US$180 million Series E funding round for Mintifi, an India-based supply chain financing platform.
The company plans to use the new funds to expand its offerings in dealer management systems, loans against property and domestic or overseas factoring.
“Mintifi’s distinctive model of providing invoice-backed credit directly to brands, reinforced by robust risk guardrails and a proprietary tech stack, positions it as a leader in India’s supply chain finance landscape,” said Deepak Dara, senior managing director and head of India at the Ontario Teachers’, in a press release.
The Ontario Teachers’ is selling a co-controlling shareholding in New Zealand-based mobile tower infrastructure firm Connexa.
The Caisse is acquiring the 33 per cent stake for $745 million. The deal also includes a 17 per cent stake from Spark New Zealand. Following the transaction, the Caisse and the Ontario Teachers’ will hold a 50 per cent stake each.
“We are pleased to bring in [the Caisse], a likeminded and long-term-oriented investor, as our ownership partner in Connexa,” said Jan Brand, managing director of Asia-Pacific infrastructure at the Ontario Teachers’, in a press release. “[The Caisse] addition will help unlock additional capital to help us continue to grow the business and maintain its leading position in New Zealand’s mobile tower infrastructure network.
In other news, the Canada Pension Plan Investment Board is investing roughly US$1 billion in a merger between Novolex and Pactiv Evergreen Inc. alongside alternative asset firm Apollo Global Management Inc.
Once the transaction closes, the CPPIB will become a significant minority shareholder in the resulting food, beverage and specialty packaging product manufacturer company. Apollo has been the majority shareholder of Novolex since 2022.
Read: OMERS investing in Australian electricity firm, CPPIB in North American food company