Key Takeaways
- • UniSuper, Australia's A$160 billion superannuation fund, commits US$500 million (A$765 million) as anchor investor to Macquarie Asset Management's infrastructure adjacency private equity fund, establishing itself as the strategy's largest investor to date.
- • The commitment includes US$250 million in co-investments across the fund's first two portfolio companies: DynaGrid, a US utility services provider specializing in grid hardening and transmission infrastructure maintenance, and Potter Industries, a manufacturer of glass beads and microspheres for road infrastructure applications.
- • The infrastructure adjacency strategy targets mid-market companies positioned one to two layers removed from direct infrastructure exposure, reducing cyclical project risk while capturing megatrend-driven growth in energy transition and grid modernization.
- • UniSuper will hold approximately 30% equity interests in both DynaGrid and Potter Industries with board representation and governance rights, signaling a strategic partnership rather than passive capital deployment.
- • DynaGrid has already exceeded initial equity return projections, reflecting strong demand from US utilities for grid hardening driven by aging infrastructure and energy transition priorities.
Summary
UniSuper has established a significant private equity partnership with Macquarie Asset Management, anchoring a newly launched infrastructure adjacency fund with a US$500 million commitment. The superannuation fund, which manages A$160 billion in assets, is the largest investor in the strategy, which focuses on mid-market companies that service infrastructure end markets rather than owning assets directly.
The partnership structure includes US$250 million in co-investments across two initial portfolio companies. DynaGrid, acquired by MAM in February, operates as a utility services provider specializing in transmission and substation infrastructure upgrades and maintenance across the United States. Potter Industries, the second co-investment, manufactures glass beads and microspheres used in road infrastructure and performance materials applications. Both investments were completed in 2025, with Partners Capital also participating in the Potter Industries transaction.
According to Sandra Lee, UniSuper's head of private markets, the infrastructure adjacency approach represents a "picks and shovels" investment philosophy that avoids concentration risk in large single infrastructure assets while maintaining exposure to multi-decade structural trends. The DynaGrid investment specifically targets the energy transition megatrend, capitalizing on aging US grid infrastructure and utility spending on grid hardening and maintenance. Lee noted that DynaGrid's returns have already exceeded the fund's initial equity case projections, reflecting accelerating demand from utilities for infrastructure modernization services.
UniSuper's co-investments provide the fund with approximately 30% equity interests in both companies alongside board representation and governance participation, establishing an active ownership stake rather than limited partner capital commitments. This structure aligns with UniSuper's broader strategy of expanding external infrastructure management mandates while maintaining meaningful control over capital deployment decisions in thematically aligned mid-market opportunities.
The partnership structure includes US$250 million in co-investments across two initial portfolio companies. DynaGrid, acquired by MAM in February, operates as a utility services provider specializing in transmission and substation infrastructure upgrades and maintenance across the United States. Potter Industries, the second co-investment, manufactures glass beads and microspheres used in road infrastructure and performance materials applications. Both investments were completed in 2025, with Partners Capital also participating in the Potter Industries transaction.
According to Sandra Lee, UniSuper's head of private markets, the infrastructure adjacency approach represents a "picks and shovels" investment philosophy that avoids concentration risk in large single infrastructure assets while maintaining exposure to multi-decade structural trends. The DynaGrid investment specifically targets the energy transition megatrend, capitalizing on aging US grid infrastructure and utility spending on grid hardening and maintenance. Lee noted that DynaGrid's returns have already exceeded the fund's initial equity case projections, reflecting accelerating demand from utilities for infrastructure modernization services.
UniSuper's co-investments provide the fund with approximately 30% equity interests in both companies alongside board representation and governance participation, establishing an active ownership stake rather than limited partner capital commitments. This structure aligns with UniSuper's broader strategy of expanding external infrastructure management mandates while maintaining meaningful control over capital deployment decisions in thematically aligned mid-market opportunities.
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