Tetragon Announces Minority Stake Sale in Equitix to HPC
Deal News | Jun 16, 2025 | Tetragon Credit Income Partner
Tetragon Financial Group Limited announced the sale of a 16.1% minority stake in Equitix to Hunter Point Capital (HPC), an independent investment firm focused on providing capital solutions to alternative asset managers. The transaction, based on an implied enterprise value of €1.3 billion excluding net debt, involves HPC acquiring approximately 14.6% from Tetragon's subsidiary TFG Asset Management and 1.5% from Equitix management. Equitix, an infrastructure investor and fund manager, has significantly expanded under Tetragon's ownership since 2015, managing over €11.7 billion across multiple sectors. Tetragon CEO Stephen Prince highlighted this deal as an opportunity to realize value while still retaining involvement in Equitix's growth alongside HPC. Financial advisory for Tetragon was provided by BofA Securities, with legal counsel from Dechert LLP, Latham & Watkins LLP for HPC, and Ashurst LLP for Equitix management.
Sectors
- Private Equity
- Infrastructure Investment
- Alternative Asset Management
Geography
- United Kingdom – Equitix is primarily focused on the UK as a long-term investor in infrastructure.
- Guernsey – Tetragon is a Guernsey-based closed-ended investment company.
- United States – Hunter Point Capital is a U.S.-based investment firm involved in this transaction.
Industry
- Private Equity – The article involves a transaction where Hunter Point Capital acquires a stake, which is typical activity in the private equity sector.
- Infrastructure Investment – Equitix is described as a leading player in infrastructure investment, managing assets in sectors like transport and renewable energy.
- Alternative Asset Management – Tetragon Asset Management and Hunter Point Capital operate within alternative asset management, focusing on various strategic investments.
Financials
- €1.3 billion – Implied enterprise value of Equitix excluding net debt.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Tetragon Financial Group Limited | Seller | Company | A Guernsey closed-ended investment company selling a minority stake in Equitix. |
| Hunter Point Capital LP | Buyer | Company | An independent investment firm acquiring a minority stake in Equitix. |
| Equitix | Target Company | Company | A leading international investor, developer, and fund manager in infrastructure. |
| TFG Asset Management | Selling Company | Company | Tetragon's alternative asset management business selling a portion of its stake in Equitix. |
| BofA Securities | Financial Advisor | Company | Acted as financial advisor to Tetragon on the transaction. |
| Dechert LLP | Legal Counsel | Company | Provided legal counsel to Tetragon. |
| Latham & Watkins LLP | Legal Counsel | Company | Provided legal counsel to Hunter Point Capital. |
| Ashurst LLP | Legal Counsel | Company | Provided legal counsel to Equitix management. |