LiveOak is a fibre-to-the-premise developer focused on delivering high-speed broadband to underserved markets in the southeast region of the United States. It is majority-owned by InfraRed value-add strategies. LiveOak was founded in June 2022 by InfraRed and a management team of experienced telecommunications executives. LiveOak has successfully grown into a regional network operator serving business and residential customers in 5 counties across Florida and Georgia, areas with limited investment into fibre. This investment will further support the build out of LiveOak’s network in selected markets throughout the region.
The company has already completed more than 50% of its Georgia and Florida network builds, providing fibre-based ultra-fast broadband internet and communications solutions to homes and businesses. This includes deploying more than $200 million in investment and constructing and lighting more than 1,000 miles of fibre. LiveOak recently secured $250 million in financing underwritten by J.P. Morgan.
This is the fourth co-investment that InfraRed has closed in the last 18 months with a cumulative total of c.$340m. This reflects the increased demand for co-investment and InfraRed’s dedicated approach and active pipeline of growth and core yielding opportunities, as a result of InfraRed’s focused middle market positioning and complementary value-add and core strategies.
Michael Straka, Head of Capital Formation, InfraRed Capital Partners, commented:
“The partnership with MEAG is testament to the attractiveness of LiveOak Fiber and the progress that has been made in rolling out their next generation broadband fibre network. We’ve worked actively with the LiveOak team to establish a strong foundation and to drive this progress, and we look forward to the next phase of its development.
“We want to thank the MEAG team for the smooth co-investment process, following our established, repeatable framework.”
The investment into LiveOak will broaden the ~$2bn infrastructure equity portfolio managed by MEAG in the Americas by expanding into the growing US fibre market, after first investments into the fibre market in Europe over the last years.
Dr. Alexander Poll, Head of Alternative Assets Americas at MEAG New York, said:
“We are excited about the opportunity to invest alongside InfraRed into this very attractive growth opportunity and to further expanding our infrastructure equity footprint in the US.
“The team at MEAG New York are looking forward to working with both InfraRed and LiveOak management to continue LiveOak’s success story in the broadband fibre space.”
ENDS
About InfraRed Capital Partners
InfraRed Capital Partners is an international infrastructure asset manager, with more than 160 professionals operating worldwide from offices in London, Madrid, New York, Sydney and Seoul. Over the past 25 years, InfraRed has established itself as a highly successful developer and steward of infrastructure assets that play a vital role in supporting communities. InfraRed manages US$13bn of equity capital [1] for investors around the globe, in listed and private funds across both core and value-add strategies.
A long-term sustainability-led mindset is integral to how InfraRed operates as it aims to achieve lasting, positive impacts and deliver on its vision of Creating Better Futures. InfraRed has been a signatory of the Principles of Responsible Investment since 2011 and has achieved the highest possible PRI rating [2] for its infrastructure business for eight consecutive assessments, having secured a 5-star rating for the 2023 period [3]. It is also a member of the Net Zero Asset Manager’s Initiative and is a TCFD supporter.
InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. InfraRed represents the infrastructure equity arm of SLC Management, which also incorporates BGO, a global real estate investment management adviser, and Crescent Capital, a global alternative credit investment asset manager.
[1] $13bn equity under management (USD) – Uses 5-year average FX as at 31st March 2024 of GBP/USD of 1.2839; EUR/USD 1.1179. EUM is USD 12.927m.
[2] Principles for Responsible Investment (“PRI”) ratings are based on following a set of Principles, including incorporating ESG issues into investment analysis, decision-making processes and ownership policies. More information is available at https://www.unpri.org/about-the-pri
[3] In the 2023 Principles for Responsible Investment (“PRI”) assessment, InfraRed achieved a 5 star rating for the Policy Governance and Strategy and Infrastructure and a 4 star rating for the newly created Confidence Building Measures. Please find InfraRed’s report available for download on our website here: https://www.ircp.com/sustainability/
About MEAG
MEAG is the asset manager of Munich Re Group. MEAG consists of an affiliated group of entities in Europe, Asia and North America that offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG, as a group, currently manages assets totalling approximately €345bn, €61bn of which is for third-party investors.
MEAG invests in alternative assets in the Americas on behalf of Munich Re Group and other non-US institutional investors. MEAG’s most recent infrastructure equity investments in the US comprise investments into renewables development platform Longroad Energy Holdings, various acquisitions via its parking platform Interpark and its water platform Nexus Water Group, as well as New York’s Astoria Energy Partners and Long Beach Container Terminal.
For more information, visit meag.com
About LiveOak Fiber
LiveOak Fiber is a premier all-fiber broadband service provider, dedicated to providing lightning-fast and dependable connectivity to serve communities across Florida and Georgia. LiveOak’s commitment extends beyond connectivity; we invest in the regions we serve, enhancing quality of life and fostering economic development.
