Ullico Closes Investment in Wireless Infrastructure Platform
Ullico Infrastructure Fund (“UIF”), an infrastructure investment fund managed by Ullico Investment Advisors, Inc., has closed an investment in TowerPoint Infrastructure Partners LLC, a leading wireless infrastructure platform that sources, owns, manages, and operates wireless infrastructure assets across the United States. The platform is one of the largest privately held portfolios of macro cell towers, rooftops, and land cell sites across 48 states in the United States. UIF will work with the platform’s sponsor, Meritage Group LP and its affiliated funds (“Meritage Group”), as well as the management team at TowerPoint Capital, LLC (together with TowerPoint Infrastructure Partners LLC, “TowerPoint”) to capitalize on sustained growth in this essential infrastructure sector.
“Given the critical nature of telecommunications assets and sector tailwinds, we are eager to expand our exposure to the vertical, and believe this opportunity fits tremendously with our portfolio,” said Rohit Syal, Managing Director and Head of Acquisitions at UIF. “This investment is particularly exciting given the team’s successful track record and the platform’s substantial potential for sustained growth.”
“We believe TowerPoint’s approach to acquiring and managing its expansive portfolio of wireless infrastructure assets is best-in-class and UIF is excited about the opportunity to work collaboratively to continue the build-out of the portfolio,” said John Coleman, UIF Managing Director and TowerPoint Infrastructure Partners LLC board member.
Jesse Wellner, CEO of TowerPoint Capital, LLC, stated “We are grateful for the continued support from Meritage Group, and we are excited to collaborate with the team at UIF to further expand our wireless infrastructure portfolio in key strategic locations across the nation. This partnership will enable us to accelerate growth and enhance value for mobile network operators, property owners, and the communities we serve.”
UIF currently has investments in the water, wastewater, telecommunications, electricity transmission, power generation, district energy, transportation, gas transmission and gas distribution sectors, and is exploring opportunities in all core sectors.
Milbank LLP acted as the legal advisor to UIF for the transaction.
About TowerPoint Infrastructure Partners LLC
TowerPoint Infrastructure Partners LLC is a premier digital infrastructure platform specializing in the acquisition, development, and management of mission-critical telecommunications infrastructure and wireless real estate assets. With a strategic focus on the nation’s most essential and fast-growing population centers, TowerPoint is committed to addressing the increasing demand for high-quality, expertly managed infrastructure in dense, high-growth markets, delivering reliable and scalable solutions that drive the digital age.
About Ullico
The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors, and union members. Founded over 95 years ago, the company takes a proactive approach to anticipating labor’s needs, developing innovative financial and risk solutions, and delivering value to our clients. Ullico’s products are tailored to promote financial security and stability for American workers.
Ullico Infrastructure Fund, founded in 2010, was established to assist in the construction, maintenance, and refurbishment of America’s infrastructure. UIF provides institutional investors with access to core and core+ infrastructure investments that are structured to deliver long-dated, low-volatility, and inflation-linked cash flows. As an open-ended fund with no terminal date, UIF makes long-term investments in U.S. and Canada-based infrastructure businesses that provide essential services to communities, governments, and corporations. As of September 30, 2024, UIF currently has approximately $6.0 billion in investor commitments on behalf of over 200 investors, with 26 portfolio investments across power, utilities, energy, and transportation sub-sectors.
The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.
UIF (or the “Fund”) is managed by Ullico Investment Advisors, Inc. (“UIA”) and is sold through Ullico Investment Company, LLC (Member FINRA/SIPC), both subsidiaries of Ullico Inc. UIA is a registered investment adviser with the SEC under the Investment Advisers Act of 1940, as amended. UIF will only be sold to “accredited investors” as that term is defined in Regulation D of the Securities Act of 1933. Investment in infrastructure is speculative, not suitable for all investors, and should be undertaken only by experienced and sophisticated investors who are willing to bear the high risks of such an investment, which include, but are not limited to, lack of liquidity, restrictions on transferring ownership to the Fund, absence of information regarding valuation and pricing, and high fees and expenses. Potential investors in the Fund should carefully read the Confidential Private Placement Memorandum for a description of the potential risks associated with investment in the Fund.