Rest sells its stake in Endeavour Energy

Oksana Patron

10 May 2023

Rest, a profit-to-member superannuation fund, has divested its 12.6% stake in Endeavour Energy to a fund managed by Macquarie Asset Management, in a move enhancing its approach to differentiated portfolio construction.

According to Rest’s chief investment officer, Andrew Lill, the transaction will deliver a “substantial lift” in value compared to its value when it was first acquired six years ago.

“This transaction reflects our dedication to seeking opportunities that attain real value for our members,” he said.

Rest bought its stake in Endeavour in 2017 when the NSW Government sold a 50.4% stake to a consortium comprising funds and clients managed by Macquarie AM, Rest, British Columbia Investment Management and Qatar Investment Authority.

The fund said the sale would also allow it to recycle funds into other private market opportunities, particularly those supporting the energy transition in Australia, in order to help realise its long-term objective to achieve a net zero carbon footprint for the fund by 2050.

Endeavour Energy supplies electricity to 2.7 million people across Greater Western Sydney, the Blue Mountains, Southern Highlands, the Illawarra and the South Coast of NSW.