Good evening,

There’s a new smart-meter business on the blocks! Citi and Barrenjoey have mailed out the teasers for Vector, which is positioning itself as the No.1 smart-meter player in Australia and New Zealand.

It’s the kind of “core-plus” infrastructure asset that PE and infrastructure funds like to fight over. The last process, for Intellihub, ended up as a 50-50 joint venture between PE firm Pacific Equity Partners and Canadian investor Brookfield.

BlackRock, Morrison & Co and Stonepeak Infrastructure were also keen. PEP later cut Singapore’s sovereign wealth fund, GIC, into its share of IntelliHub. Naturally, Citi and Barrenjoey have got a big pool from which to cajole some bids out for Vector.

Elsewhere, Metigy investors ready to go to ASIC, 10-minute mortgage business Nano’s $75 million raise has some surprising heavy-weights lurking in the pitch deck, and Qualitas rival MaxCap is popping the champagne over a $1 billion cheque from its largest global client, Apollo.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood

Street Talk editors