Ownership Information

In May 2007, Duquesne was acquired by a consortium of private equity investors. The consortium consists of several institutional investors which own all of the common equity of our parent company, DQE Holdings LLC.

Below are the members of the consortium and their ownership interests in DQE Holdings LLC:

Epsom Investment Pte. Ltd. is an affiliate of GIC Pte. Ltd. (GIC). GIC is a global investment management company established in 1981 to manage Singapore’s foreign reserves. GIC invests internationally in equities, fixed income, foreign exchange, commodities, money markets, alternative investments, real estate, private equity, and infrastructure. GIC manages well over $100 billion in assets and is among the world’s largest fund management companies. GIC’s infrastructure portfolio is focused on minority equity stakes in infrastructure assets across various subsectors including transportation, energy and utilities, and communications.

Three Rivers Utility Holdings, LLC (Three Rivers) is a limited liability company formed under the laws of the State of Delaware. Its members are John Hancock Entities and PGGM Infrastructure Fund 2016 (PGGM Fund 2016). The John Hancock Entities collectively hold 33.33% of Three Rivers. The John Hancock Entities are wholly owned, indirect subsidiaries of Manulife Financial Corporation (Manulife). Manulife is a Canadian, publicly traded financial services company with operations in Asia, Canada, and the United States. PGGM Fund 2016 is an asset-class pooled investment vehicle and is the economic beneficiary of the remaining 66.67% of the membership interests in Three Rivers. The legal title to those membership interests is held by Stichting Depositary PGGM Infrastructure Funds, which is a foundation organized under the laws of the Netherlands. Various Dutch pension funds participate in PGGM managed funds, including in PGGM Fund 2016.

AIA Montana LLC (AIA) is managed by Argo Infrastructure Partners, based in New York City and is owned by APG Americas Infrastructure (APG) and the California State Teachers’ Retirement System (CalSTRS). APG is an affiliate of APG Asset Management N.V., one of the world’s largest managers of pension fund assets. APG previously held an indirect interest in Holdings LLC via a prior owner and has several direct investments in United States infrastructure assets. CalSTRS, the largest public teacher fund in the United States, has been an investor in Holdings LLC (by virtue of its prior investment in IFM) since 2012 and has investment experience in several other regulated utilities.