Digital 9 Infrastructure plc (D9) has appointed InfraRed Capital Partners as its new investment manager to manage the company’s wind-down.

D9 has only been in operation for three years. In March 2021, investment firm Triple Point raised £300 million ($408m) from an IPO through D9, with plans to acquire a number of digital infrastructure firms.

However, following a strategic review started late last year, D9 decided to wind down its operations and sell off its assets. This began with the sale of European data center firm Verne to Ardian.

InfraRed has been tasked by the newly appointed D9 Board to dispose of its five remaining digital infrastructure assets. The largest of these assets is an investment in Arqiva, which provides digital infrastructure, broadcast transmission, and smart meter facilities across the UK.

As well as Verne and Arqiva, D9’s other investments include subsea cable firm Aqua Comms, Irish broadband firm Elio (previously Host Ireland), a stake in the EMIC-1 cable linking southern Europe to India, and the SeaEdge UK1 data center & cable landing station in the UK.

According to an interim company report, D9 said its portfolio was currently valued at around £403 million ($526.4m).

James O’Halloran a partner at InfraRed will become the new D9 fund manager. He said: “InfraRed’s 25-year history as a value-add investor, including in digital infrastructure, coupled with its deep expertise as the long-standing manager of two pre-eminent listed infrastructure investment companies and successful disposal track record over the last 18 months, will be brought to bear as we seek to deliver for D9’s shareholders. We are looking forward to working closely with the Board to maximize shareholder value.”

Eric Sanderson, chairman of Digital 9 Infrastructure plc, added: “We are pleased to welcome InfraRed as D9’s new investment manager and look forward to working with the team during the managed wind-down.”