London-listed 3i today announced a multi-pronged reshuffle at the top of its infrastructure business.
Cressida Hogg, currently at the helm of the unit, is to leave 3i at the end of March to pursue “a senior role outside the group,” the firm said in a statement.
Her role will be taken on by Phil White and Ben Loomes, who are being promoted to the role of co-managing partners. White will be in charge of portfolio management, while Loome will oversee the unit’s strategic development. Both will now be members of the group’s executive committee.
White joined 3i in 2007, where he is currently responsible for portfolio management. He sits on the boards of a number of portfolio companies including Elenia, Eversholt and Oystercatcher’s oil storage businesses. He previously worked at firms including Macquarie, WestLB and Barclays.
Loomes is currently 3i’s group strategy director. He will continue in this role but will quit 3i Infrastructure plc’s board of directors upon taking on his new responsibilities at 3i Infrastructure. His experience includes M&A, financing advisory and restructuring roles at Goldman Sachs, Greenhill and Morgan Stanley.
White and Loomes’ promotions come alongside that of Neil King, who is to lead the business’s origination and fundraising activities. King joined 3i in 2005, and has been involved in most of the deals completed by 3i’s Infrastructure business, including Eversholt, Elgin and Dalmore Capital.
Hogg, who joined 3i from JP Morgan in 1995, co-founded the group’s infrastructure unit in 2005. Flagship investments made under her leadership have included the take-private of Anglian Water Group, an investment in Eversholt Rail Group, and an oil storage joint venture with Oiltanking in Amsterdam, Malta and Singapore.
She will leave amid ongoing strategy changes at 3i, which went through a few tumultuous years in the aftermath in the Crisis.
The investment group changed top management in 2012, when it appointed former chief investment officer Simon Borrows as chief executive. It then undertook a strategic review in June of the same year, which led it to focus on restructuring through deleveraging, disposing of assets and refocusing its portfolio. Having achieved relative success in pursuing these objectives, it now describes 2014 and 2015 as years of “transition and delivery”.
Under Hogg’s tenure the group’s infrastructure business also underwent turmoil of its own. While Hogg is credited for the good overall results displayed by the unit throughout 2013, the year also saw 3i Infrastructure announce that it would suspend new fundraising in India and would not make new investments in the country.
The firm’s only India-focused infrastructure fund, which closed on $1.2 billion in 2008, reached the end of its investment period in November 2012 with commitments remaining undrawn. The value of 3i’s investment in the vehicle declined from £114.2 million (€135.3 million; $175.9 million) at the end of March 2012 to £99.1 million at the end of March last year.
The group appointed Arun Nanda, formerly infrastructure sector president at Indian utility vehicle and tractor manufacturer utility vehicle and tractor manufacturer, at the head of its Indian unit in January.
3i Infrastructure’s portfolio generated income of £32.7 million (€39.8 million; $54.3 million) during Q4 2013. The company deemed the period a more stable one for its Indian business.