Fundraising

Aviva hires offshore transmission expert

Sean McLachlan joins the insurer’s asset management arm from Balfour Beatty at a time when the firm seeks to grow its yield-focused investment offering.

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Aviva Investors, the asset management unit of UK insurer Aviva, has appointed Sean McLachlan as senior director within its infrastructure team.

McLachlan joins from Balfour Beatty, where he most recently led the UK developer’s offshore transmission investment strategy as an investment director. Deals he’s worked on include the Greater Gabbard, Thanet and Gwynt y Môr Offshore Transmission Owner projects.

His experience at Balfour Beatty spans 18 years, prior to which he spent eight years with RBC Capital Markets and served as vice president for energy and utilities. At Aviva he will report to Ian Berry, head of infrastructure.

“I am sure [McLachlan] will help us build further on our achievements over recent years, including the ongoing success of our REaLM Infrastructure Fund, which now has its 20th investment imminent,” Berry said.

Aviva’s REaLM Infrastructure Fund, along with the Aviva Investors PiP Solar PV Fund, aims to provide investors with inflation-linked returns from unleveraged infrastructure assets. Launched in February 2015 with a £300 million ($418 million; €385 million) target, the latter held a first close on £131 million in June. The former, which counts UK pensions including Devon County Council as investors, manages about £400 million.

Aviva Investors in recent months has also been active on the debt front, with deals including a €50 million investment in Arcus Infrastructure Partners’ Shere Group and a £15.4 million healthcare energy efficiency deal in Scotland.