Boudier, Feldman sign on to advise First State

First State Investments has appointed Marc Boudier and Lutz Feldman to help advise its First State European Diversified Infrastructure Fund. The five-year-old vehicle is targeting a €1.5bn final close.

The First State European Diversified Infrastructure Fund has gained a pair of industry personnel to help advise the €673 million strategy amid its latest fundraise, according to a media announcement.

Fund manager First State Investments said erstwhile diplomat Marc Boudier and energy sector professional Lutz Feldman have both been appointed as senior advisers to the fund. In all, six “external” personnel provide “independent governance, expert oversight and advice,” First State said.

Boudier has what First State termed “international business development experience,” having served with the French finance ministry as an economic adviser. He has also worked for Vivendi Group and EDF Group. Feldman is an oil and gas specialist who has worked for BP and E.ON, First State noted.

In a statement, Philippe Taillardat, co-head of infrastructure investing in Europe for First State, pointed out Boudier and Feldman are joining as the First State European Diversified Infrastructure Fund is commencing its “fourth series” of fundraising. A voicemail message left for a First State spokeswoman in London seeking further comment was not returned. 

As of January, First State had amassed €673 million for its European infrastructure fund, which has a final target of €1.5 billion. First State brought the First State European Diversified Infrastructure Fund to market in 2007. The fund began life as an open-ended vehicle, but was then reorganised into a “hybrid” structure.

In related news, Jeffrey Altman, one of the helmsmen of the European fundraising, has left the firm.

Altman, who joined the business in January 2008, was a director who co-led global fundraising and fund management for First State. The latter said Altman “left the company to pursue other business opportunities”. Altman is understood to be travelling and could not be reached for comment.

First State is owned by the Commonwealth Bank of Australia and is charged with operating a £95 billion (€119 billion; $152 billion) investment management business.