Sekhar Angepat and Andrew Fleming are joining CIBC’s infrastructure and project finance team, the advisory arm within the CIBC debt capital markets group, from rival Canadian investment bank RBC Capital Markets, according to an internal announcement made by CIBC.
Both men join as executive directors of debt capital markets and will report to Cliff Inskip, managing director and head of infrastructure and project finance.
Angepat – who has already moved to CIBC – has seven years of consulting and advisory experience with RBC, where he specialised in public-private partnerships (PPPs) and project finance and was a vice president.
Fleming, who takes up his new role on May 24, has 10 years’ advisory and underwriting experience especially in infrastructure and power projects. At RBC, he was a director and head of the financial advisory group.
According to the announcement, the two men will “play an important role in our [CIBC’s] plans to significantly expand our public private partnership (P3) practice in Canada”.
Canada is one of the world’s most active PPP markets, with a growing base of equity players and institutional investors and a buoyant bond market.
The C$1.2 billion PPP Canada Fund – a tool for helping PPPs reach completion – earlier this month opened a third round of applications for funding to support infrastructure projects across the country.