DWS brings in Barclays director to investment team

Thomas Kalthöfer joins Deutsche Bank’s listed asset management arm as the ninth addition to the infrastructure team in the past 12 months.

DWS, Deutsche Bank’s listed asset management arm, has hired Thomas Kalthöfer as a new investment director in its infrastructure team.

Kalthöfer has joined from Barclays, where he spent 14 years in the bank’s M&A and corporate finance team. He most recently worked on originating and executing energy and infrastructure transactions, with a focus on Germany, Austria and Switzerland.

His responsibilities at DWS will focus on the same regions “across deal origination, execution, management of participations and support investor interaction”, the firm told Infrastructure Investor.

His arrival comes at a time when DWS’s Pan European Infrastructure Fund II is “well-invested”, according to Hamish Mackenzie, head of infrastructure at DWS, although declined to state specifically. The fund has secured deals for assets such as Venice Airport, airport equipment supplier TCR and harbour towage group Rimorchiatori Mediterranei.

PEIF II closed in July last year, securing €1.8 billion from 31 investors, with a further €800 million in co-investment capital. It targets a net IRR of 10 percent and 6 percent in yearly cash yield. The fund’s predecessor secured €2.1 billion following its launch in 2007.

The hiring of Kalthöfer is the DWS infrastructure team’s ninth addition in the past 12 months, the group said, bringing the total infrastructure team to 32. DWS, which listed a 22 percent share of the company in March this year, last week unexpectedly announced the departure of chief executive Nicolas Moreau by year-end. He will be replaced by former chief investment officer Asoka Wöhrmann.