Ex-CDOT official to head PSP’s toll road business

The Canadian pension has tapped the former head of Colorado’s P3 agency to head Roadis, a platform it carved out from Spain's Isolux Corsán in May.

Roadis, the wholly owned subsidiary of Canadian pension fund manager PSP Investments, has named Michael Cheroutes as its new president in the US.

Cheroutes brings decades of experience to the newly created position, including a legal background focusing on public-private partnerships. He also served as founding director of the High Performance Transportation Enterprise (HTPE), Colorado’s P3 agency that operates as a division within CDOT, the state’s department of transportation.

Under his leadership – he was director from 2010 until 2015 – HPTE initiated the consideration of transportation PPPs totalling more than $5 billion, Roadis said in a statement.

Since stepping down at HPTE, Cheroutes has served as director of the Center for Infrastructure Development, a non-profit organisation aimed at helping state and local governments accelerate the delivery of transportation P3 projects.

Headquartered in Madrid, Roadis’ portfolio comprises a total of 1,6444km of highway concessions in India, Mexico, Brazil, Spain and the US.

Formerly the concessions business of Isolux Infrastructure, the company was re-branded after PSP acquired the shares it did not already own in the subsidiary of Spanish developer Grupo Isolux. The Canadian fund manager had initially invested €500 million in the company in 2012 when it acquired a 19.23 percent stake.