Philip Alfieri and Joyce Shapiro (pictured), who both spent the last four years as senior infrastructure executives with Franklin Templeton Investments, have launched New York-based AltBridge Capital Partners (AltBridge).
The firm will target various sectors such as water, transportation, traditional energy and renewable energy, forming customised funds for each sector. It is expected that each fund will have a finite timeframe, although the strategy may also include an infinite life product and direct investment opportunities. The firm is understood to be in early discussions with potential investors.
AltBridge will invest in small to medium-sized assets typically involving equity cheques of between $10 million to $75 million in order to stay away from what it perceives to be the more crowded larger end of the market. It is planning to invest in around 10 to 15 assets per sector.
The firm is keen to set up joint ventures with industrial specialists to achieve economic alignment between AltBridge, its investors and the specialist operators of the assets. It believes that while this kind of partnership model has been commonly undertaken in the oil and gas sector, it has not been applied to infrastructure more widely.
The industrial partners would be responsible for sourcing asset investments through local relationships, mainly in North America and, to a lesser extent, in Europe. At the asset level, it is envisaged that they would create value through expansion, repositioning and hands-on asset management.
Shapiro and Alfieri were previously managing director and director of investments respectively at Franklin Templeton Real Assets Advisers. Alfieri had previously worked at advisory firm Infrastructure Management Group and as an infrastructure executive at LaSalle Investment Management, the real estate specialist.