Morgan Stanley has hired John Veech to head its North American infrastructure investment efforts for its infrastructure fund, according to sources familiar with the matter.
Veech was formerly the head of the global project finance practice at Lehman Brothers. He was also one of the founding partners of the investment bank’s internal infrastructure fund, which had completed some investments off of Lehman’s balance sheet but had its longevity cut short by the investment bank’s collapse in September 2008.
At Lehman, Veech was active in renewables financings and acquisitions, including wind power, geothermal and biofuels. At Morgan Stanley, Veech will not be focused on any particular sector but will concentrate broadly on North American investment opportunities. He will be based in New York.
With Veech’s addition, Morgan Stanley’s infrastructure fund will have 40 professionals across offices in London, New York, Beijing and Hong Kong.
The fund closed on $4 billion in May 2008, having originally targeted $2.5 billion in commitments. It is the global investment bank’s first infrastructure fund.