GIP hires another Credit Suisse exec

Philip Iley, who until recently was head of transport and logistics for the EMEA region at Credit Suisse, has joined Global Infrastructure Partners as principal in London.

Iley brings more than 20 years of experience in commercial aviation, infrastructure, government advisory and privatisation, the New York-based fund manager said in a statement. He has worked both in Australia and the UK.

“Philip Iley brings a broad infrastructure investment experience base to GIP that will complement our proven transport sector capabilities,” said Adebayo Ogunlesi, GIP chairman and managing partner, also a former Credit Suisse executive. “He will be an important addition to our London-based team.”

Since its inception in 2006, the firm has raised two infrastructure funds. GIP’s founding investors were Credit Suisse and General Electric, each committing $500 million and helping Fund I reach its $5.64 billion target.

The firm is now in the process of raising its third vehicle. Should it reach its hard-cap of $15 billion, GIP III will be the largest infrastructure fund ever raised. Its predecessor, which closed on $8.25 billion in October 2012, held that distinction until last month, when Toronto-based Brookfield Infrastructure closed BIF III on $14 billion. As of May, GIP had raised $10.8 billion for its third fund.

While the two firms have been competing on the fundraising trail, they have teamed up in their pursuit of Australian logistics company Asciano, one of the largest in the country. The A$9.05 billion ($6.9 billion; €6.1 billion) deal is expected to close this month.