Global Infrastructure Partners has hired Jim Yong Kim after he unexpectedly resigned as president of the World Bank on Monday.
Kim will join the New York-based infrastructure firm as a partner and vice chairman starting 1 February, according to a statement released by GIP.
GIP chairman Adebayo Ogunlesi said that Kim’s tenure at the World Bank as well as his previous roles – Kim served as president at Dartmouth College and director of the World Health Organization’s HIV/AIDS department – “speak for themselves”.
“Dr Kim’s broad knowledge base, along with his first-hand, comprehensive experience of working with governments and institutions around the world will provide very valuable insights,” Ogunlesi said. “In addition, his previous involvement with infrastructure and the emerging markets and his expertise in environmental, social and corporate governance issues will further expand the capabilities of the broad and diverse GIP leadership team.”
Kim’s surprise departure from the World Bank came with more than three years of his second term ahead of him. He told employees in an email that he planned to join a private firm that would allow him to tackle major global issues such as climate change and developing infrastructure in emerging markets.
He joins GIP as the firm seeks to raise $17.5 billion for its fourth infrastructure fund, which has a $20 billion hard-cap. According to documents published by the Oregon Public Employees Retirement Fund, GIP IV was expected to hold a first close last month.
The infrastructure fund manager has set a five-year investment period and 10-year duration for its latest fund, and at the firm’s discretion will offer up to two one-year extensions and a further two one-year extensions with LP consent. The vehicle is targeting a gross IRR of 15 to 20 percent.
GIP manages more than $40 billion in infrastructure assets in the energy, transport, water and waste sectors. It invests in developed and select emerging markets. Its portfolio includes London’s Gatwick Airport and Equis Energy, an 11.1GW renewables platform investing across Asia, which GIP teamed up with investors to buy in 2017 in a $5 billion deal.