Hofbauer departs Hermes, de Run returns as infra head

De Run’s return comes two and a half years after he left the firm and follows Peter Hofbauer's departure, which takes effect immediately.

Peter Hofbauer
Hofbauer: leaves Hermes after eight years

Peter Hofbauer, head of infrastructure at UK-based Hermes Investment Management, has left the firm and been replaced by former partner Hamish de Run.

Hermes said in a statement that Hofbauer had left with immediate effect after an eight-year spell in the position. He had previously been global head of infrastructure at Babcock & Brown.

Hofbauer worked alongside his eventual successor at Hermes between 2012 and 2017, when de Run was a partner at the firm. De Run left Hermes in March 2017 to pursue interests outside the infrastructure sector. He was not replaced at the time and his responsibilities were shared around the rest of the team.

Hermes’ chief executive, Saker Nusseibeh, said in a statement: “Hermes Infrastructure is a vital and valued part of our overall offering, providing clients [with] attractive risk-adjusted inflation-linked returns. I am delighted that Hamish de Run will be leading the infrastructure business into the next phase of its development.”

The firm continues to fundraise for Hermes Infrastructure Fund II, a vehicle launched in 2016 with a target of £1 billion ($1.3 billion; €1.7 billion). However, a source has told Infrastructure Investor that only around £250 million has been raised to date, with commitments from UK investors such as Strathclyde and Nottinghamshire Pension Fund, in addition to AP3 in Sweden.

A spokesman for Hermes declined to comment on the figure, but confirmed that Hofbauer’s departure did not trigger a key man clause.

Although the fund is structured to primarily target UK assets, in September it partnered with the European arm of China General Nuclear Corp to buy an 813MW wind portfolio in Sweden from Aquila Capital. In March 2018, the fund teamed up with First State to buy Danish ferry operator Scandlines.

Hermes Infrastructure Fund I closed in 2015 on £1 billion and raised a further £160 million through related accounts, investing in the National Grid’s gas pipelines and in Eurostar.

Hermes was founded by the BT Pension Scheme, which last year sold the majority of the manager to US-based Federated Investors.