Infracapital bolsters asset management division with new MD hire

The M&G unit has also added a trio of staff to its greenfield investing arm, with a new fund thought to be launching soon.

London-based manager Infracapital has sought to strengthen its asset management capabilities by hiring Wael Elkhouly as a new position of managing director for the division.

Elkhouly joins from a similar role at Toronto-based firm Bastion Infrastructure Group and will help oversee the close to 50 assets Infracapital manages across its active funds. He is returning to European infrastructure after he departed EISER Infrastructure Partners in 2013 to join Bastion.

He is also joined by two senior associates in the asset management unit – Jamie Hepburn and Manuel Rodríguez Aguilar. The pair join from Czech power company EPH Group and renewables manager Cubico Sustainable Investments respectively. Reagan Yee has also joined the team as an associate, from Morgan Stanley.

“Infracapital is further building and strengthening its team in line with its growing asset portfolio,” a spokeswoman explained to Infrastructure Investor when asked why the positions had been created. Last month, the infrastructure arm of M&G Prudential added two more assets to its third brownfield infrastructure fund with the acquisitions of rail freight operator GB Rail Freight from EQT and utility business UK Power Solutions.

There have also been a trio of additions to Infracapital’s greenfield investment arm.  Associate director Verena Rathgeber arrived from her role as principal at Scottish Equity Partners. Savvas Karatapanis has also joined as an associate from Macquarie Capital, while Nazli Guran has been appointed as a transaction associate in the greenfield unit from her role as an analyst at Credit Suisse.

Infrastructure Investor understands Infracapital is close to launching a second greenfield fund, a successor to its maiden £1.25 billion ($1.6 billion; €1.4 billion) greenfield vehicle which closed in November 2017.

Infracapital declined to comment on fundraising or to what level the first fund is invested. However, documents dated 25 June from the UK-based Suffolk County Council pension fund – an LP in the fund – showed the vehicle was 66 percent invested, a figure that Infracapital at the time expected to increase to 75 percent. It had a 1.2 times money multiple.