InfraMed, a start-up Paris-based fund manager targeting core economic investments across the southern and eastern Mediterranean, has announced the recruitment of Gary Neville as managing director. In a statement, the firm said the hire brought to an end to the process of building a management team. It now has 12 professionals in total.
Neville was previously at UK developer John Laing, having joined in 2001 and become a director in 2006. While there, he specialised in the financial structuring of public-private partnership (PPP) and private finance initiative (PFI) projects, including in the secondary markets.
InfraMed, which is seeking to raise €1 billion for its debut fund, announced a first close in May last year on €385 million. The five founding sponsors of the firm are Caisse des Dépôts et Consignations; Cassa Depositi e Prestiti; the European Investment Bank; Caisse de Dépôt et de Gestion of Morocco; and EFG Hermes of Egypt.
InfraMed will seek long-term equity investments in greenfield and brownfield projects in the energy, transport and urban infrastructure sectors across 12 target territories including Morocco and Egypt.
In the statement announcing the hire of Neville, it said it believes the southern and eastern Mediterranean region to have an infrastructure funding requirement of around €225 billion over the next five years.
The firm’s chief executive, Frederic Ottavy, said in the statement: “Whilst there has been obvious disruption to projects underway in the region recently we expect accelerated infrastructure spending on projects which have a tangible impact on peoples’ lives as social issues are addressed and reforms evolve.”