The board of John Laing Infrastructure Fund (JLIF) has announced that David Marshall, one of its two investment advisers, has decided to retire on July 1.
Along with Andrew Charlesworth, Marshall is credited for helping to bring the London-listed fund from a market capitalisation of £270.0 million (€373 million; $403 million) at its 2010 launch to its current £882.8 million. The vehicle’s portfolio has meanwhile grown from an initial 19 assets to more than 50 today.
Marshall initially joined John Laing in October 2000 as a director of corporate projects and group treasurer, before holding the position of pension trustee for more than eight years. He has also served as chairman of John Laing’s investment committee, and has been a director of John Laing Capital Management, the fund management arm of the UK firm, since February 2010.
JLIF made the headlines last December upon submitting a £1 billion unsolicited bid for the public-private partnership (PPP) portfolio of fellow developer Balfour Beatty, an offer the company later rejected. Charlesworth told Infrastructure Investor last month that JLIF was “still interested” in the portfolio.
John Laing’s February IPO, priced at the bottom of its target range, gave the business a market capitalisation of £715 million.