Marguerite Adviser, the advisory firm responsible for appraising and originating investments for the €1.5 billion Marguerite infrastructure fund, has hired Michael Dedieu, formerly of construction company Fluor, to be its managing director for transport investments.
The hire completes Marguerite Adviser’s senior management team, with Dedieu joining chief executive Nicolas Merigo, formerly of Santander Capital; chief financial officer David Harrison, ex-Macquarie; and energy managing director William Pierson, also formerly of Santander Capital. Marguerite will focus on infrastructure investments across the European Union’s 27 member states.
It also puts Marguerite Adviser’s team at the halfway mark and well on its way to reach its 16-person target by the end of the year. Merigo, in an exclusive interview published in the July/August issue of Infrastructure Investor, explained how the advisory firm’s team is being structured:
“At the senior level, the core sponsors have decided to have one person who has more experience in energy and another with more experience in transport. The rest of the team will have several types of greenfield expertise. Because there are a lot of common elements in greenfield projects, somebody who has already done some greenfield transport investments could probably adapt pretty quickly to other types of greenfield investment,” Merigo explains.
He also wants his team to be able to handle all sides of infrastructure investment. “I want everyone to be involved in both origination/execution and asset management. I think it’s important that all professionals in the team become involved in the asset management – it’s good for the discipline of investment,” he added.
The Marguerite fund announced its first close in March this year with over €700 million in commitments. The fund launched late last year with €600 million in seed capital from six core sponsors – the EIB, France’s Caisse des Dépôts, Italy’s Cassa Depositi e Prestiti, Germany’s KfW, Spain’s Instituto de Crédito Oficial and Poland’s PKO Bank Polski – all state-backed banks, each having contributed €100 million to the fund.
Malta’s Bank of Valletta, Portugal’s Caixa Geral de Depósitos and the European Commission then joined the six original sponsors of the fund, with the EC contributing €80 million.
About 65 percent of its investments will be in greenfield projects with 30 percent to 40 percent of the fund to be invested in transportation, 25 percent to 35 percent in energy and 35 to 45 percent in renewables.