Balfour Beatty Infrastructure Partners (BBIP), the funds management business of UK developer Balfour Beatty, has added a senior infrastructure hire to its New York office.
Rob Keough, a 15-year industry veteran with experience in transportation and infrastructure finance, joins BBIP in the role of principal, focusing on deal origination, execution and management in North America.
Keough joins from the John Hancock Life Insurance Company, where he served as a managing director and ran the insurer’s infrastructure portfolio – a core infrastructure play he helped build including power generation, electricity transmission and distribution, as well as oil and gas midstream, utilities, toll roads, airports, ports and rail.
The new hire will report to Jeff Neil, who heads BBIP’s New York team, and will take the team to 13 globally. In addition to New York, the fund manager has offices in London and Munich.
Earlier this year, BBIP reached a first close of £200 million (€234 million; $313 million) for a fundraising which is said to be targeting between £500 million and £750 million. BBIP would not comment on fundraising.
BBIP was officially launched in 2011 with four former AMP Capital executives headed by managing partner Rob Gregor and also including partners Jeff Neil and Steven Lowry and chief operating officer Michael Cowell.
Balfour Beatty has committed £70 million to the fund, a commitment that is expected to be put to work over the next three to four years. Ultimately, Balfour Beatty’s share of the fund is expected to reduce to around 10 percent of the total, suggesting that the fund is on course to raise around £700 million.
The fund will make investments in mainly brownfield, operational assets in its target sectors of transport, energy and utilities in the UK, Europe and North America.