Standard Life infrastructure debt team expands

The team will provide senior debt to core infrastructure projects in the UK and other selective jurisdictions and may raise capital over the coming year.

Edinburgh-headquartered Standard Life Investments has made two new hires, expanding its infrastructure debt team, the asset manager said in a statement.

Alex Campbell joined the infrastructure team as an investment director in January, while Marianne Froude joined as an investment analyst in February.

Both will be based in St Mary Axe in London and report to Jeremy Allcock, head of infrastructure debt, who joined the firm in October last year. The team as a whole reports to Craig MacDonald, head of credit.

The team will provide senior debt to core infrastructure projects in the UK and other selective jurisdictions. In a statement to Infrastructure Investor sister publication Private Debt Investor, Allcock said the firm is looking to originate primarily in the UK and in sterling, although it will have the ability to source and originate in other selected regions with the proviso that the firm has strong knowledge of the legal, political and economic factors in that jurisdiction.

“We are defining infrastructure as an asset that is in some way essential, has monopolistic tendencies and substantial barriers to entry. Alternatively, the income stream will be government-backed (in whole or in part) or subject to a stable and established regulatory regime. This includes a wide range of potential areas, ranging from hospitals, schools, roads / transport to renewables through to utilities, social housing and student accommodation,” Allcock said.

He continued, saying that these are areas that Standard Life already have investments or where they have credit specialists. On where capital for investment will come from, Allcock added: “We do have capital available for investment although we will also be looking to raise further capital at some stage and possibly during the course of the next 12 months.”

In his new role, Campbell will be responsible for sourcing, negotiation, preparations and review of infrastructure debt funding proposals. He is an experienced originator and underwriter of long-dated capital market debt, with experience both social and economic infrastructure assets, Standard Life said. Campbell is also experienced in related asset classes such as utilities and real estate financings, it added. Between 2008 and 2015, he was a director of infrastructure at Assured Guaranty, and in the four years prior to that, a director at Financial Guaranty Insurance Company.

Froude will carry out financial analysis of counterparties and ongoing management of client infrastructure debt portfolios. Previously, she worked at Australia and New Zealand Banking group in London and Sydney between 2008 and 2015, and will assist in the preparation of debt submissions in her new role.