EMEA: EDF Invest chief departs to set up infra fund

13 April 2018 - 12:00 am UTC

The managing director of EDF Invest, Guillaume d’Engremont, is set to leave the company on 2 May, EDF has confirmed.

D’Engremont will join a European asset management firm to set up an infrastructure funds management arm, a source said. He will build a team to establish funds investing in European infrastructure equity.
 
EDF is promoting Pierre Benoist d’Anthenay, currently deputy head of M&A at EDF itself, to replace him as managing director of EDF Invest.
 
D’Engremont became head of M&A at EDF in 2010, and led the sale of EnBW, the acquisition of Edison and the IPO of EDF Energies Nouvelles, before setting up and leading EDF Invest from 2013.
 
EDF Invest manages EUR 6bn of equity, or 25% of EDF’s dedicated assets portfolio, across infrastructure, real estate and private equity.
 
The dedicated assets portfolio was established by EDF to finance its long-term nuclear decommissioning commitments in France.
 
EDF Invest’s nine infrastructure assets include stakes in French electricity grid RTE; Térega, a French gas storage and grid owner; Spanish grid Madrileña Red de Gas; Géosel Manosque, a French oil storage company; German grid Thyssengas; Dutch car parking firm Q-Park; Aéroports de la Côte d’Azur, which owns Nice Airport; Autostrade per l’Italia, Atlantia’s toll road subsidiary; and UK rosco Porterbrook. Some of the French energy assets were originally owned by EDF itself.
 
EDF Invest has an IRR of around 11% and an average recurring cash yield of around 7%.
 
D’Engremont started his career at Deutsche Bank in 1997, then going on to ING. He moved to Rothschild in 2000, becoming an M&A director.
 
Before joining EDF in 2015, Benoist d’Anthenay was director of corporate finance at Eutelsat Communications between 2007 and 2013, and then deputy CEO of Eutelsat Asia. He previously worked at Banque Privée Fideuram Wargny in public M&A, as well as PwC and KPMG.
 
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