IFM Investors has bolstered its London-based infrastructure debt team in order to transact more sustainable and renewable energy transactions.
Lucie Mixeras has joined the debt fund as an associate director from Credit Agricole, where she worked on project finance loans across the transport, gas transmission and storage networks, waste to energy and social infrastructure sectors. Rachel Fleming, an associate in the debt fund’s Melbourne office, has also joined the London office.
David Cooper, who leads the six-strong London team, said: “Our continued growth is indicative of substantial global demand for infrastructure debt, partially helped driven forwards by the burgeoning need for sustainable and renewable energy project finance.”
IFM Investors has previously invested in renewables, including the Pretoria energy anaerobic digestons plants refinancing in the UK, and the development of the Kwinana waste to energy renewable project facility in Australia. It has also contributed a fixed-rate debt tranche to support the construction of Pattern Development’s 300MW Henvey Inlet wind project in Ontario in 2017.
IFM Infrastructure Debt Fund, an open-ended infrastructure debt fund, also focuses on power and energy assets, transportation, and social infrastructure projects through senior secured floating rate loans.
IFM, an institutional fund manager with AUD 117.1bn in assets under management, has invested AUD 7bn in infrastructure debt across separately managed accounts and funds.
Last year, it raised around USD 500m (EUR 445m) for IFM Infrastructure Debt Fund in 2018 with commitments from Virginia Retirement System and Kentucky Retirement Systems among others.
The investor is raising a US infrastructure debt fund, which seeks to generate a 6-8% net return for its investors, primarily through floating rate senior and junior secured debt investments with an average maturity of seven years.
In March, IFM provided long-term institutional debt for the EUR 350m refinancing of French district heating company Coriance.