LGIM hires HSBC director 

03 December 2018 - 12:00 am UTC

HSBC transport, utilities and renewables specialist Will Devenney has joined LGIM’s London-based infrastructure debt team as it continues building its portfolio of investments.

Devenney worked as a director at HSBC for three years having previously spent 10 years at RBC, in London and New York, which included stints in infrastructure advisory as well as acquisition and leverage finance.

The infrastructure debt team he is joining is part of LGIM’s private credit business within its real assets operation. The business, whose first infrastructure deal was in 2012, has GBP 3bn of infrastructure assets under management, GBP 1bn of which was invested over the past year. 

LGIM’s head of private credit Nick Bamber said Devenney’s appointment comes as LGIM seeks to increase the scope of investment capabilities it can offer clients.

LGIM’s recent infrastructure debt investments include around GBP 370m of financing it provided to Global Infrastructure Partners to support its acquisition of a 50% stake in the Hornsea Project One offshore wind farm (pictured) in the UK North Sea.

Other infrastructure debt investments include GBP 170m LGIM earlier this year announced it committed to Corelink, a rolling stock lessor platform jointly owned by DWS and Infracapital, to invest in new trains for the West Midlands franchise. LGIM has also been active in utilities, in August providing GBP 200m of financing to mutually-owned Northern Irish energy infrastructure company Mutual Energy in an all-debt transaction to fund expansion of its gas network.

 

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