North America: Blackstone makes senior hires for USD 40bn infrastructure fund

08 February 2018 - 12:00 am UTC

Blackstone Infrastructure Partners (BIP) hired two senior managing directors for its planned USD 40bn fund, it announced today (8 February).

Blackstone has hired Wallace Henderson from EIG Global Energy Partners to lead midstream infrastructure investments and Sebastien Sherman from OMERS Infrastructure to lead coverage of the utility, renewables and transportation sectors.

The two hires will work under global head of BIP Sean Klimczak. They would work alongside Steve Bolze, senior managing director and head of portfolio operations and asset management, and Greg Blank, senior managing director responsible for communications infrastructure. 

Henderson was hired this month, while Sherman joined the team in November 2017, it is understood. Bolze was hired in August 2017 from General Electric and Blank was an internal promotion. 

Inframation previously reported that Blackstone Group seeks to raise USD 7.5bn for its inaugural infrastructure platform this year. 

The New York-headquartered asset manager is hoping to raise USD 5bn in capital commitments for its co-mingled infrastructure fund – Blackstone Infrastructure Partners LP – alongside a further USD 2.5bn in separate accounts during its first fundraising round. Initial close is targeted for March or April. 

If successful, the USD 7.5bn in third-party capital would sit alongside an additional USD 7.5bn managed account for Saudi Arabia’s Public Investment Fund (PIF), which in October committed to “generally match third-party capital commitments up to USD 20bn,” according to documents posted on the Commonwealth of Pennsylvania Public School Employees Retirement System (PSERS) website.

This would take the total volume of investable capital for this nascent infrastructure business to USD 15bn, just under the USD 15.8bn raised by the world’s largest dedicated infrastructure fund Global Infrastructure Partners III (GIP III) last year.

In late December, PSERS made a recommendation to commit up to USD 500m to Blackstone’s infrastructure fund. First close investors are entitled to a 25% management fee discount for two years, it is understood.

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