UBS Asset Management (UBS-AM) has appointed Perry Offutt as head of infrastructure Americas, effective in June, according to a Monday (9 April) statement.
“Perry will oversee the Real Estate & Private Markets’ (REPM) USD 4bn Infrastructure platform to lead the US team and further develop its growing presence in the region,” said Tommaso Albanese, head of infrastructure at UBS-AM, who will oversee Offutt’s work. “He will work across all sectors within the infrastructure space originating and executing investment opportunities.”
Albanese said that at this time, the business invest in the USA only. “The business has been investing in the US but also looking at opportunities in other OECD countries in the Americas,” he said. “As the business grows, we will consider the expansion in other geographies at some point in the future.”
Albanese said that UBS-AM is focused on enhancing the position of its infrastructure business. “We’re bringing in new resources and expertise, adding new products to the platform, and strengthening the team with the inclusion of an infra research capability,” he said. “We currently have about USD 1.8bn committed to global infra equity and are working on the launch of a follow-on global equity strategy later this year. Our European infra debt strategy has recently launched its second fund with a EUR 450m (USD 550m) initial capital commitment from institutional investors.”
On 19 March in Luxembourg, UBS launched its Archmore Infrastructure Debt Platform (IDP) II, a ten-year, EUR 700m (USD 860m) fund focused on private debt in mid-size European infrastructure transactions.
“We have a global approach to our infrastructure business, with a particular focus on our main European and US hubs and we continue to see attractive opportunities to invest capital in these regions with a strategic focus on traditional core infrastructure assets, characterized by long term stable cash flows and a solid cash yield,” Albanese said.
Offutt will take over from Floyd Gent, current head of infrastructure equity Americas, who will move to a new advisory role focusing on the bank’s portfolio companies and regional expansion.
For Offutt, the move follows nearly four years as managing director of the North American investment team at Macquarie Infrastructure & Real Assets (MIRA) in New York.
Before that, he spent 15 years at Morgan Stanley, including as head of infrastructure banking for the Americas, originating and executing transactions in industries such as utilities and transportation.
In its release, UBS-AM also announced that Vanessa Lamort De Gail has joined the team as a portfolio manager with a view to starting up an infrastructure debt fund capability in the US.
She previously worked for Deutsche Bank, helped develop the structured debt investment business in infrastructure and energy in the Americas.