Zak Bentley
Jennifer Powers, GIP’s head of credit since 2017, and Reiner Boehning, a partner who helped establish the credit business in 2012, have both left the firm.
Once considered niche by both infra and private debt investors, infrastructure debt has become an important part of how LPs allocate.
Matthew Wade, IFM’s executive director for debt investments, discusses how LPs are approaching the sector.
Once considered a niche by both infra and private debt investors, infra debt has become an important part of how LPs allocate.
The Global Infrastructure Debt Fund, BlackRock’s first comingled fund targeting high-yield debt, had raised about $250m before the pandemic.
The Dutch manager has split the fund into a sub-fund structure, targeting €750m for senior debt and €350m for junior debt.
If today’s crisis were a repeat of the GFC, lenders could use those references to guide their approach, but covid-19 has brought the world into uncharted territory.
Tom Sumpster’s departure comes after LGIM’s attempts to expand its infra strategy beyond senior debt hit roadblocks.
The fund, which had a target of $1bn, attracted investors who were all new to the firm's debt platform.
The firm has already raised €500m from European investors and will now pitch the vehicle to Australian LPs.
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