News & Analysis

GIP credit team chair and co-founder both leave

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.

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Global Infrastructure Partners has seen two partners within its credit business depart the firm in recent weeks, PDI‘s affiliate title Infrastructure Investor has learnt.

Jennifer Powers, who joined GIP in 2017 from Mizuho to chair its credit business, quit the business this month, Infrastructure Investor understands. Powers’ departure shortly follows that of partner Reiner Boehning, who co-founded GIP’s credit business upon his arrival from Credit Suisse in 2012 and led the credit origination team across sectors.

It is believed that neither Powers nor Boehning have agreed moves elsewhere and are considering next steps. GIP is understood to not have direct replacements lined up at this stage, with Powers’ and Boehning’s responsibilities to be divided between remaining partners on the GIP credit team. They include Steve Cheng, who co-founded the business with Boehning in 2012, as well as Denny Sreckovic and James Amine, who joined in 2014 and 2020 respectively. Amine is also responsible for GIP’s emerging markets business.

GIP declined to comment on the departures.

Boehning helped establish the GIP Capital Solutions fund, which launched in 2014 and raised $739 million. A second vintage, launched in 2019, reached a $1.4 billion close at the end of 2020. At the same time, GIP also announced the close of another credit programme, GIP Spectrum, also raising $1.4 billion.

While GIP Capital Solutions is believed to offer a range of products such as senior secured debt, unsecured, convertible debt, subordinated debt and preferred equity, GIP Spectrum targets mezzanine-level loans.

In January, GIP Caps II made a $500 million preferred equity investment in renewables independent power producer BrightNight Energy, as well as agreeing a senior secured loan of $150 million with Group Energy Gas Panama to finance a 670MW gas-fired co-generation plant. The last publicly announced deal from the Spectrum fund came in September 2020, with a $325 million secured term loan for Mexican IPP Saavi Energía, a loan now repaid by GIP following the firm’s acquisition of Saavi by its emerging markets fund in August.