Australia-headquartered Industry Funds Management (IFM) has expanded its infrastructure debt business into North America, appointing Royal Bank of Scotland (RBS) official Rich Randall to head the effort.
IFM said in a press announcement that Randall will be based in its New York office and hold the title of executive director of debt investments for North America.
He is in charge of “building and leading a specialist infrastructure debt team” dedicated to America and Canada”, the investment manager added.
A developing niche within the infrastructure asset class, infrastructure debt is the fixed income component of infrastructure.
Spurred by investor demand, Allianz Global Investors (AllianzGI) and the former AXA Private Equity – spun out in September as Ardian -have begun investing in infrastructure debt.
Last year, money manager BlackRock and Macquarie Group also entered the space. IFM, meanwhile, is well-established in infrastructure debt.
The company began investing in infrastructure debt in 1999, and has put together a 17-member global team.
In June, IFM added analyst Hannah Lindberg and investment director Linda Cunningham to its infrastructure debt team.
In 2012 David Cooper, head of infrastructure and project finance for Barclays, joined IFM as director of debt investments based in London.
The greater use of public-private partnerships (PPPs; P3s) in the US could drive a market for infrastructure debt in America.
IFM called infrastructure debt a “compelling proposition,” adding that a US-based team would “complement” its Melbourne, Australia and London debt personnel.
Randall joined RBS in 2004. He has also worked for Caylon, Credit Lyonnais and Trust Company of the West (TCW).