Infralogic Investors Forum - Europe 2022
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Convene 22 Bishopsgate, London and Online
Agenda
Registration & Networking
Opening Speech: Opportunities & challenges for investing in Europe
While Europe has turned a corner on COVID – with most countries open to pre-pandemic levels – the current geopolitical crisis on the continent has presented many new and potentially long-term challenges and unknowns for governments, investors and communities. How attractive and open is Europe for infrastructure investors? This keynote session will examine the state of play across the continent, looking at opportunities, risks, and emerging trends, including:
- What are the immediate issues facing investors?
- Are rising inflation and interest rates a challenge?
- Which sectors are looking most attractive?
- Is more competition and a lack of supply a challenge or an opportunity?
- Are we redefining ‘infrastructure’? What new trends are emerging?
- What is the outlook over the coming years?
Opening Panel Discussion: The state of play - Examining investor strategies in 2022 and beyond
- How has risk appetite changed/is changing and what gets CIOs interested?
- An overview of the disparity in investor interest for growth: How do you deploy record level of dry powder in the next 12 months?
- Core+ strategies versus core and supercore
- Balancing the investor portfolio in a post-pandemic environment
- Putting COP26 promises into action: the infrastructure industry doing enough and what can investors do today?
- How people view the post pandemic world of infrastructure
Keynote Address: A regulatory update: Energy, Water and Utilities
Utilities, such as generation assets and electricity and gas distribution networks, are forecast to continue to have a solid year in 2022. From a regulatory standpoint, progress has been made in the sector, with regulators working together to align their approach to price controls, to achieve greater clarity and consistency in order to achieve a well-regulated market economy that can respond to coming challenges.
- Understanding the four pillars of the regulatory review: duties of the regulators, clear strategic direction; greater competition in strategic investments; transparency and consistency
- New regulation price review in the water space: what can a water company charge?
- Water utilities decarbonisation roadmap: the pros and cons for sector and wider economy
Morning Refreshments & Networking
Case Study: How will Hy24 managed fund invest into the market?
Hy24 was created by Ardian and FiveT Hydrogen to manage the Clean H2 Infra Fund, the world’s largest fund exclusively dedicated to clean hydrogen infrastructure solutions. With strong industrial expertise at its core, the platform has the unique capacity to accelerate the scaling up of hydrogen solutions along the whole value chain: production, conversion, storage and supply and usage. The platform will support large early stage and strategic projects to become essential energy infrastructure.
- The challenges and opportunities of decarbonisation
- What role can infrastructure play in the decarbonisation of Europe?
- How to scale up hydrogen infrastructures?
- Mobilising the industrial and financial sector to invest in the whole hydrogen value chain
Panel Discussion: Creating value with energy transition
Some USD 20 trillion is needed for decarbonising global economies, with roughly two-thirds of this coming from private capital. Who are the likely winners and losers in this?
With climate concerns crystallising in the wake of Covid, demonstrable net zero action is now a top concern for investors and investment funds. The once-obvious distinction between mainstream and impact investors has become blurry.
- Generating stable returns in volatile energy markets
- How can business capitalise on clear and bold engagement with net zero targets to generate investment?
- Navigating the energy transition post COP-26 and looking towards COP-27
- Asset allocators views on the latest trends in the energy transition
- Is now the time for mainstream infra funds to invest in battery storage?
- Are green hydrogen and green methanol the missing link in the energy transition?
- What is the role of gas and nuclear in the energy transition?
- Tackling control issues in Renewables - Options for achieving closer alignment of investor interests
Keynote Presentation: EV charging as an infrastructure investment
- How have you managed to get the right balance of risk and return in EV charging investing?
- Do you expect a continuing decline in costs associated with EV charging ownership?
- How have you overcome the challenges faced with entering new markets?
- Infrastructure funds have already begun investing in in EV charging but is it “mainstream” yet?
- Is there a risk of stranded assets if investment goes into the wrong infrastructure?
- When do you predict a spike in profitability linked to the huge forecast rise in EVs?
- Which areas of the sector and which funding models are most attractive to infrastructure investors?
- What are the ideal types of offtaker – public sector, users, energy groups?
Networking Lunch
Panel Discussion: Transport: Re-evaluating core infrastructure for a post pandemic decarbonised future
Transport was the hardest hit sector in the pandemic year of 2020 with investment in Europe falling 40% to USD 44.35bn. But concerns over the long-term economic impact of the coronavirus and a much more prevalent decarbonisation agenda has not stopped investors buying into the most traditional parts of the sector with roads seeing some big deals in Europe, airport freight an area of renewed and developing interest and good performance in the ports sector.
- How has the last 12 months affected the outlook for ports and what parts of the sector offer the best opportunities?
- How is the decarbonisation agenda driving infra fund interest in transport assets in Europe?
- How to decarbonise and manage road assets
- Key steps: managing the electrification of transport, facilitating sustainable fuels and reducing emissions
- Reviewing differences in valuations between listed and private market assets
- What is behind the surge in interest by infrastructure funds for rail freight assets, and what is the future of this sector in Europe?
- Solving the decarbonisation of the entire freight supply chain
Panel Discussion: Keys to success in the future of digital and telecoms infrastructure
Digital infrastructure has grown in popularity in recent years and COVID-19 has both brought forward demand levels in this sector by several years and reinforced to investors just how critical these assets are to our daily lives.
- The role of digital infrastructure in achieving sustainability targets
- Assessing the evolving GP landscape and what this means for investors
- Competing with energy transition and renewables infra – what barriers does digital infra still face before it can achieve similar fundraising levels?
- Green data centres and achieving ESG goals
- Where do opportunities lie in the continuing global fibre rollout?
- Valuations of digital infrastructure assets
- Cyber security, critical national infrastructure and digitisation - what could possibly go wrong?
Afternoon Refreshments & Networking
Panel Discussion: Infrastructure debt opportunities in 2022 and beyond - Are we ready to quantify the impact of COVID-19 on infra lending?
- Impact on portfolio and impact of Interest rates and inflation
- New core infrastructure: how debt is providing security & opportunity for forward-thinking investors
- Have investors pushed leverage too far?
- Is demand for junior debt still strong?
- Is demand for unitranche debt funds (mix of senior and junior) on the rise, and if so, why?
- Moving with the times – how debt managers can improve their ESG integration
- Understanding the emergence of the green infrastructure debt brand
Keynote Presentation: Impact investing for sustainability
- Global challenges are interconnected and sustainability is multifaceted
- While we can zoom in on sectors as individual funds (eg circular economy), systemic change can be driven by investment across multiple segments: financial inclusion, new materials alongside circular economy
- In tech investment, new business models are as important as technological innovation
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Alex joined Inframation as a greenfield analyst in May 2018, becoming head of data analysis in March 2022. He previously worked for risk consultancy AKE International and as an analyst and editor for political risk publication Global Risk Insights, specialising in Southeast Asian political affairs. He completed his PhD in geography and politics at Newcastle University in 2016.
Alastair is Senior Managing Director, and Head of Europe for OMERS Infrastructure. Based in London, he oversees the organization’s investment activity and team in the region. OMERS Infrastructure currently has $32 billion AUM, and over 30 investments around the world.
Since joining OMERS in 2014, Alastair has played a critical role in the growth of the European team. In his most recent role, he was focused on advancing OMERS Infrastructure’s global investment strategy and leading the third-party capital program. Previously, Alastair had been responsible for investing across the European energy, utilities and renewables value chain during which he led or managed OMERS’s investments, including in Ellevio, Thames Water, Associated British Ports, High Speed 1, and MapleCo.
Prior to joining OMERS, Alastair worked in investment banking at Deutsche Bank and Bank of America Merrill Lynch advising clients on European utilities and infrastructure transactions. He holds an MA in Philosophy, Politics and Economics from the University of Oxford.
Philippe Lenoble is Head of European Infrastructure at AustralianSuper, the largest Australian pension fund with 2.6 million members and in excess of AUD 250 billion of assets. Philippe joined AustralianSuper in March 2020 to build a team to invest in European infrastructure. Before AustralianSuper, Philippe was briefly a Senior Managing Director at CDPQ, a Managing Director at Goldman Sachs’ Infrastructure Investment Group for 16 years and a Vice President at Citibank. Philippe holds a degree in engineering from Université catholique de Louvain in Belgium and is a CFA charterholder.
Susana is a Senior Managing Director in Macquarie Asset Management’s Real Assets business in EMEA. She joined the team in April 2022 to support the origination and structuring of capital market transactions related to MAM’s diverse portfolio of infrastructure and real asset investments. Susana will also provide senior representation on some of MAM’s portfolio company boards, in particular in the Digital Infrastructure space.
Having initially entered the banking industry in 1999, Susana has a wealth of experience in capital markets. Prior to joining MAM, Susana was at Barclays, most recently as the EME Head of Leveraged Finance and managing all transactions in the Telecoms, Media and Tech sectors. Susana held previous financing roles at the Royal Bank of Scotland and Credit Suisse. In these roles Susana worked on a diverse range of landmark transactions for various corporate, private equity, and infrastructure clients, including supporting MAM in the financing of its largest digital infrastructure portfolio company.
Susana holds a Masters Degree in Modern History and International Relations from the University of St Andrews.
David Black was appointed as interim Chief Executive of Ofwat in April 2021. Prior to this, he was Chief Regulation Officer at Ofwat and led the 2019 price review, securing significant investment to improve resilience and protect the environment, alongside lower bills for customers. David joined Ofwat in 2012 as Director of Economics and became a Senior Director in 2015.
Prior to joining Ofwat, David held a number of roles in economic consulting, advising on economic regulation, competition and financial economics in the communications and energy sectors. He has also worked at Oftel, New Zealand Treasury and New Zealand Commerce Commission.
Amir Sharifi is the Chief Investment Officer of Hy24, the world’s largest investment platform dedicated to clean hydrogen managing the first-of-its-kind Fund: The Clean H2 Infra Fund. He initiated Hy24 as Energy Transition Lead of Ardian, a world-leading private investment house ($125bn of Assets Under Management). Amir will seat at the board of Enagàs Renovable, the joint platform of Hy24 and Enagàs for clean hydrogen development in Spanish speaking countries.
Amir has 20 years of investment and energy experience of which 15 years with Ardian where he participated to develop a renewable energy platform of 7.5GW capacity by 2021, as well as strategic energy transportation/storage infrastructures in Europe. Amongst other roles within Ardian, Amir also created the Ardian foundation to promote social mobility around the world by supporting deserving youth through scholarships, cultural activities and mentoring, and headed Ardian’s corporate development group.
He started his career as a strategy consultant specialised on utilities and market due diligences.
Michael leads Ashursts energy and infrastructure M&A business in EMEA and has over 20 years' of experience in mergers and acquisitions, capital raises and joint ventures with a focus on the energy and infrastructure sectors.
He began his career advising energy majors on M&A transactions in the conventional energy space and, in the last 10 years, his practice has developed so that he now also advises both strategics and private capital funds and developers on M&A and capital raising in the energy transition (including biogas, hydrogen (blue and green/green ammonia), CCUS, SMRs, renewables, battery storage), circular economy, digital (towers, fibre and data centres) and transportation sub-sectors of energy and infrastructure.
Michael is recommended as a Leading Individual in Legal 500, is regularly quoted in the media, has published chapters in leading energy and infrastructure textbooks and is a member of Chapter Zero, The Directors' Climate Forum.
Stephane Tetot, Director, is a Portfolio Manager with BlackRock's Global Renewable Power platform which currently manages close to $10bn across more than 300 projects across various technologies y across 4 continents. Stephane is responsible for originating, executing and managing renewable power investment opportunities in Europe.
Rhianydd joined the Federated Hermes Infrastructure investment team in 2014 and provides senior input across investment origination, execution, asset management and sustainability matters. She has over 12 years of financial services experience and sits on the boards and sustainability committee of Federated Hermes’ rooftop solar, and energy from waste and recycling investments (respectively).
Prior to joining the infrastructure team, she was a member of the Federated Hermes legal team, where she advised the BT Pension Scheme on investments across a range of asset classes and jurisdictions, including infrastructure. She qualified as a solicitor in the investment funds team at Reed Smith LLP advising both investors and managers on a range of investment related matters.
Rhianydd holds an LLM (Masters) in International Law from SOAS (University of London), LLB in Law and an LPC, both from the University of Nottingham.
Dr. Hajesch is a senior expert in automotive OEMs, with extensive experience in product development, e-mobility, new business opportunities, and mobility services. Dr. Hajesch graduated in mechanical engineering from the University Gesamthochschule Kassel, in Germany and proceeded to acquiring his PhD with a thesis in “Cooperations in the area of New product development“ at Cranfield University in the UK.
In 2004, Dr. Hajesch started working at BMW AG, where he held various positions in the Research & Development Division. His specialisation in E-Mobility and CO2 Strategy commenced in 2009, when he took on the role of project lead within the E-Mobility category of vehicles at BMW, which included the development of e-mobility framework strategies and charging infrastructures. Dr. Hajesch left BMW in 2017 to take on the role of Managing Director and CEO of IONITY GmbH, the newly established joint venture formed by BMW Group, Daimler AG, Ford Motor Company and Volkswagen Group with Audi and Porsche.
Since 2017, Dr. Hajesch has led IONITY’s mission in establishing a pan-European high-power charging network, connecting European cities with 100% renewably sourced electricity, thereby e-connecting Europe and expanding the usability of EVs beyond the confines of urban areas. In 2019, Dr. Hajesch won the prestigious Eurostars award for Electrification in the Infrastructure category at the high-profile Automotive News Europe.
Simon Morris is Senior Vice President at Skylark Consulting Group, a consulting group specialising in the transport sector. At Skylark, Simon specialises in a range of projects related to aviation and other infrastructure. He has over 30 years of experience in the transport industry and his expertise primarily lies in business planning. Simon has been involved in many recent high-profile airport transactions, advising buyers, sellers and government.
Prior to joining Skylark, Simon was Vice President of ICF’s airport practice. He previously led LeighFisher’s European Aviation Practice and held senior positions at Macquarie Bank and The Portland Group. He started his career at BAA as a graduate trainee. Simon has also held Board positions at Birmingham Airport and Aeroporti di Roma Handling.
Alessandro is CIO responsible for Private Markets and Real Asset Strategies within RiverRock; in his role he oversees all investments in these strategies but specifically manages the RiverRock Brownfield Infrastructure Fund I and II as Senior Portfolio Manager. Alessandro as over 20 years of experience in financial services and consulting, having worked for hedge fund Chenavari, investment bank Merry Lynch and consulting firm PricewaterhouseCoopers.
He holds university degree in business from LIUC University and a Master in Business Administration from London Business School.
Mr. Mackenzie is Head of Infrastructure, responsible for overseeing DWS’s investment activity in infrastructure debt and equity globally. Hamish was responsible for establishing the European Infrastructure equity business in 2005 as well as directing the investment activity from its inception. This includes the flagship funds Pan European Infrastructure Fund (2007), PEIF II (2015) and PEIF III (2021) together representing in excess of €7 billion. The funds have successfully invested in a wide variety of transportation, energy and utility, Digital and Social infrastructure companies across Europe. Hamish has represented DWS on the boards of Peel Ports, Yorkshire Water, Tank & Rast, Autovia del Camino, Corelink Ltd, SAVE (the operator of Venice and Treviso airports) and Stagecoach Plc.
Hamish joined the team from Deutsche Bank's corporate and investment banking division where he was a specialist in the transport sector. Prior to that he worked as an M&A banker at HSBC having qualified as a chartered accountant with Deloitte & Touche.
Mr Mackenzie is CEO and SMCF for DWS Alternatives Global Ltd the FCA and SEC regulated entity that is the manager of inter alia the PEIF funds.
Jonathan is the EMEA Market Development Leader at GHD, leading global advisors and technical authority on the movement of people, goods and services and on projects that improve connectivity. Jonathan has extensive experience across the infrastructure market spanning rail organisations, transport authorities, and some of the UK's largest and most complex projects. He currently leads client strategy and engagement at GHD, focusing on addressing the growing demand for decarbonisation across transportation.
Before joining GHD, Jonathan was Group Operations Director at Arora Group, focusing on the group’s “Heathrow West” expansion proposal for Heathrow Airport. Before this, Jonathan spent seven years at Arcadis as a director. His clients and projects included the Civil Aviation Authority, Digital Railway (Network Rail), Lower Thames Crossing (Highways England), Stansted Airport, Future Cities Catapult, Transport for London and HS2.
Eugene Zhuchenko has 20 years of infrastructure experience. Prior to founding ETORE Advisory, he was the CEO of Long Term Infrastructure Investors Association, managed an infrastructure portfolio at APG Asset Management, led M&A projects at APM Terminals and provided transport and energy advisory services at PricewaterhouseCoopers. Eugene has been a board member in several private equity infrastructure companies in Europe and North America. He is a Chartered Certified Accountant and holds an MBA from the University of Chicago Booth School of Business.
ETORE Advisory works with institutions, fund managers and asset companies to unlock new opportunities in infrastructure investing. With tailored solutions such as collaborative investing, we help our clients excel where markets are less efficient and success is linked to innovation.
Steven Sonnenstein is a Senior Managing Director and member of the Investment Committee at Digital Colony. Mr. Sonnenstein is an accomplished telecommunications infrastructure executive with over 24 years of global mergers and acquisitions, asset management and operations experience. Mr. Sonnenstein is responsible for the origination, evaluation, completion, and ongoing asset management of new investments for Digital Colony globally. He has been responsible for over $1B in equity committed/deployed since joining Digital Colony.Prior to joining Digital Colony, Mr. Sonnenstein was a Senior Director at the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, where he was responsible for leading all telecommunication infrastructure investments within the broader infrastructure group in addition to his other investment management responsibilities.Before joining PSP Investments, Mr. Sonnenstein worked for Brookfield Asset Management in its Private Equity and Infrastructure Groups with a particular focus on and experience in South America. Prior to that, Mr. Sonnenstein spent several years working in mergers and acquisitions and distressed advisory.Mr. Sonnenstein shares management oversight of Andean Telecom Partners and currently serves on the Board of Directors of Aptum Technologies, Highline do Brasil, Beanfield Metroconnect, Wildstone and Edgepoint.Mr. Sonnenstein received a Bachelor of Commerce from McGill University in 1996 and a post-graduate degree in Chartered Accountancy.
Diego Jimenez joined HarbourVest in 2020 and is focused on sourcing, analyzing, and executing a full range of infrastructure investments primarily in Europe.
Diego joined the Firm after four years with John Laing in London and Bogotá where he was an investment director and senior member of the John Laing infrastructure team. During that time, Diego was responsible for sourcing, analyzing, and managing complex greenfield and brownfield infrastructure investments. Prior to John Laing, Diego worked for almost 10 years at APG in Amsterdam where he was responsible for executing and managing direct, joint ventures and secondary investments in Europe, and Latin America.
David Lindsay is CIO of Stafford Capital Partners and a Partner in its infrastructure business.
Prior to joining Stafford, David was Managing Director of Building Schools for the Future Investments LLP in the UK. Prior to that, he spent almost ten years with Barclays Private Equity where he was a founding member of their infrastructure team. He was also a member of HM Treasury’s Private Finance Executive Panel where he was responsible for transport projects.
David is a Member of the Chartered Institute of Bankers in Scotland and received a Master’s in Finance from the London Business School.
David joined Campbell Lutyens in 2010 and is a member of the secondary advisory team, with a primary focus on the US.
David originally joined the European secondaries team before moving to the US in 2016 where he has helped build the US secondary practice. He has led a range of LP portfolio sales, managed funds and GP-led secondary transactions in both private equity and infrastructure.
Prior to joining Campbell Lutyens, he worked in the M&A Group at Dresdner Kleinwort. David started his career at Deloitte in the Audit and Advisory team where he qualified as a Chartered Accountant. David holds a master’s degree in Aeronautical Engineering from the University of Bristol.
Alex joined abrdn in 2015 and is a senior member of the Private Credit team. His primary focus is on originating and managing European infrastructure investments for insurance and pension fund clients as well as abrdn’s multi-sector private credit funds. Alex also covers a range of structured debt and export credit financings in emerging markets.
Jerome Neyroud has dedicated the past 25 years to advising on, structuring and investing into hundreds of debt investments totalling more than € 50 billion in the EMEA region across all infrastructure sectors. He has been building and heading Schroders infrastructure debt practice since inception in 2015, leading the firm foray in infrastructure debt with a team of 10 investment professionals. His team manages 5 senior debt funds and three junior debt funds for AuM of € circa 4 billion.
Prior to Schroders, he worked at AXA IM Real Assets and created AXA infrastructure investment platform dedicated to AXA Group companies.
Before being active in the asset management industry, he was for 15 years an investment banker with roles at BNP, Paribas, SG Hambros, and Dexia in project and acquisition finance.
Dr Darryl Murphy is Managing Director, Head of Infrastructure at Aviva Investors and responsible for origination, structuring, execution and asset management of infrastructure transactions for the infrastructure equity and debt strategies. Darryl is responsible for a portfolio of over £11bn of debt and equity investments across UK and Europe.
Darryl has over 26 years’ experience in infrastructure financing and investment having also worked at Hambros, SG, Newcourt Capital, RBC, HSBC and was a partner at KPMG. He is widely recognised as one of the leading infrastructure financing experts in the UK and has structured, advised and arranged on a wide number of projects globally.
Darryl holds a PhD in Mathematics from Exeter University. He is UK council chair of the International Project Finance Association and Honorary Professor at the Bartlett School at UCL.
Cansu is Senior Partner at Bethnal Green Ventures, Europe’s leading early stage tech for good VC, where she leads on fundraising for their investment vehicles. Previously, she was with the global accelerator Startupbootcamp, first building their MENA branch in conjunction with a micro-fund in Istanbul, then scaling their industrial IoT programme to London and running it. She has been in the tech industry as founder, operator and early-stage investor for a decade. Her background is in international politics and human rights law, before going into investment she worked with IGOs and NGOs like Amnesty International, the Council of Europe, and the UN in Turkey and France. Currently based in London, she is an ambassador for the UK Government’s Tier 1 Tech Nation Exceptional Talent scheme.
Alex joined Inframation as a greenfield analyst in May 2018, becoming head of data analysis in March 2022. He previously worked for risk consultancy AKE International and as an analyst and editor for political risk publication Global Risk Insights, specialising in Southeast Asian political affairs. He completed his PhD in geography and politics at Newcastle University in 2016.