22
Oct
New frontiers in infrastructure: Has value-add peaked?
In recent years, elevated interest rates have driven investors and managers to pursue higher-risk, higher-return strategies – from stretching into riskier assets within core sectors to exploring entirely new sectors. But as rates begin to fall across Europe, are value-add strategies losing momentum, or are they now a permanent feature of the infrastructure landscape? This panel explores whether value-add approaches are delivering sustainable performance – and where the line is now drawn between core and value-add investing.
- Which value-add strategies have delivered strong returns with adequate downside protection?
- Which infrastructure criteria can value-add investors be more flexible on and what remains non-negotiable?
- Which sectors are currently leading the value-add charge — and have some gone too far, especially in social infrastructure?
- Are some value-add investments now edging closer to core as the market evolves?
- How are LPs responding — are they pushing back on broadening infrastructure definitions, or embracing the potential for enhanced returns?
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SpeakersRory Gallivan Assistant Managing Editor, EMEA Infralogic
Andrew Honan Co-Managing Partner, Chair of Sustainable Investing MML Keystone
Giacomo Rossi Co-Founding Partner Vesper Infrastructure Partners
Christophe Bonnat Portfolio Director, Head of ESG Marguerite
Ralf Rank Co-Founder Reinova Partners
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After graduating from the Ivey School of Business at the University of Western Ontario, Andrew moved back to Europe and joined Credit Suisse First Boston in London. He subsequently moved into investing with GSO (now Blackstone Credit) via BNP Paribas. Prior to joining MML, he most recently spent more than a decade at Macquarie in London and San Francisco, eventually leading the Capital Solutions business and sitting on the US Management Committee.
Andrew is the Managing Partner of MML Keystone, which invests in essential, asset-backed mid-market businesses with distributed infrastructure characteristics and privileged growth backed by secular tailwinds. The team applies private equity value creation methods to deliver superior risk-adjusted returns.
Giacomo is Co-Founding Partner at Vesper Infrastructure Partners - focused on mid-market value-add European Infrastructure opportunities. Giacomo has almost 20 years of extensive energy, infrastructure and industrials experience as an investor, operator, adviser and board member.
Christophe Bonnat joined Marguerite in 2019. He has 18 years of experience in the infrastructure sector, both in construction and investment. Before joining Marguerite in 2019, he was Investment Director at SEIEF, an EIB sponsored infrastructure fund focused on greenfield PPP and renewable energy projects in Western Europe, where he was responsible for a diverse range of investments, such as PPPs, road and rail projects and solar plants. He was also previously a Bid Manager at Alstom Transport then Bouygues Travaux Publics, in charge of large international urban and suburban rail and road infrastructures contracts during tender stage.
- Co-founder, Reinova Partners – a newly established specialist energy transition infrastructure investment firm focused in Europe and North America
- Ralf has been investing in energy transition for over 20 years and has held a number of roles at Brookfield including Chief Investment Officer, Power & Utilities; CEO of Brookfield Renewable Europe and recently Managing Partner, Head of Private Equity Strategy where he led energy-transition related business transformations
- Prior thereto led build-out of Broofkield’s US renewable power business and roles at Scotia Capital and Ontario Power Generation
- Engineering degree from University of Waterloo and Lunds Tekniska Hogskola and CFA Charterholder