LGIM appoints John Carey as new Head of Infrastructure Debt

17 May 2023

Legal & General Investment Management (“LGIM”) announces today, on behalf of its Real Assets platform, that it has appointed John Carey as Head of Infrastructure Debt, Europe – as it continues to strengthen its infrastructure offering. John will report to Calum Macphail, Head of Private Credit Investment, Europe at LGIM.

Legal & General Investment Management (“LGIM”) announces today, on behalf of its Real Assets platform, that it has appointed John Carey as Head of Infrastructure Debt, Europe – as it continues to strengthen its infrastructure offering. John will report to Calum Macphail, Head of Private Credit Investment, Europe at LGIM.

John will lead the Infrastructure Debt team in Europe, which currently consists of six people managing £3.6bn of AUM in the UK and Europe, and will work in conjunction with Charles-Henry Lecointe, Head of Infrastructure Debt, North America, to accelerate LGIM’s global infrastructure debt. John will also support the Private Credit management team in the formulation of its investment strategy for European borrowers, as part of the team’s ambition to bring in new investment opportunities for clients, including pension funds, insurance companies and consultants.

Previously, John spent over eight years at IFM Investors, most recently as Executive Director, Debt Investments where his role focused on deploying institutional capital into pan-European infrastructure debt. Prior to this, he held numerous infrastructure focused roles with Moody’s, Barclays, FGIC and KPMG.

Calum Macphail, Head of Private Credit Investment, Europe, LGIM Real Assets: “John’s appointment will be instrumental in us continuing to aim to drive sustainable value for our clients, as well as supporting L&G’s alternatives ambitions. As our infrastructure debt capabilities grow across the UK and Europe, we have the opportunity to invest in the building blocks of society. Offering a proven lower correlation both to economic cycles and other asset classes, infrastructure debt has the potential to deliver reliable, secure income over the long term, often with inflation linkage. We believe we can offer attractive benefits for investors who are striving to meet their medium to long-term liabilities as well as gain access to private markets.”

John Carey, Head of Infrastructure Debt, Europe at LGIM Real Assets: “I’m joining the LGIM Real Assets team at such an integral point of expansion, as it looks to broaden its private credit offering in Europe and North America. The infrastructure debt team is undoubtedly key to delivering on our clients’ appetite for diverse private credit portfolios; with a consistent track record, deep sector expertise and a growing portfolio of assets, we look forward to building momentum in the infrastructure debt space.”

LGIM Real Assets platform has more than 45 people in its European and US debt teams managing a total of £16.5bn in AUM across its private credit strategies. Its US and UK-based investment teams benefit from decades of industry expertise and close relationships with key market participants. More broadly, LGIM Real Assets continues to scale-up its infrastructure offering across the capital stack, with Carey’s appointment following the recent first close of the platform’s first infrastructure equity raise.

Source: Legal & General