UK private equity firm
This new business will combine investment and industrial expertise to apply a value added approach to infrastructure asset investing. CVC will launch a new US$2bn fund early this year, which will seek to invest in infrastructure assets in Europe, with some capacity for investment in Asian and US deals.
Vineburg joins from Colonial First State Global Asset Management, the investment management arm of Commonwealth Bank of Australia, where he was the global head of infrastructure investment. He has been in the infrastructure investment business since 1994, managing portfolios of toll roads, railways, airports and water, gas and electricity businesses for institutional clients. He has been responsible for a global portfolio which in Europe includes investments in the Inexus Group, Anglian Water Group and the recently announced acquisition of the Norweb electricity distribution business.
Vineburg said: “I am looking forward to combining my sector expertise with CVC’s existing international investment platform. The proposed fund will build on CVC’s unrivalled access to investment opportunities and the skills, experience and investment track record of the team.”
Michael Smith commeted: “CVC is committed to broaden its range of Alternative Asset classes, and CVC already has a record of successful infrastructure investment, a sector that has potential to see substantial growth. The sector is very complementary to CVC’s private equity activities, and the business will benefit from CVC’s network, and connections. We are delighted to welcome Stephen Vineburg as the chief executive of this new venture.”
CVC has become the latest in a line of private equity firms to tap into the infrastructure markets, joining stalwarts 3i, Barclays Private Equity and AXA Private Equity.