Four ex-Partners at Citi Infrastructure Investors have set-up an infrastructure investment advisory boutique called Castlebridge Infrastructure.
Citi Infrastructure Investors last year wound down the infrastructure business as did so other large financial institutions after the global financial crisis and the introduction of the Volcker Rule, which limits the exposure that banks' balance sheets have to their funds businesses.
Felicity Gates, Colin Campbell, JG Duthie-Jackson and Ghislain Gauthier left the firm but then reconvened to set-up a new funds management business.
The new funds management business will invest in complex deals in Europe, North America and Australia for the most part.
Felicity Gates recently said in an interview:
"We like core infrastructure that already exists, and mature jurisdictions where you can be more comfortable about things like regulation and the rule of law. That's not to say that we won't opportunistically, in the right circumstances, look at shorter-term higher risk investments in other jurisdictions."
She also said that Castlebridge Infrastructure is not planning to do lots of deals. It will be one-off deals, often big but complex. It will be deals that require something extra, whether that's an ongoing relationship or some sort of structuring.
Gates said that this strategy may result in a more concentrated and less diversified portfolio, which is something they definitely have to be careful of.
Castlebridge may raise one or more pooled funds if appropriate but the strategy will differ according to the assets they are targeting.