CAMG LLP – Capital & Asset Management Group – CAMG LLP is an independent boutique fund management business, dedicated to seeking, investing and managing long term infrastructure projects aimed at delivering investors a return from a well-managed global portfolio

Capital & Asset Management Group

Experienced Infrastructure Investment Professionals

Investment Proposition

Investment focus

Demand-based assets with greater scope for value enhancement

Secure investments where returns are more dependent on the usage and active management of the underlying assets – moving away from the traditional availability based, government backed returns.

Investment objective

Long-term sustainable income and attractive capital growth

Provide investors with a balance between long-term sustainable income and attractive capital growth through a diversified portfolio of infrastructure investments. In addition to generating sustainable dividends, CAMG LLP aims to preserve and grow the capital value of the investment portfolio over the long term and provide a high degree of correlation between the return to shareholders and inflation rates.

Co-investment approach

Benefit of listed and private funds

Launch a Private LP/GP fund and a London listed fund. Each fund will have equal investment rights on all investments, providing significant value to both. The permanent capital of the listed fund enhances the access to assets, provides liquidity for the sale of assets from the private fund and enables potential LP exits.

The private fund will be suitable to bring local pension and insurance capital into local assets – a benefit in the US market. This co-investment approach will reduce transaction costs and provide greater capacity to secure larger investment.

Team Experience

Deep experience of infrastructure investment

The three Partners in CAMG LLP bring over 75 years’ aggregate infrastructure experience and have a combined history of 25 years’ working together. Together we have delivered over £35bn+ debt and equity mandates over one hundred and forty projects in sixteen countries, spread across four continents. All three principals have previously been key advisors to the John Laing Infrastructure Fund, one of Europes’s largest listed infrastructure Funds.

The wider team of twelve further infrastructure professionals, based in the UK, Continental Europe and North America brings in excess of three hundred years of infrastructure experience. The teams members also bring cohesive working experience and shared values, having worked with the principals of CAMG LLP for an aggregate of over one hundred years.

CAMG Principals

Combined 75 years of working together

Andrew Charlesworth

CEO & CIO

Andrew has over 20 years’ experience in project and infrastructure finance. He Led the investment advisor to John Laing infrastructure Fund (JLIF) from IPO in 2010 to a market capitalisation of £1.4bn in 2017. Prior to his role with JLIF, Andrew was a project developer with John Laing Group and Bovis Lendlease. He has advised on over 45 project finance transactions in 13 countries with a combined enterprise value in excess of £22bn.

A qualified engineer, Andrew is a founder member of CAMG LLP and is its Chief Executive and Chief Investment Officer.

Away from the office, Andrew enjoys time with his family, sailing, skiing and walking. Andrew is an associate governor of an inner-city London School.

JLIF website

Ian Ruddock

CFO

Ian has over 25 years’ experience in project and infrastructure finance. He was Strategic Advisor to the Board of the John Laing Infrastructure Fund from 2014 to 2017. He has been at the forefront of developing and delivering project finance solutions for local and municipal government, through positions as a founder and principal of the financial advisory boutique, ABROS, and as a Managing Director at Navigant. He has advised on over 45 project finance transactions internationally, with a combined enterprise value in excess of £15bn.

A chartered accountant with a corporate finance accreditation, Ian is a founder member of CAMG LLP and is Chief Finance Officer.

Away from the office, Ian has hung-up his hockey stick and now enjoys hitting golf and tennis balls and planting trees. He is also Honorary Treasurer and Trustee of Mind, the mental health charity.

Norman Anderson

CBDO

Originally a project developer, Norman has been active in the global infrastructure market for over 30 years through his ownership and leadership of CG/LA Infrastructure. CG/LA Infrastructure is a firm focused on infrastructure project development in the US and globally through 3 key initiatives: Blueprint 2025, the Leadership Forum series and Global VIP.

Norman is a member of various World Economic Forum groups, including the Global Advisory Council on Infrastructure and has taught at Columbia University in New York City. Norman is a partner of CAMG LLP and leads on business development & sponsor relations.

Away from the office, Norman is a keen linguist and enjoys spending time with his family.

CG/LA website

John Harris

Private Funds Director

John has 25 years’ experience in infrastructure and property finance. He has held senior positions at three of the leading UK infrastructure equity houses: Innisfree (Executive Management Team), Equitix (Founding Director) and Dalmore (Head of Asset Management). He has been a key player in the growth of each of these equity teams that now have a combined £4.5bn of assets under management. He has led on negotiations on over 30 projects with an enterprise value in excess of £3bn and has served as a board director of over 40 project companies.

John, an engineering graduate and holder of the Investment Management Certificate and joined CAMG LLP in September 2018 and leads on fundraising for the private funds and on asset management.

Away from the office, John is a keen golfer and a follower of Arsenal FC.

Alina Gheorghiu-Currie

Commercial Lead

Alina has over 10 years’ experience in project and infrastructure finance, initially, with Navigant, specialising in UK public private partnerships and, more recently, as part of the start-up team becoming the UK Green Investment Bank, the predecessor to Macquarie’s Green Investment Group. Whilst at the Green Investment Group, Alina developed new infrastructure investment models, working with public agencies, project developers, contractors and funders in developing the nascent energy efficiency market.

A certified public accountant (CIPFA), Alina is Commercial Lead for CAMG LLP.

Away from the office, Alina is a keen traveller who enjoys cooking, hiking with her family and indulging in cultural activities.

Three Pillar Culture

Alignment

Absolute focus on securing, protecting and growing shareholder returns, with CAMG rewarded in line with shareholder performance

“In his role in leading JLIF, Andrew and his team always sought to put shareholders’ interests as the highest priority in making investment and operational management decisions. This was demonstrated by the 10% pa average shareholder return during Andrew’s tenure”

(Paul Lester CBE – Chairman JLIF 2010 – 2017)

Being an independent investment advisor enables us make decisions solely for the enduring interest of the business. We fundamentally believe that the best sustainable solution to investment management is to always make the decision for the long-term benefit of the investors and stakeholders, not to focus on CAMG’s immediate outcome. Investment advisors often claim to focus on shareholder alignment and shareholder benefits, CAMG have real examples of going beyond into actual delivery. For the listed Fund, CAMG committed to using one tenth of the first tranche of fee to buy stock, giving the whole management team direct alignment with shareholders. We understand this to be unique in the sector for listed funds. On the private fund we are going well beyond the usual metrics for performance carry and creating greater alignment between the CAMG’s income and the absolute performance of the fund.

CAMG focus beyond the short term, driving enduring financial benefit for investors, developing a sustainable relationship with them and building a reputation and legacy for the longstanding success of the investments.

Expertise

Knowledge and experience – bringing a real understanding of assets underlying the investments – infrastructure “mechanics”

“He’s [Norman Anderson] one of the few people in this country that actually really knows and has worked with infrastructure.”

(Tony Parker – Republican National Committee Treasurer, Fox News – April 2017)

With a combined experience of over 300 years of infrastructure development and delivery, the CAMG team bring real world experience of developing and operating infrastructure assets on the ground. This experience is at the sharp edge of project delivery – the four members of the leadership team alone having led the bidding, development and delivery of over 140 infrastructure projects in 16 countries, across 4 continents with an aggregate value of over £35bn. We strongly believe that investment in infrastructure requires pro-active management and a detailed knowledge of the underlying mechanics of the projects and their delivery and an ability to engage with stakeholders in the projects and their communities. The experience of the CAMG team comes from the real-world of infrastructure project sponsor, rather than from a debt or private equity, giving us an ability to protect the base-line returns and to deliver additional value and enhancements.

Integrity

Integrity, respect social responsibility in the way that we do business and the way we approach the market to create a long-term stable investment platform.

The CAMG team has come together through a shared value in creating positive, sustainable improvements to society. This goes beyond a traditional investment appraisal and puts an holistic view of the social, environmental and economic impact that an infrastructure project has on project stakeholders and businesses with whom we work.

A key behaviour that enables these values to be delivered is Integrity – we strongly believe that behaving with Integrity is a requirement and not an option. Integrity drives the relationships that we seek to have with project partners, advisors, co-investors, the public using the infrastructure which we manage and the parties with whom we contract. This focus on Integrity enables CAMG to: recruit and retain the best people; develop robust projects; and, through proactive and considerate management, to secure the social, environment and economic benefits demanded by the sponsors and users of the infrastructure that we develop. CAMG’s role is as a custodian of the infrastructure on behalf of the communities for which the infrastructure is developed and the investors that enable this investment.

This commitment to integrity, sustainability and the community is evidenced through our track record in the infrastructure market over the past two decades but also extends to the personal lives of the team members within their communities – including voluntary roles as Associate Governor for an inner-city school in London, Trustee of a national mental health charity, teaching in indigenous primary schools in Latin America as a member of the US Peace Corp and supporting students at Columbia University in New York, the Polytechnic University in Madrid and other universities as visiting lecturers.

Access to Pipeline

Through an extensive network of relationships across Europe and North America, the team have secured:

Exclusivity on an initial £65m carbon recycling primary investment (with additional phases c£125m), with target return of 15-20% gross IRR
Over 15 further opportunities (>$1.1bn equity) currently in discussion (EU & USA)
Exclusive access to infrastructure network platforms – US and global opportunities
2017 – Assembled c£280m primary & operational portfolio with average 13% gross IRR
2016 – Invested £306m (all off-market) for JLIF – weighted average discount rate of c9%
From 2010 to 2017 – Invested and managed £1.2bn equity value in infrastructure assets