GLOBAL - HSBC Specialist Investments has changed its name to InfraRed Capital Partners following a successful management buyout.
The management team of HSBC's specialist infrastructure and real estate fund management business have completed the acquisition of a majority interest in the business from HSBC Holdings.
The new incarnation manages more than $4bn (€2.7bn) in equity in funds investing in real estate and infrastructure assets across the globe and has a team of 80 staff deployed across offices in London, Hong Kong, New York and Paris.
The transaction follows the announcement by HSBC in 2010 that it was spinning out its private equity fund management businesses.
InfraRed's management has a track record of more than 15 years as a value-add investor in real estate and infrastructure.
To date, it has raised 11 funds, six of which have been materially or fully realised, and listed an investment company on the London Stock Exchange. The names of the funds have been changed accordingly.
Werner von Guionneau has retained his position of chief executive at InfraRed.
He said: "Since we began the spin-out process last year, the business has remained extremely active, completing a number of significant transactions across all the funds we manage.
"We will retain our value-add investment philosophy and ensure our business culture remains unchanged. These have been instrumental to our success over nearly two decades."
HSBC has retained a 19.9% stake in the business, and InfraRed said the bank remained "an important business partner".
Richard Cole, head of principal investments at HSBC, said: "HSBC looks forward as a minority shareholder, and participant in the funds, to sharing in the future success of InfraRed."