John Carey, a former investment director at IFM Investors, has joined Legal & General Investment Management’s real assets business as head of Europe infrastructure.

Legal & General said it has appointed Carey to lead its £3.6bn (€4.1bn) infrastructure debt team in Europe.

Reporting to Calum Macphail, the head of private credit investment in Europe, Carey will also support the private credit management team in the formulation of its investment strategy for European borrowers.

Carey spent over eight years at IFM, most recently as executive director of debt investments where his role focused on deploying institutional capital into pan-European infrastructure debt.

Prior to this, he held a number of infrastructure-focused roles with Moody’s, Barclays, FGIC and KPMG.

Macphail said Carey’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”.

Macphail added: “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.”

Carey said: “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.”

To read the latest edition of the latest IPE Real Assets magazine click here.