A new infrastructure debt investment platform controlled by Generali will be seeded with at least €1bn from the Italian insurer.
Generali will hold a controlling stake in Generali Global Infrastructure (GGI), a joint venture with infrastructure financiers Philippe Benaroya, Alban de La Selle and Gilles Lengaigne.
GGI will form the first part of the Generali’s new multi-boutique asset management strategy. It will be managed by a newly-founded entity known as Generali Investment Partners.
The platform will develop infrastructure debt investment strategies both for internal and external clients.
Generali said external institutional investor assets under management are expected to amount to €2.5bn within the first five years and then to double in the subsequent five-year period.
GGI will invest in infrastructure debt with a broad geographical and sectoral remit.
Timothy Ryan, the CEO of Generali Asset Management, said: “This is an important step in our journey to enhance Generali’s asset management business and shows that we are fully committed to the potential of our business plan that targets an additional contribution to the group’s net profit of approximately €150m by 2020.”
Carlo Trabattoni, the head of Generali Investment Partners, said: “With this joint venture, we are laying the first building block of our unique multi-boutique platform, bringing together existing and new, highly-specialised investment skills. We see great potential and have strong ambitions for Generali Investment Partners.”
Benaroya said: ”We are honoured to be the first platform of their multi-boutique strategy. This partnership will allow Generali Global Infrastructure to grow quickly with access both to Generali’s and institutional investors’ capital.”