BNRI agrees tie-up with China resources advisory firm

Ilex will help BNRI source Chinese co-investors for new and existing deals, advise BNRI portfolio companies on strategic joint ventures in China and assist on exits.

"We are very focused on building up our business in mainland China," said Freddie Lee, a director at BNRI, in a statement. "Asia is a growth region for us and we expect our new relationship with Ilex to enhance the value proposition we offer to co-investors and portfolio companies both in and out of the region."

BNRI has made equity commitments in excess of $2 billion to more than 20 portfolio companies since its inception in 2006, delivering realized returns of 3x. It primarily focuses on upstream mining and oil and gas, power and renewables, partnering with management teams that have expertise and experience operating in specific niches and geographies.

The typical commitment is $50-200 million, structured as a "line of equity" whereby the management team identifies potential investments and then draws down capital as required subject to a pre-agreed overall cap.

Ilex specializes in natural resources, infrastructure and real estate. The company was created in 2012 by CEO William Stonor, who previously worked at 3i Group and as a British diplomat in the Indian Subcontinent, the Middle East and Southeast Asia. He established his China-focused businesses in 2009 with his father Lord Camoys, founder of Barclays de ZoetteWedd (BZW), which later became Barclays Capital.

Ilex opened its Beijing office earlier this year and hired Zhe Zhang, previously an executive director at Goldman Sachs, to serve as managing director of its China business.

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