American Capital infra unit hires ex-Citi banker as Asia MD

American Capital E&I targets assets in high-growth and developed markets, including power generation facilities, gas and power distribution and transmission networks, energy transportation and fuel production. It seeks to invest $50-200 million per transaction, but can consider larger opportunities.

Speaking to AVCJ earlier this year, Paul Hanrahan, American Capital E&I's CEO, said the rationale for establishing the firm lay in the fact that around $33 trillion needs to be invested between now and 2035 to meet the world's energy-supply infrastructure needs. American Capital, which has $21.2 billion in assets under management, committed an initial $200 million to the new business.

Hanrahan took up his post last October after spending 25 years working around the world for AES Corporation, including a stint in Asia during which he set up AES' China subsidiary in 1993. He admits the country's energy infrastructure sector today is markedly different from 20 years ago, but not without opportunity.

"The country is much more developed and they have some very capable domestic companies working on projects in the power sector," Hanrahan said. "What I see in China now is a niche market with select opportunities for infrastructure investors." He expects developments such as the increasing demand for shale gas to underpin the next generation of energy and infrastructure investment.

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