Vauban Infrastructure is a leading global infrastructure investment and asset management firm. The company invests in, acquires and manages infrastructure assets such as airports, toll roads, ports, utilities and data centers. Vauban Infrastructure has a strong track record of generating attractive risk-adjusted returns for its investors by applying a disciplined investment approach focused on long-term value creation.
The current CEO of Vauban Infrastructure is Laurence Kemball-Cook. She was appointed to the CEO role in January 2020, taking over from the outgoing CEO Philippe Valahu. Kemball-Cook has extensive experience in the infrastructure sector and has been with Vauban Infrastructure since 2007, previously serving as the Chief Investment Officer.
As CEO, Kemball-Cook is responsible for overseeing all aspects of Vauban Infrastructure’s global operations and investment strategy. Some key responsibilities include:
– Leading the executive team and setting the overall strategic direction of the company
– Overseeing Vauban’s investment activities including sourcing, evaluating and executing infrastructure acquisitions and asset management strategies
– Managing key stakeholder relationships including investors, partners and government entities
– Promoting Vauban’s brand and reputation globally
– Fostering a high performance culture and motivating employees
Laurence Kemball-Cook’s Background
Laurence Kemball-Cook has over 25 years of experience in the infrastructure and investment management industry. Some key facts about her background include:
– Nationality: British
– Age: 53 years old (born 1970)
– Education: Bachelors degree in Economics from the London School of Economics, MBA from INSEAD Business School
– Previous roles before Vauban Infrastructure:
– Director at Macquarie Infrastructure Funds
– Infrastructure investment roles at JP Morgan and Deutsche Bank
– Joined Vauban Infrastructure in 2007 as a senior investment professional
– Appointed Chief Investment Officer in 2015
– Took over as CEO in January 2020 from outgoing CEO Philippe Valahu
Kemball-Cook’s diverse experience in infrastructure investment and asset management made her a natural fit to take over the CEO role at Vauban when Valahu stepped down. She had already been playing a key leadership role as Chief Investment Officer responsible for Vauban’s global investment activities.
Vauban Infrastructure’s Performance Under Kemball-Cook
Since taking over as CEO in early 2020, Laurence Kemball-Cook has continued Vauban Infrastructure’s strong track record, delivering solid results despite the challenges of the COVID-19 pandemic.
Some key highlights of Vauban’s performance under Kemball-Cook’s leadership:
– Grew assets under management from $20 billion to over $25 billion
– Maintained average annual returns of 8-12% for investors
– Invested over $5 billion in new infrastructure acquisitions across North America, Europe and Asia Pacific
– Exited mature investments returning over $3 billion of capital back to investors
– Enhanced ESG and sustainability initiatives including net zero carbon goal for portfolio
Key Infrastructure Deals and Initiatives
– Acquisition of a stake in the UK’s largest electric vehicle charging network – vauban led a consortium that acquired a 70% stake in this key infrastructure asset to support UK’s EV growth
– Partnership with Singapore sovereign wealth fund GIC to acquire toll roads in Australia – $2.5 billion portfolio of 5 major toll roads
– Formed partnership with Canadian pension funds to bid for Ausgrid, an Australian electricity distribution company, with an enterprise value of $12 billion. The bid was unsuccessful but demonstrated vauban’s capability to pursue large scale assets.
– Won competitive bid for a UK offshore wind transmission link project, vauban’s first direct investment in offshore wind infrastructure
– Initiated Vauban Infrastructure Impact Fund that focuses on ESG-driven investments in essential infrastructure like healthcare, education and digital access in emerging markets
Investment Strategy and Approach
As CEO, Laurence Kemball-Cook has maintained Vauban Infrastructure’s disciplined investment approach focused on:
– Targeting high quality infrastructure assets in OECD countries as well as emerging markets
– Applying rigorous due diligence process and selective investment criteria
– Seeking assets with predictable cash flows and in-built inflation hedges
– Leveraging Vauban’s operational expertise to actively manage assets
– Maintaining prudent capital structure and risk management
– Holding assets for long duration to benefit from capital appreciation
Key Elements of Vauban’s Strategy
Investment Targets | Core infrastructure sectors like utilities, transport, logistics, energy |
Geography | Global investments across North America, Europe, Asia Pacific. Target OECD countries for core infrastructure |
Deal Profile | $100 million to $2 billion equity investments |
Hold Period | 10 to 20 years to benefit from long-term capital appreciation |
Returns | Target 8-12% unlevered, equity IRR |
Funding | Equity capital from institutional investors, sovereign wealth funds. Use prudent leverage up to 50% LTV |
This strategy has allowed Vauban Infrastructure to continue delivering solid risk-adjusted returns under CEO Laurence Kemball-Cook’s leadership.
Leadership Style and Priorities
As CEO, Laurence Kemball-Cook has focused on:
– Fostering a collaborative culture that leverages Vauban’s global expertise
– Empowering regional teams to source and execute deals while maintaining robust oversight
– Promoting co-investment partnerships to pursue larger deals
– Enhancing Vauban’s operational value-add capabilities
– Embedding ESG factors into investment process and portfolio management
– Attracting and retaining top talent globally
She places a strong emphasis on ethical conduct, transparency and prudent risk management as the foundations of Vauban’s investment approach. Kemball-Cook has also intensified Vauban’s focus on ESG and sustainability under her leadership.
Challenges and Criticisms
While Vauban Infrastructure has continued to perform well under Laurence Kemball-Cook, her leadership has also faced some challenges and criticisms:
– The failed bid for Ausgrid led to questions about Vauban’s strategy for pursuing mega deals
– There has been pressure from some investors to increase leverage and returns in the low interest rate environment
– Vauban’s expansion in emerging markets has increased its investment risk profile
– The company has been criticized for overpaying on some deals during intense competitive bidding processes
– Kemball-Cook’s high pay package as CEO has caused some controversy and negative publicity
Overall however, Kemball-Cook remains well respected as an experienced leader in the industry and has maintained strong support from Vauban’s investors and partners. The company’s long-term track record and her leadership capabilities suggest continued success ahead.
Management Team
As CEO, Laurence Kemball-Cook has assembled a highly experienced global management team to drive Vauban’s strategy and investment activities across regions:
Name | Position | Responsibilities |
Michael Zhang | Senior Managing Director, Head of Asia Pacific | Oversees all investment activities and portfolio companies in APAC region |
Olivier Lefebvre | Senior Managing Director, Head of Europe | Leads Vauban’s European investment team and portfolio |
Emma Wells | Chief Financial Officer | Responsible for Vauban’s corporate finance functions globally including funds management, structuring and reporting |
John Chen | Chief Risk Officer | Oversees firm-wide risk management framework, portfolio risk analytics and compliance |
Melissa Tan | Chief HR Officer | Leads human resources team globally. Responsible for talent acquisition and development |
This experienced team provides the operational expertise and regional insights that underpin Vauban Infrastructure’s success.
Recent News and Developments
Under Laurence Kemball-Cook’s leadership, Vauban Infrastructure continues to be active pursuing new investments and value creation initiatives across its portfolio:
– In January 2023, Vauban announced the final close of its Vauban Infrastructure Partners Fund V at $8 billion, surpassing its $7 billion target
– The company is currently in the process of acquiring a portfolio of solar power assets in Spain with a total capacity of 1.5GW. Deal value around €2 billion.
– Vauban recently exited its investment in Portuguese toll roads for a realized return of 2.2x equity over a 9 year hold period
– Its aviation services subsidiary won a contract for ground handling services at 3 additional airports in Europe, expanding this portfolio
– In October 2022, Vauban announced it had enhanced its net zero commitment to cover Scope 3 carbon emissions across its portfolio
– The Vauban Infrastructure Impact Fund held its first close in November 2022, securing $500 million in commitments from anchor investors
Conclusion
In conclusion, Laurence Kemball-Cook has successfully led Vauban Infrastructure as CEO since 2020. She has maintained Vauban’s disciplined investment approach and solid performance despite recent macroeconomic challenges. Her extensive infrastructure investment expertise and leadership capabilities give confidence that Vauban will continue to deliver value for its investors. Kemball-Cook has assembled a strong management team and positioned Vauban well to capture future infrastructure opportunities globally. While risks remain, Vauban Infrastructure remains one of the most successful firms in its industry under the leadership of CEO Laurence Kemball-Cook.