LONDON (Alliance News) - 3i Infrastructure PLC on Friday named Richard Laing, the former chief executive of private equity and infrastructure investor CDC Group PLC, as the successor to Chairman Peter Sedgwick.
Laing, currently a non-executive director of JP Morgan Emerging Markets Investment Trust PLC and Perpetual Income and Growth Investment Trust PLC, will begin life as chairman of 3i Infrastructure on January 1, 2016.
"I am excited by the opportunity to build on the strong foundations 3i Infrastructure has laid to date and to support the company in taking advantage of future opportunities," Laing said in a statement.
The new chairman also serves as the chairman of Miro Forestry and as a non-executive director of Leeds Castle Foundation. He was the finance director of banknote printer De La Rue PLC prior to joining CDC in 2000 as chief financial officer.
The news came as 3i Infrastructure, a member of the mid-cap FTSE 250 index, said it achieved a 6.5% total return on net asset value in the six months to September 30, which according to the company is a "good result" in the context of the targeted returns of 8% to 10% per annum over the medium term.
"The European portfolio continued to perform well both financially and operationally. The portfolio value increase in the period was driven mainly by the positive impact of regulatory developments on the value of the company's holding in [electricity distribution company] Elenia. This more than offset the weak performance of the India Fund during the period," 3i Infrastructure said.
The company invested GBP187 million in the first half, in the European mid-market economic infrastructure and "low-risk" energy sectors.
Portfolio income was GBP27.1 million in the half, in line with expectations. Income generated by the portfolio is expected to increase in the second half, as income comes in from new investments made in the opening six months of the year.
3i Infrastructure said it will pay a 3.625 pence interim dividend, and that it is on track to pay out 7.25p for the year as a whole.
"We continue to develop the company's investment pipeline and we are assessing a broad range of early-stage opportunities. In these highly competitive markets, we will remain disciplined in the assessment and pricing of these opportunities," Ben Loomes and Phil White, managing partners and co-heads, Infrastructure, 3i Investments PLC, said.
3i Investments is owned by 3i Group PLC, a private equity investor in the blue-chip FTSE 100 index.
Shares in 3i Infrastructure were up 1.4% at 176.72 pence on Friday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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JPMorgan Emerging Markets Investment Trust (JMG)
De La Rue (DLAR)
3i Group (III)
3i Infrastructure (3IN)