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US investment manager BlackRock has poached three infrastructure specialists from Blackstone for a new European debt investment initiative. BlackRock is hiring Philippe Benaroya, Chris Wrenn and Gilles Lengaigne to launch an infrastructure debt investment unit based in London.

The move is in response to institutional client demand to channel capital into new-build infrastructure projects and secondary loan investments as they search for increased yield in a low-interest rate environment, the company said in a statement.

European Infrastructure Debt will focus initially on the needs of financial investors such as insurance companies served by BlackRock’s Financial Institutions Group. The trio will help them review opportunities to invest in infrastructure debt assets in sectors such as transportation, social infrastructure and regulated utilities.

'Investors are looking for increased yield, and to exploit new investment opportunities resulting from global deleveraging. Alternatives debt financing is a compelling proposition for investors, especially when offered alongside BlackRock’s existing global fixed income, alternative, equity and distribution capabilities,' said Matthew Botein, head of BlackRock Alternative Investors (BAI).

Philippe Benaroya joins from Blackstone/GSO as a managing director and co-head of European Infrastructure Debt. He has 18 years of infrastructure and project finance experience, including membership of the International Infrastructure Committee at insurer Financial Security Assurance.

Chris Wrenn has worked in infrastructure and structured finance for over 25 years and joins BlackRock as a managing director and co-head of European Infrastructure Debt. He spent 12 years with Financial Security Assurance, engaged primarily with financing infrastructure.

Gilles Lengaigne has 10 years’ experience in structured and infrastructure finance and joins BlackRock as a Director in European Infrastructure Debt. Prior to joining BlackRock, he was with Blackstone/GSO Capital Partners where he was a Principal of the Infrastructure Debt group.