People Moves

KKR boosts climate strategy with global infrastructure team hire

Charlie Gailliot is based in New York

KKR, a global investment firm, has hired a co-head for the firm’s global climate strategy, rounding out a refreshed leadership team focused on climate-related investments as part of KKR’s infrastructure platform.

Charlie Gailliot (pictured), who is based in New York, joins global climate co-head Emmanuel Lagarrigue, also based in New York, and Neil Arora, who leads the strategy in Asia and is based in Singapore.

Gailliot joins KKR after 20 years as a private markets investor at Goldman Sachs, where he most recently served as a partner and head of the energy transition and the diversified industrials investment teams. 

He was a member of the investment committees for corporate equity, infrastructure and climate. He also served at various times as a member of the sustainability committee, the diversity and inclusion committee, and the physical commodity review committee. 

Earlier in his career, he spent two years in Goldman’s Hong Kong office working on investments across Asia. 

Lagarrigue, prior to joining KKR, was an executive committee member at Schneider Electric, where he led the transformation of the company into a leader in energy management infrastructure, industrial software and sustainability services. 

Arora joined KKR from Macquarie where he was the head of the firm’s Green Investment Group for Asia-Pacific, with a focus on renewable energy asset development.

Raj Agrawal, partner and head of global infrastructure at KKR, said: “Since the launch of the KKR infrastructure platform 15 years ago, we have invested billions into renewable energy and climate solutions. 

“However, transitioning to a low-carbon economy at the pace and scale needed requires trillions of dollars in investment, and we are still seeing a significant gap in climate funding. 

“By forming a dedicated climate leadership team – leveraging Charlie, Emmanuel and Neil’s decades of expertise – we can sharpen our focus on the deployment and scaling of net-zero solutions and accelerate the transition of higher-emitting assets.”

KKR has committed more than $40bn to sustainability-focused investments, including more than $30bn to climate and environmental sustainability investments since 2010. 

Examples of the firm’s investments in the energy transition to date include multiple renewables-focused partnerships with NextEra Energy, a leading generator of energy from the wind and sun; Virescent Infrastructure, a renewable energy platform in India; and Viridor, a UK-based waste-to-energy company, among several others.

Nuveen hires PE impact investment managing director

Ted Maa will be based in New York

Nuveen Investment Management has employed Ted Maa as managing director of private equity impact investment, who will report to Rekha Unnithan, head of private impact investing.

Maa has more than 15 years of private equity experience focused on the intersection of energy and climate change mitigation, and will be responsible for identifying, executing and managing direct private equity investments in key thematic impact sectors. 

Most recently, Maa was a partner at Pine Brook, a private equity firm focused on growth equity investing in the energy and financial services sectors. At Pine Brook, Maa led investments in conventional energy companies as well as the firm’s entry into the energy transition and climate sectors, and also played a key role in the implementation of ESG and decarbonisation programs within Pine Brook’s conventional energy portfolio. 

Previously, Maa worked on the private equity investment team at Denham Capital, where he focused on the biofuels and waste-to-value sectors as well as on conventional energy infrastructure and services.

Nuveen launched a global impact investing sector last year, aiming to address some of the most pressing social and environmental challenges in the US, Europe and the Asia-Pacific region.

The new global real estate sector aims to support growth goals of up to $15bn in real estate AUM by 2026.

Palladium replaces departing CEO with four co-executive officers

Chris Hirst has stepped down as CEO after 25 years with the firm

Four executive officers functioning as equal partners are set to lead global impact firm Palladium, following the departure of Christopher Hirst as CEO.

Jose María Ortiz, Sinéad Magill, Ricardo Michel and Bernadette Howlett will become co-executive officers from their respective global offices in London, Washington DC and Sydney.

“This is a model that has worked before within Palladium, and we have many years of first-hand experience with similar partnership structures at the regional level,” said Ortiz.

“When well executed, they break down silos, increase diversity of thought and improve decision-making. Collective leadership represents an emerging trend, and we are excited to apply our experience globally.”

According to Palladium’s 2022 Global Impact report, the firm was responsible for catalysing $2.8bn of public and private investment to drive impact and delivered more than 21 million relief and medical care items to communities hit by conflict and disaster.

“Chris has been integral to the extensive impact Palladium has had around the world. He was my successor when I stepped down as CEO in 2018 and has led the business through a period of remarkable growth,” said Kim Bredhauer, Palladium’s executive chairman.

“While we are sorry to see Chris go, I am excited for this new generation of global leaders to take Palladium into the future. Our executive officers reflect the scale, breadth and diversity of our business and the talent within Palladium.”

State Street appoints head of global investment insights

Jessica Donohue succeeds Rick Lacaille in the role

State Street has announced the hire of Jessica Donohue, its current executive vice-president, as head of global investment insights, sustainability and impact.

Reporting to Lou Maiuri, president, chief operating officer and head of investment services, Donohue will oversee sustainability efforts with a focus on delivering insights to the company’s clients and the industry.

See also: State Street recruits head of ESG from Thomson Reuters

The role will involve leading and coordinating across State Street’s investment services and the broader organization to bring together investment insights and solutions, aiming to deepen relationships with chief investment officers at client organizations.

Donohue has held a variety of senior roles over more than two decades with State Street, most recently as the global head of State Street’s asset owner segment.

She has also held several teaching positions at Brandeis University and the University of Minnesota, and serves as State Street’s co-executive sponsor for its Disability Awareness Alliance.

“Being a strategic and trusted partner to our clients to meet their complex and changing needs requires us to continue to evolve our investment-related thought leadership and solutions,” said Maiuri.

“Jessica’s background in research and investment-related insights, coupled with her deep understanding of clients’ unique challenges and the market overall is precisely what our clients need as we continue to deliver as their essential partner.”

PRI nominates Mckinsey adviser to chair board

Conor Kehoe will take over from Martin Skancke next year pending signatory approval

The Principles for Responsible Investment (PRI) has nominated Mckinsey adviser Conor Kehoe to take over as chair next year.

Pending signatory approval, Kehoe will succeed Martin Skancke when the latter’s term as PRI chair draws to a close at the end of the 2023 calendar year.

Kehoe is senior adviser and former senior partner at Mckinsey & Company, where he co-founded the organization’s investor and private equity practice. He is chair of the Integrated Reporting Council and a member of the G7 impact taskforce on impact accounting.

He will be tasked with helping the PRI evolve, plans for which include the formation of signatory progression pathways to provide investors with a route to tailor their adoption of responsible investment to their organisztion’s unique needs. The PRI is also looking at how to deliver greater regional relevance in its approach.

Commenting on his appointment, Kehoe said he was “delighted” to be recommended by the board.

“I know first-hand the material benefits that responsible investment offers to investors, asset owners, service providers and ultimately the individuals and communities they serve, and – contingent on approval from PRI signatories – I look forward to having the opportunity to bring my experience to bear in this exciting next chapter of the PRI’s development.”

PRI CEO David Atkin added: “Conor’s proven ability to lead on key elements of strategic organisational development make him the ideal candidate to lead the board as it shapes PRI’s direction of travel as the organization continues to advance its offering to signatories.

“We look forward to realising the benefit of his invaluable experience as we begin to plan the PRI’s next strategy period from 2024 to 2027, and specifically on how we can enact the remit delivered to us by the ‘PRI in a Changing World’ consultation to ensure we are supporting signatories fully in their responsible investment journeys.

“I would also like to take this opportunity to thank Martin Skancke for his guidance and leadership during his tenure as chair and wish him every success in future.”

Franklin Templeton grows global sustainability strategy team

Shaw joins from State of Connecticut’s Office of the Treasurer

Franklin Templeton has expanded its global sustainability strategy team with the hire of Christine Shaw as senior adviser.

Shaw joins Franklin Templeton after more than 20 years at the State of Connecticut’s Office of the Treasurer, where she served in various roles with oversight of $65bn in assets.

In her most recent role, she directed the shareholder engagement, corporate governance and proxy voting activities for the $46bn Connecticut Retirement Plans and Trust Funds.

She was also responsible for overseeing the integration of ESG risks into the investment processes for internally and externally managed assets.

Shaw is the latest addition to the multi-disciplinary team, which works across Franklin Templeton to integrate sustainability into the firm’s investment portfolios and implement organization-wide priorities, such as climate reporting and data.

She will advise on the overall execution and efficacy of Franklin Templeton’s sustainability program. Shaw will also provide counsel on the effective implementation of Franklin Templeton’s sustainable investment strategy, and analyse policy and regulation related to sustainable finance. She reports to James Andrus, vice-president of sustainability global markets. The team is led by Anne Simpson, global head of sustainability.

Andrus said: “Christine’s multi-decade experience in corporate governance and risk management will be critical in advancing the firm’s sustainability priorities and initiatives. She will be a strong and important contributor to our stewardship, proxy voting, engagement and policy work, and we are thrilled to add her to our growing team.”

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