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Investment Advisory Committee

Managing Director
Andrew Rhodes

Andrew is the Managing Director of Semperian Capital Management and is responsible for the day to day management of the group, its acquisition strategy, funding and portfolio performance.

He has worked as a project finance specialist for over 20 years, focusing on Private Finance Initiative (PFI) projects in the UK, and with a background in major energy, water and infrastructure projects in developing and developed countries.

Andrew joined Semperian (from its inception as SMIF) in November 2003, after having worked for HSBC, Abbey National Treasury Services and the European Union.

Andrew has undertaken equity fund raising, portfolio leverage and project acquisitions, whilst in addition, focusing on financial modelling, cost benefit analyses, comparative advantage studies, tariff analyses and policy evaluation.

Transaction highlights include raising a £1.3bn leverage fund that acquired over 100 PFI assets, plus more widely the A$5.6 billion Sydney Airport privatisation in Australia, the acquisition of Portsmouth Water in the UK and the refinancing of the M40 motorway.

Andrew is also registered as a General Representative with the FCA.

Portrait of Andrew Rhodes
Deputy Managing Director
Richard Little

Richard Little is the Deputy Managing Director for Semperian Capital Management with 14 years of PFI/PPP experience having joined Semperian (then SMIF) in 2005.

Richard has overall responsibility for the consolidation and reporting against individual investment cash flows within the portfolio. This role involves the identification and delivery of project level Value Enhancement Initiatives, as well as other group wide strategic activities.

Richard leads the asset acquisition and evaluation team having been involved in all asset acquisitions and bids made by Semperian since 2007.

Richard also serves as a Director on several key project boards within the Semperian portfolio, responsible for ensuring project compliance, managing stakeholder relationships and meeting targeted investment returns.

Prior to joining Semperian, Richard worked for QinetiQ and was enrolled on their Graduate Training Programme. Richard is a member of the Royal Aeronautical Society having obtained a degree in Aeronautical Engineering for Loughborough University in 2002.

Portrait of Richard Little - When it arrives!
Group Counsel
Colin Anderson

Colin is a practising solicitor and the General Counsel of the Semperian group. He provides professional and strategic advice to the Board and oversees legal delivery of the group’s activities.

As General Counsel, Colin’s responsibilities include anticipating and proactively addressing legal/commercial risk and change, directing the group’s relationship with external lawyers and keeping the group briefed on legal and regulatory issues. He is responsible overall for the group’s company secretarial function.

Colin has worked within the PFI industry since its’ inception in the mid/late 1990’s - in the public sector and in private practice in the City of London. He has also held senior private sector in-house positions, most recently at Skanska and Lend Lease. Those roles have included representing investor, construction, services and engineering entities, as well lenders and equity providers. Colin has also been responsible for the acquisition and disposal of PFI businesses and assets.

He joined Semperian in October 2016.

Portrait of Colin Anderson
Investment Director
Neil Rae

Neil has 17 years of experience working in the PPP and core infrastructure sector, both in the UK and in Europe. He has worked for Semperian since 2006. He leads analysis, due diligence and valuations on secondary market PFI/PPP acquisitions, such as the recent acquisition of the HMP Thameside PPP project, and the acquisition of the AMEC portfolio of PPP projects. Neil has a diverse range of sector experience including roads, health, education, utilities and airports.

He is also currently a Board director on several large operational PFI/PPP projects. As a board director, he has oversight of the management of lifecycle and FM contractors, SPV managers and public sector counterparty relationships, as well as negotiating and dealing with project senior lenders.

Before joining Semperian (and in its previous guise SMIF) Neil spent 5 years in KPMG’s infrastructure advisory business, responsible for due diligence on project and equity cash flows and valuations (both buy and sell side), model reviews, model builds and accounting advice. His experience included large core infrastructure transactions such as Ferrovial’s takeover of BAA, and also advice to consortia on primary market bids and PPP refinancings. Previous to this, he was in the infrastructure audit department, auditing entities such as London Underground. Neil is also an ACA qualified accountant.

Portrait of Neil Rae - When it arrives
Investment Director
Alan Ritchie

Alan Ritchie, Investment Director, has responsibility for a number of investments in the Semperian portfolio, with a particular focus on the custodial sector. With 20 years of experience in the infrastructure market, Alan’s skills are used in value enhancement through refinancing and in problem solving as required.

Prior to joining Semperian in 2009, Alan has had a variety of financial and investment roles in the sector. With Quayle Munro, he acted on the first grouped schools project in the UK, Class 98 for Falkirk Council, advised a number of private and public sector clients and was involved in the raising of the first UK listed infrastructure fund. He later joined Infrastructure Investors as Finance Director and became involved in the refinancing of the Royal Infirmary of Edinburgh, the acquisition of the PFI Infrastructure Company plc and the later disposal of the entire fund to Barclays. He has a First Class Honours degree in Accountancy from the University of Glasgow, an MBA from the University of Strathclyde and is a member of the Institute of Chartered Accountants of Scotland.

Portrait of Alan Ritchie - Supplied and to be loaded
Investment Manager
Daniel North

Dan has over 8 years’ investment experience in PPP and other infrastructure/energy projects. As an Investment Manager at Semperian he is responsible for appraising new investment opportunities, managing the due diligence process, and assisting with the transaction and negotiation process of investment acquisitions. Dan also sits as a director on c.10 PPP project boards, where he monitors project compliance, helps to manage stakeholder relationships and ensures shareholder returns. His role as an Investment Manager includes the interrogation of financial models, accounts, and project contracts.

Prior to joining Semperian, Dan worked at Macquarie Capital and Balfour Beatty Investments where he performed a mixture of project development, equity investment and financial advisory roles. Transaction highlights include bidding and/or closing >€360m of social infrastructure PPP projects in Ireland, >£1.4bn (>2GW capacity) of offshore transmission assets (OFTOs) in England & Wales, and bidding and/or developing >$440m of student accommodation and biomass power plant projects in Sydney.

He holds a Masters in Finance degree with Distinction from London Business School, and a First Class Honours Masters degree in Civil Engineering from Cardiff University.

Portrait of Daniel North
Investment Analyst
Ryan Hughes

Ryan is an Investment Analyst for Semperian Capital Management, having joined in 2018. He has 5 years of experience primarily in PFI, but also has a background in renewables and regulated assets.

At Semperian Ryan is involved in consolidating the equity returns across the portfolio of investments. This involves tracking and interrogating the valuations of individual assets on a quarterly basis, as well as assisting with the overall portfolio valuation. He also performs analysis and due diligence on acquisition targets and other group activities.

Prior to joining Semperian, Ryan worked as a consultant for Amberside Advisors where he specialised in advisory and financial modelling. He project-managed a number of engagements including: operational model builds, asset valuations (buy-side and sell-side), audit and due diligence engagements, refinancings, variations, and other advisory work. His projects covered a broad range of sectors including education, healthcare, housing, roads and renewables.

Ryan is a Charted Accountant and a member of the ICAEW and has also received a degree in Mathematics from Warwick University.

Portrait of Ryan Hughes