Capital Management

Oversees the acquisition of new investments, as well as the maintenance and enhancement of asset value throughout the life of each project.

Investment objectives

Semperian was established to provide investors with access to a portfolio of PPP and social infrastructure projects that have the following characteristics:

  • High current yielding;
  • Attractive long-run risk adjusted returns;
  • Concession based, with secure counter-party;
  • Inflation correlated revenue streams;
  • High quality counterparties;
  • Diversity of sectors, operators and funders;
  • Scale of opportunity, with 95 assets;
  • Limited correlation to economic cycle or public markets; and
  • Low cost and aligned management.

The asset payment streams have a strong correlation to RPI, but limited correlation to the performance of publicly quoted equities or the broader economic cycle.  This provides shareholders with a predictable, stable and low risk income stream.

The maturity, scale and diversity of the current portfolio enable the specialist management team to drive out material efficiencies, particularly in the areas of procurement and financing. Further enhancements are delivered through specific initiatives.

Assets Under Management: £1.7 billion PPP/PFI Concession Contracts: 95

SCM Senior Management

Richard Little – Group Investment Director

Richard is the Group Investment Director for Semperian and also has managerial responsibility for the Semperian Capital Management division.  Richard has in excess of 16 years of PFI/PPP experience having joined Semperian (then SMIF) in 2005.

Richard has overall responsibility for compiling and reporting the valuation of the Semperian Group and the long term financial projections of the underlying asset base.

Richard leads the asset acquisition and evaluation team having been involved in all asset acquisitions and bids made by Semperian since 2007.  As part of this, Richard is responsible for the raising of equity and long term debt financing.

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.

Neil Rae – Senior Investment Director

Neil has 20 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 acquisition of the Cory Riverside energy from waste project, and the acquisition of the Fife Hospital and Thameside Prison PPP projects. Neil has a diverse range of sector experience including energy from waste, 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.

Alan Ritchie - Senior Investment Director

Alan Ritchie, Senior 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.

Daniel North – Investment Director

Dan has in excess of 11 years’ investment experience in PPP and Infrastructure & Energy projects. As an Investment Director at Semperian he is responsible for appraising new investment opportunities, managing the due diligence process, and performing the transaction and negotiation process of investment acquisitions. Dan also sits as a Board Director on c.30 PPP project boards, where he monitors project compliance and is involved in commercial decision making, helps to manage key stakeholder relationships, and ensures or enhances shareholder returns. His role as an Investment Director 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 from London Business School (Distinction), and a Masters in Civil Engineering degree from Cardiff University (First Class Honours).

Ryan Hughes – Investment Analyst

Ryan is an Investment Analyst for Semperian Capital Management, having joined in 2018. He has in excess of 7 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. Ryan is also a board director on 4 PFI/PPP projects, responsible for overseeing project compliance, managing relationships and ensuring shareholder returns are met.

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.