Citi sells infrastructure fund to Corsair Capital
Citigroup has sold its $3.4 billion Citi Infrastructure Fund to US-based Corsair Infrastructure Management, a subsidiary of Corsair Capital.
Corsair has taken over control the fund and the firm will have all management responsibilities for Citi's infrastructure investments. According to sources, Corsair will continue running majority stake (75%) in DP World Australia as well as the other infrastructure investments.
Citi has taken the decision due to regulatory changes in the US. This regulatory changes, implemented after the collapse of Lehman Brothers, aims to cut banks' exposure to riskier assets. The Volcker rule, introduced in 2010 as part of the Dodd-Frank reform act, is an example.
Under the agreement between Citigroup and Corsair, the fund's existing co-head, Holly Koeppel, will remain in her role, as will Citi Infrastructure's Australian MD, Mark Lorkin.
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