London (February 2019) – Circuitus Capital LLP is proud to announce and welcome Nick Dawson as the Firm’s Operating Director, effective February 2019. Nick and his team will be responsible for managing the asset portfolio of Circuitus Real Asset I Fund SCSp. Nick will also sit on the Firm’s Investment Committee, which oversees value creation in private equity investments in infrastructure and real assets.

Nick joins Circuitus Capital following a long and illustrious career at Bilfinger & Berger. Over the course of more than 15 years, Nick built a reputation for driving operational transformation and financial impact for his Group. From 2006, Nick was Managing Director of Bilfinger’s Global PPP business creating over €600 million of PPP investments through 40 individual projects, and consistently delivered on-target returns for the group. In 2012, Bilfinger sold its investments to a London listed fund, and Nick continued in his role at Bilfinger for a further three years before leaving the group at the end of 2015.

Nick has a degree in Civil Engineering and an MBA from the Cranfield School of Management.

Nick will bring a wealth of experience and credibility to Circuitus Capital leading its Operating Team and managing its portfolio of Infrastructure & Real Assets.


It was a long time in the making but Sacyr and Fininc finally closed the Pedemontana-Veneta highway PPP in northern Italy in late November on EUR2.57 billion. The project, which was the subject of legal proceedings earlier in the year, was financed in part through a EUR1.57 billion bond issuance, one of the largest for a European greenfield project.

The bond came in two tranches: EUR1.22 billion in senior bonds due 2047 with a 5% coupon and EUR350 million in subordinated bonds, due in 2027 with a 8% coupon. The issuance drew wide-ranging institutional interest, including from Melbourne-based Westbourne Capital. The multi-state-backed Marguerite Fund was also one of the largest investors.

The 39-year concession will involve building 162km of roadway between the Vicenza and Treviso provinces, including two tunnels and 68km of secondary roadways. Following extensive negotiations, revenues will be generated by a combination of tolling and availability payments.

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