Rubicon Builds Out Renewables Team

Rubicon Infrastructure Advisors has hired a former GE Energy Financial Services renewables private equity specialist as the firm prepares to bring on other senior personnel in New York next month.

Jatin Gupta, who was a senior vice president at GE EFS until recently, joined Rubicon as a managing director on August 13th, says a persona familiar with the move.

The hiring activity comes after Rob Sternthal left CohnReznick Capital, the renewables-focused investment banking boutique he founded (originally under the auspices of real-estate focused accountancy firm Reznick Group), to lead Rubicon’s North American infrastructure banking business earlier this summer (PFR, 6/5). 

Amongst the staff set to join his new team in September is Sternthal’s former colleague, Nick Sangermano, who oversaw private placements at CohnReznick. The firm is also looking to bring on a “big name in the industry” in September, says a source. The identities of the other hires due to arrive at the firm in September could not immediately be learned. 

Founded in Dublin, Ireland, by ex-Scotia Capital m.d. Conor Kelly in 2011, Rubicon has offices in New York and Madrid and a presence in Sydney. The firm also has plans to establish bases in London and Bogota. 

Rubicon is already understood to be working on non-power infrastructure deals in North America, mainly in the transportation sector, with renewable project deals expected to follow once the energy team is fully in place. 

Taking Shape
The latest joiner, Gupta, was one of the founding members of GE EFS’ venture capital group, focusing on mid-to-late-stage clean technology investments, when he joined the division as an associate from General Electric’s corporate business development and investor relations team in 2008.

By the time he left GE EFS, he had worked his way up to senior vice president, handling principal equity investments primarily in utility-scale wind, solar and hydro projects.

GE is in the process of selling its energy private equity holdings via a Bank of America Merrill Lynch-run auction (PFR, 6/4). 

Sangermano, who is one of the senior team members expected to join in September, is an alumnus of CIBC Wealth Management, Credit Suisse and Ambata Capital Partners, as well as CohnReznick.

During a two-ear break from investment banking, from 2008-2010, he also served as chief operating officer of Hudson Clean Energy, the renewables-focused private equity firm.

At CohnReznick, Sangermano was m.d. and head of corporate and private placements. 

Tom Weirich, who also joined Rubicon from CohnReznick, recently and is running his new firm’s North American marketing efforts as director, declined to comment. 

The piece was written on August 20, 2018.