UK-based alternative asset manager ICG has formed an Asia-Pacific infrastructure equity team focusing on mid-market transactions, corporate-led deals, and scaling platforms, per an announcement.

The new team, comprising five investment professionals based in Singapore and Sydney, will be led by Devarshi Das as managing director and head of Asia-Pacific Infrastructure Equity, the firm said.

Prior to ICG, Das served as CEO of Infrastructure at Keppel Capital Alternative Asset. He will join along with his former Keppel Capital team, including David Richardson as managing director, Hector Wang as principal, and Mark Teoh as associate.

Meanwhile, Isabelle Demir joins as a managing director from Australia-based Infrastructure Capital Group. She brings over 21 years of experience in infrastructure investing across Australia, Europe, and the Middle-East.

ICG Infrastructure Asia-Pacific will focus on sectors such as renewable energy, EV transition, digital infrastructure, and recycling and the circular economy. The team will predominantly focus on mature markets within the Asia-Pacific region.

“Asia-Pacific is a growing market for infrastructure, expected to grow 7-8% a year over the next decade, reaching $5.36 trillion a year by 2025, representing 60% of the world total,” ICG said.

Das said his team will immediately start investing across the region, leveraging there on-the-ground networks while benefiting from the existing ICG Infrastructure footprint.

Earlier in March this year, ICG closed its debut infrastructure fund at 1.5 billion euros, which focuses on Western Europe.

The firm’s Infrastructure Equity strategy has the ability to invest across the capital structure, seeking to enhance downside protection through investments into equity/quasi equity and mezzanine instruments, according to its website. The strategy is among ICG’s sustainability-themed products.

The $68.5-billion firm provides flexible capital solutions across four asset classes, including structured and private equity, private debt, real assets, and credit.

In May, ICG reached a final close of its Asia Pacific Fund IV at $1.1 billion, exceeding an original target of $1 billion. The fund invests in debt and equity of mid-market businesses across Japan, South Korea, Hong Kong, Southeast Asia, Australia, and New Zealand.

In April, the firm announced the launch of its Asia-Pacific real estate business and hired a dedicated team to invest in real estate equity and debt in the region.