Foxx heads up new Related infra fund

Real estate giant Related Companies has formed an infrastructure investment group and hired former Transportation Secretary Anthony Foxx to lead the group.

Related Infrastructure will focus on transportation opportunities and businesses that drive efficiency and affordability for state and local governments.

The New York-based firm said it is capitalizing on decades of experience as a developer, investor and operator and its deep expertise in P3s to invest in, and grow infrastructure-related businesses and initiatives.

Foxx, who also served as Mayor of Charlotte, and transportation investment executive Andrew Right have joined Related Fund Management as managing partners to lead Related Infrastructure. 

Right was most recently a Presidential Executive Fellow, Counselor to the Secretary and Acting Executive Director of the Build America Bureau at the Department of Transportation. Previously, he founded Cherry Lane Capital and served as a member of the founding team that formed the Infrastructure Investment Group at Goldman Sachs.

Justin Metz, managing principal of Related Fund Management said, “Their combined public, private and investment perspectives makes them the ideal leaders for this new business.”

Targeted investment opportunities of Related Infrastructure will include platforms that develop and manage transportation-related assets, municipal assets as well as companies providing infrastructure-related businesses, services and technologies, including those that provide, operate and maintain the services and technologies that are critical to smart cities, resilient energy infrastructure and urban technology deployments. 

Foxx said, “Related is a well-respected organization with both unparalleled credibility and diverse real estate and investment interests, making them the ideal partner and platform to execute on this strategy. I look forward to working with Andrew and the Related team and using my own knowledge and experience to build a great business that addresses current and future transportation needs.”

The infrastructure fund is said to be “latest Initiative in Multi-Pronged Fund Management Strategy” for the firm, which has a portfolio of over $50bn in real estate assets.

Related Fund Management has raised over $5bn of capital for the platform across three areas: opportunistic real estate investments, origination and acquisition of debt, and multi-family housing opportunities.