Bryony Harrap

Senior Manager in the PIC investment strategy team structuring infrastructure and real asset transactions to suit the insurance balance sheet

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Responsibilities

• Consideration, proposal and implementation of new asset investment strategies at PIC focused in the infrastructure and real estate sectors within Solvency II/UK framework), including capital structure, valuations, capital treatment and regulatory approvals;
• Leading development and implementation of an infrastructure equity investment strategy focussed on acquiring long duration asstes delivering stable cash yields to support liability matching alongside attractive risk adjusted equity returns;
• Assessment, pricing, legal review and onboarding of infrastructure funds as part of pension risk transfer transactions. Ongoing management and review of these funds including sales strategies in the secondaries market where relevant;
• Ongoing asset management including preparation of materials for and attendance at managed SPV board meetings, recommendations to board and attendance at external board meetings for external investments;
• Writing and presenting committee papers on transactions and strategic initiatives to relevant committees and board;
• Creation of deal assessment metrics and reporting MI to reflect the capital adjusted risk/return of real asset transactions;
• Management of employees including running and organising internal and external training sessions, annual performance reviews, PIP processes and mentoring sessions.

Associate in the M&A and Debt Advisory Infrastructure team at Macquarie Capital. Worked on multiple advisory deals across various infrastructure sectors, including renewable energy, fibre networks, data centres and midstream oil and gas. ____________________________________________________________

Responsibilities

• Built and reviewed complex equity and acquisition models, testing alternative debt structures (leverage levels, tenor, sculpting, fixed/floating mix, hedging strategies) to assess optimal capital structures and maximise bid competitiveness and equity returns.
• Ran debt advisory mandates end‑to‑end, acting as day‑to‑day lead across sponsors, legal counsel, agents, lenders, swap providers and rating agencies from origination through to financial close.
• Led competitive debt processes for acquisitions, including structuring and marketing financings, selecting bank groups and terms, negotiating documentation, and advising on gearing maximisation and cost of capital.
• Supported buy‑side M&A execution, coordinating financing workstreams alongside commercial, legal and technical diligence to ensure funding certainty and alignment with transaction timetables.
• Advised equity investors on acquisition and development risk, reviewing project and contractual documentation (EPC, O&M, PPAs, concession agreements) to assess bankability and impact on valuation and financing outcomes.
• Undertook rating and credit analysis across multiple debt structures, comparing on‑balance‑sheet, project finance and private placement routes to identify the most efficient route to market for acquisition financing.

One year maternity cover contract in CA-CIB's Infrastructure Debt team, working both on advisory and financing mandates across the infrastructure sector, including Storage, Gas Distribution Networks, Smart Meters, Energy from Waste and Transport deals

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Responsibilities

• Supporting on debt advisory mandates being the day to day contact with the client, DD advisors, lawyers, agents, swap providers and financing parties. Liaising with all parties in the run up to financial close to ensure all CPs and met.
• Reviewing financing and hedging documentation from both an advisory and lending perspective.
• Preparation and presentation of committee papers for financing deals across a variety of sectors.
• Reviewing and preparing financial models for advisory and financing mandates.
• Recommending improvements to financial structures and documentation that can be obtained through refinancing or restructuring of the outstanding debt and hedging arrangements.

Associate Director at TradeRisks Limited arranging, structuring and placing debt financing for a variety of infrastructure transactions, including renewable energy, student accommodation, social housing, local authorities and PFI refinancing.

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• Client manager of several housing associations and local authorities, including attendance at board and finance committee meetings presenting on business plans, treasury performance, and funding and hedging strategies.
• Origination of project finance deals including meeting asset owners/developers, assessing the credit of projects, reviewing financial models, identifying suitable finance structures.
• Creation, review and ownership of project finance models.
• Review and negotiation of project documentation, including PPAs, EPC, O&M, fuel supply agreements and land contracts to ensure bankability of the projects.
• End-to-end management of debt transactions including running investors meetings, liaison with lenders, due diligence, project management.
• Supported the creation of TradeRisks’ renewable energy capability, including all initial sector and policy research, rating methodology review, and presentation to senior management on suitability of asset type to TradeRisks’ clients.

• Three year graduate scheme qualifying as CA in the tax service line at EY, initially focusing on International tax services and subsequently moving to the transfer pricing team. First time passes in all ICAS examinations.