NEW YORK, Sept. 19, 2019 /PRNewswire/ -- The Carlyle
Group's (NASDAQ: CG) global airport investment platform, CAG
Holdings, today announced the appointment of Dr. Gerrard P. Bushell, former President and CEO of
the Dormitory Authority of the State of
New York (DASNY), as Executive Chair of The New Terminal One
Development Project at JFK and Chair of CAG Holdings. Dr. Bushell
will be responsible for delivering the New Terminal One Development
Project at JFK International Airport.
![](https://mma.prnewswire.com/media/998535/The_New_Terminal_One_Development_Project_at_JFK_International_Airport_Logo.jpg)
The Port Authority of New York
and New Jersey selected the New
Terminal One Development Project team to lead the redevelopment and
expansion of JFK's Terminal One in accordance with Governor Cuomo's
Vision Plan for JFK. The New Terminal One Development Project team
is an innovative coalition of airlines, labor, minority- and
women-owned businesses, and strong operating and financial partners
including The Carlyle Group and CAG Holdings, JLC Infrastructure,
Ullico and Munich Airport International. CAG Holdings is a
portfolio company of the Carlyle Global Infrastructure Opportunity
Fund and is led by an experienced U.S.-based team that has managed
more than 70 airport projects globally.
When completed, the proposed New Terminal One Development
Project will encompass the sites of the current Terminal One,
Terminal 2 and the former Terminal 3. The New Terminal One
Development Project will reimagine the international passenger
experience at JFK while creating opportunities for local and
minority- and women-owned business enterprises (MWBE) across all
phases of the project.
The Terminal One Group Association (TOGA), comprised of Air
France, Japan Airlines, Korean Air, and Lufthansa, will continue to
operate and maintain the existing Terminal One until completion of
the New Terminal One Development Project.
Peter Taylor, Co-Head of
Carlyle's Global Infrastructure Opportunity Fund, said, "We are
pleased to have Gerrard on board as Executive Chair of the New
Terminal One Development Project team and Chair of CAG Holdings.
With his demonstrated ability to work across the public and private
sectors, we are confident that he will effectively lead one of the
largest public-private partnership projects in America and help
improve outcomes for all stakeholders."
Dr. Bushell said, "I look forward to joining the strong,
innovative and diverse New Terminal One Development Project and CAG
teams. Together, we will deliver the world's premier gateway to
New York and the United States and support the Port
Authority of New York and
New Jersey and their local
communities in meeting their objectives."
Dr. Bushell brings a wealth of experience from business,
government and labor to the New Terminal One Development Project
and CAG teams. In 2015, he was appointed President and CEO of
DASNY, a national leader in the municipal bond market and one of
the country's most prominent public builders with a construction
portfolio valued at more than $6
billion. Under Dr. Bushell's leadership, DASNY issued more
than $38 billion of municipal debt
for public and private infrastructure projects across New York State for higher education, health
services, science and technology and government justice
clients.
"Gerrard's deep understanding of the New York infrastructure market will help
ensure that our vision for the New Terminal One Development Project
is delivered in concert with the JFK and Queens communities," said
Amit Rikhy, President and CEO of CAG
Holdings. "Furthermore, his deep understanding of public-private
partnerships will strengthen CAG's experienced management team and
help us execute our strategy."
During his tenure, Dr. Bushell expanded DASNY's mission to
encompass innovation, growth and inclusion. He reimagined and
restructured DASNY's businesses and introduced the "OneDASNY"
mandate which purposefully placed clients and client outcomes at
the center of DASNY's financing, procurement and project management
capabilities. Dr. Bushell also successfully advanced New York State's MWBE's goals beyond 30%.
"We are pleased to welcome Gerrard to the New Terminal One
Development Project team. This is a very important project
involving critical infrastructure that will benefit from the strong
leadership and vision that Gerrard brings," said JLC Managing
Partner Jim Reynolds. "Gerrard's mix of public and private sector
experience positions him well to provide leadership and deliver on
the goals of all stakeholders."
"We're excited to have the New Terminal One Development Project
move forward under Dr. Bushell's leadership. He understands the
importance of partnership models that meet the needs of workers,
management and investors," said Edward
Smith, President and CEO for Ullico Inc.
Prior to DASNY, Dr. Bushell was as an accomplished investment
advisor who counseled leading institutional investors and raised
private and public investment capital. He served as a senior sales
and client officer supporting investment solutions for Alcentra and
Insight at BNY Mellon, Director in the Client Partner Group at
Kohlberg Kravis Roberts & Co. (KKR), Managing Director at Arden
Asset Management, and the Head of Institutional Sales at the Legg
Mason Company, ClearBridge Advisors, formerly Citi Asset
Management.
Dr. Bushell started his career in government and labor serving
in senior roles for Comptroller H. Carl
McCall, Councilwoman C. Virginia
Fields, and District Council 37 of the American Federation
of State, County and Municipal Employees (AFSCME).
Dr. Bushell is a graduate of Columbia
University in both the College and Graduate School of Arts
and Sciences. He received a B.A., M.A., and Ph.D. in Urban
Political Economy from the Department of Political Science.
About The Carlyle Group and CAG Holdings
The Carlyle
Group (NASDAQ: CG) is a global investment firm with deep industry
expertise that deploys private capital across four business
segments: Corporate Private Equity, Real Assets, Global Credit and
Investment Solutions. With $223
billion of assets under management as of June 30, 2019, Carlyle's purpose is to invest
wisely and create value on behalf of its investors, portfolio
companies and the communities in which we live and invest. The
Carlyle Group employs more than 1,775 people in 33 offices across
six continents.
CAG Holdings is The Carlyle Group's dedicated US-based
investment platform for airport infrastructure investment
opportunities globally. CAG Holdings is led by an experienced
management team with a track record of over 70+ airport projects
globally combined with a deep, localized understanding of the US
airport market.
For media inquiries, contact Christa
Zipf at christa.zipf@carlyle.com or at +1-212-813-4578.
About JLC Infrastructure
JLC Infrastructure is an
investor and asset management firm focused on the transportation,
communications, energy, utilities and social infrastructure sectors
in the United States. The firm was
formed in 2015 by Loop Capital and Magic Johnson Enterprises and
currently manages investments in the redevelopments of Terminal B
at LaGuardia Airport and Jeppesen Terminal at Denver International Airport (the Great Hall
Project).
For media inquiries, contact info@jlcinfra.com.
About Ullico
For more than 90 years, Ullico, the only
labor-owned insurance and investment company, has been a proud
partner of the labor movement, keeping union families safe and
secure. From insurance products that protect union members, leaders
and employers, to investments in building projects that have
created thousands of union jobs, our customers continue to trust us
with protecting their families, employees and investments. The
Ullico Inc. Family of Companies includes The Union Labor Life
Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment
Company, LLC (Member FINRA/SIPC).; and Ullico Investment Advisors,
Inc.
For media inquiries, contact Cori
Houlihan at choulihan@ullico.com or at +1 202 354 8044.
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SOURCE The New Terminal One Development Project at JFK
International Airport; CAG Holdings