NEW YORK – 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.
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.
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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.
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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).
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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.
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