IFM’s $110b man hunts for new growth 30 years after the ‘big bang’

Kyle Mangini, the global head of IFM Investors’ $110 billion infrastructure business, hasn’t forgotten the last time he appeared in the Chanticleer column. It’s not often your deal is labelled so “nuts” that it leads a Chook to declare we’re in an asset bubble.

The year was 2015, and Mangini had just paid $US5.7 billion ($7.45 billion at that time) to buy a bankrupt toll road in the US state of Indiana, at a multiple believed to be 32 times earnings before interest, tax, depreciation and amortisation. Then Chanticleer columnist Tony Boyd said his sources on the deal “had been around long enough to know an asset bubble when they see one”.