By Berry Craig
P3 Kentucky Staff Writer
Veteran financier Jacob Schirmer has been named Managing Director of the Commonwealth Infrastructure Fund (CIF), a privately managed fund formed last year to support investments in public-private partnerships (P3s) in Kentucky. Schirmer will lead the investment fund’s day-to-day operations.
As of June 1, Schirmer will assume day-to-day managerial duties of the fund from John R. Farris, founder of CIF and Commonwealth Economics LLC. Farris will continue to serve in an advisory role. Schirmer has more than 18 years of commercial lending experience and has served as Vice President of Commercial Lending for Central Bank & Trust Company for the last five years.
“Jake is the right person to work with developers and banks on potential loan structure, bring new P3 opportunities to the Fund, and facilitate partnerships among our partner institutions,” Farris said. “We are excited about Jake taking on this responsibility and the future opportunities he’ll cultivate.”
“Right now, we are exploring several P3 transactions which will help as I build on the positive momentum that John (Farris) started with CIF,” Schirmer said. “I am excited about the opportunity and look forward to bringing my experience to further CIF’s continued investment in P3s and keeping our banking partners invested in Kentucky’s future.”
The Commonwealth Infrastructure Fund is an innovative, private fund established to provide debt financing to private-sector firms participating in public infrastructure projects at both the state and local levels. The $150 million fund was formed last year with initial commitments from six of the state’s largest community banks:
- Central Bank & Trust Co.
- Commonwealth Bank & Trust Co.
- Kentucky Bank
- Stock Yards Bank & Trust Co.
- Traditional Bank, Inc.
- United Bank & Capital Trust Co.
To learn more, visit www.CIFP3.com.