Spence Clunie, Managing Partner and Founder

With over 19 years market experience, Spence is a pioneer of the infrastructure market.

Prior to founding Ancala Partners, Spence was the Head of Macquarie Capital Europe Limited’s (Macquarie’s) debt business in Europe. He established the business in April 2005, building it to a team of 17 people that raised over €97 billion in capital for infrastructure and essential service companies. Key transactions include the £1 billion acquisition of Inexus and merger with GTC, £8 billion acquisition of Thames Water and subsequent securitisation, the £16 billion acquisition of BAA and subsequent £16 billion refinancing, the £4 billion acquisition of Southern Water and the £2.5 billion of debt facilities supporting the combined and refinancing of Arqiva/ National Grid Wireless.

As a principal, Spence originated and led the acquisition of Moto Hospitality Limited for £572 million in June 2006 for a consortium of Australian pension funds and the lead sponsor. Moto is the UK’s leading motorway service station operator. Spence also led a successful exit of the investment for the lead investor in June 2009.

Spence joined Macquarie from Dresdner Kleinwort Wasserstein where he was Head of Acquisition Finance, a team he also established. At Dresdner, Spence structured and led the financings for Wales & West Utilities and Arqiva for Macquarie, which both laid the foundations for the growth of the infrastructure financing market in Europe.