JPMorgan Taps Abularach & Johnson To Drive Global Infrastructure Investment Banking Expansion

The elevation of Francisco Abularach and Michael Johnson to co-heads of global infrastructure investment banking signals JPMorgan’s strategic prioritization of infrastructure as a core engine of growth. Given Abularach’s long tenure at Citigroup and track record in infrastructure and M&A in EMEA, and Johnson’s natural resources expertise, the bank appears to be aligning leadership to cover both the sectoral and geographic breadth needed for infrastructure financing globally [1][2].

Deal activity—especially in infrastructure private equity—is increasing, and JPMorgan is leveraging that momentum. The bank’s role in large transactions—such as the $8.5 billion EQT/Zayo deal and the $1 billion-plus Origis Energy recapitalization—underscores its ability to originate and advise on complex infrastructure transactions [1][2]. This gives JPMorgan credibility in a competitive market where mandates are growing not only in number but also in technical complexity.

The hiring spree (100+ managing directors in 2025) and the recent recruitment of Stuart McIntyre from Citigroup, along with its geographical infrastructure leadership structure, indicate that JPMorgan is investing heavily not just in deal execution, but in expanding coverage, expertise, and footprint. This reflects expectations that public policies favoring infrastructure (e.g., energy transition, digital infrastructure) will continue to unlock capital flows [1][3].

However, strategic uncertainties remain: private equity firms have lagged but are expected to increase activity, but the pace and scale remain uncertain, particularly in light of macroeconomic risk, regulatory changes, and inflation pressures. Moreover, competition is intensifying—talent poaches (e.g., Baygual’s move to Citi) and similar investments by rivals mean JPMorgan must execute well to maintain an edge [3].

Implications for stakeholders include: clients (infrastructure developers, natural resource businesses) can expect more tailored coverage and global reach; JPMorgan’s franchise may command higher margins in these sectors; and capital markets activity in infrastructure may see elevated competition. For investors, this suggests JPMorgan is making a bet on long-duration, stable cash-yielding infrastructure as a counterbalance to cyclical sectors.