Gerrard P. Bushell, Ph.D. to speak at Manhattan College Undergraduate Commencement in May and receive Honorary Degree

Milo Riverso, Ph.D., P.E., President of Manhattan College announced today that Gerrard P. Bushell, Ph.D. will be the recipient of a Doctor of Science, honoris causa at the School’s Undergraduate Commencement to be held on May 18, 2024.

Dr. Gerrard P. Bushell, since 2019, is the Chair of CAG Holdings, a dedicated investment company for airport infrastructure for The Carlyle Group, the initial lead investor in New Terminal One (NTO). From August 2019 to April 2024, Dr Bushell also served as the lead Executive for the nation’s largest public-private infrastructure project. Dr. Bushell served as Executive Chair, and Chairman & CEO of the New Terminal One when The Carlyle Group led the consortium, and President & CEO upon Ferrovial becoming the lead shareholder in 2022.

The nation’s largest single-asset project financing at $9.5 billion, NTO is a consortium of investors, Ferrovial, JLC, Ullico, and Carlyle, investing $2.4 billion of private capital in partnership with The Port Authority of New York and New Jersey to develop, construct and operate a world-class international airport terminal.

Dr. Bushell successfully led the project to lease and financial close and through design and construction, despite a global pandemic closing international borders and grounding international travel. He also significantly de-risked the project after lease and financial close by successfully delivering upon major milestones.

NTO issued $2 billion in green bonds in December 2023 and achieved the critical construction milestone of topping off steel in March 2024. Under Dr. Bushell’s leadership, the vision, foundation, scope, and ambition of the project was framed and woven around the commitments to deliver a top 5 world-class international terminal, and drive community, workforce, and minority & women-owned business enterprise (MWBE) goals for Southeast Queens, Queens, and New York. At the end of Dr. Bushell’s tenure at NTO, the project had delivered more than $1 billion in awards to MWBE firms, $500 million in awards to local firms, and was on pace to deliver 40% local participation for jobs, and beyond 30% for MWBE participation.

During his tenure, Dr. Bushell was able to negotiate major project labor and alternative dispute resolution agreements with the Building Trades, successfully negotiate a guaranteed maximum price of $3.9 billion for construction costs with the design-builder, attain an all-important investment grade credit ratings, secure a lease extension to 2060 for the concession, reach a 10-year innovative master concessionaire retail agreement, and secure agreements with anchor airlines to support revenue and passenger goals for future traffic. The project is scheduled to open in 2026.

From 2015 to 2019, Dr. Bushell was President and CEO of the Dormitory Authority of the State of New York (DASNY), one of the nation’s largest financing and infrastructure management issuers, delivering complex design and construction management services as well as oversight for many other agencies within the State. During his tenure, DASNY successfully executed M/WBE goals of 30% and issued more than $38 billion of municipal debt supporting public and private infrastructure projects across New York State for universities, hospitals, life sciences facilities, and government.

Previously, Dr. Bushell was a Director of Business Development offering investment solutions for BNY Mellon through Alcentra and Insight, a Director in the Client Partners Group at KKR, Managing Director at Arden Asset Management, and the Head of Institutional Sales at Clearbridge Investments, formerly Citi Asset Management.

Dr. Bushell began his career as a community advocate. He worked closely with former Mayor David Dinkins of New York City; C. Virginia Fields, former Manhattan Borough President and member of the City Council; and former New York State Comptroller H. Carl McCall, where he served as head of government affairs and Chief of Staff.

Said Dr. Riverso, “Dr. Bushell incorporates the broad spectrum that each of Manhattan College’s three schools offers – his education and teaching experience in the arts and sciences, his business acumen leading one of the country’s largest financing agencies and teaching finance at his alma mater, and his understanding of the design and engineering of the built environment. He truly is a Renaissance man.”

A graduate of Columbia University in both the College and Graduate School of Arts and Sciences, Dr. Bushell received a B.A. in Political Science and Government, and an M.A. and Ph.D. in Political Science and Urban Political Economy. He currently holds an appointment as an Adjunct Professor at his alma mater teaching state politics and finance.

He is a Trustee of the Metropolitan Museum of Art, a Board Member of the Columbia University Alumni Association, and a Board Member of Public Health Solutions. Dr. Bushell and his wife, Leah Colete Johnson, reside in New York City. Their daughter, Claire Bushell, is completing her junior year at Harvard University pursuing a B.A. in history.