Andy Nakahata tapped for Cal IBank

TD Securities

Andrew Nakahata has been appointed chief deputy executive director and chief operating officer at the California Infrastructure and Economic Development Bank, according to the governor's office.

San Francisco-based Nakahata, who is expected to start with IBank on March 17, will leave a position as director and western region head of public finance at TD Securities, which hired him in March to lead its expansion efforts on the west coast. TD opened a San Francisco office on April 1 to house TD-Cowen Securities, which it acquired in early March.

"IBank is thrilled to welcome Andy Nakahata as IBank's chief deputy executive director/chief operating officer," said Scott Wu, IBank's executive director. "Mr. Nakahata has an illustrious career in public finance — he brings a wealth of expertise at a critical time for IBank, and the state, and will be an incredible addition to the IBank team."

Gov. Gavin Newsom's office announced Wednesday Nakahata's appointment to the position, which pays $186,876.

Nakahata fills a position vacated by Chris Kellum, who left in December to become chief deputy director at the California Department of Cannabis Control.

Prior to his short tenure at TD, Nakahata was head of UBS' western public finance region beginning in 2017, before UBS exited negotiated muni underwriting in October 2023. He also has held senior positions at National Public Finance Guarantee Corp., Citi, JP Morgan and Goldman Sachs.

"Nakahata has devoted his career to finding creative solutions to fund public infrastructure projects on the most favorable terms," according to IBank. "He plans to leverage his experience to help advance IBank's mission and further strengthen its exciting initiatives during a critical time for California."

IBank was created in 1994 to finance public infrastructure and encourage economic development. IBank has broad authority to issue tax-exempt and taxable revenue bonds, provide financing to public agencies, provide credit enhancements, acquire or lease facilities, and leverage state and federal funds.

Its current programs include the Infrastructure State Revolving Fund (ISRF) Loan Program, California Lending for Energy and Environmental Needs (CLEEN) Center, the Climate Catalyst Revolving Loan fund, Small Business Finance Center, Expanding Venture Capital Access Program, and the Bond Financing Program.

Nakahata is treasurer of the Board of Trustees at San Francisco University High School and a member of the Board of Directors of Asian Americans in Public Finance. He earned a Master of Business Administration degree from Yale University and a Bachelor of Arts degree in history from Wesleyan University.