AMP Capital close to $3.5bn target on fourth infra debt fund

Australian firm has raised $2.7bn to date, some $200m more than its previous debt vehicle secured.

AMP Capital has so far raised around $2.7 billion for its fourth infrastructure debt fund. The figure representes 77 percent of the $3.5 billion target for the Infrastructure Debt Fund IV, which the Australian firm launched last year.

AMP Capital confirmed the target and the capital raised so far in a filing with the US Securities and Exchange Commission at the end of last month. One known investor is Canadian pension group CDPQ, which was listed as an LP in a January filing on the UK’s Companies House database.

AMP Capital declined to comment on the fundraising.

The amount raised surpasses the total raised by IDF III, which closed on its $2.5 billion hard-cap in August 2017. This fund also garnered significant co-investment commitments, which brought its total deployable capital to $4.1 billion. Korean and Japanese investors were the largest sources of capital in the vehicle.

AMP Capital’s debt funds target mezzanine investments in the energy, transport and telecoms sectors, with a targeted gross IRR of about 10 percent. The first in the series raised €400 million following its launch in 2010. The second, launched in 2013, raised $1.1 billion.

The firm is continuing to raise capital for its Global Infrastructure Fund II. According to filings with the SEC, the equity platform, which is targeting $3 billion, held a $1.6 billion first close in October last year before reaching $1.7 billion in December.