AMP Capital hits $1.6bn first close on Global Infra Fund II – exclusive

The Australian manager takes a big step towards its $3bn target amid a record year for fundraising.

AMP Capital has reached a first close of approximately $1.6 billion on its second Global Infrastructure Fund, Infrastructure Investor understands.

The Sydney-based fund manager held the close in recent months for its Global Infrastructure Fund II, a follow-on to its Global Infrastructure Platform that closed on $2.4 billion in January 2017.

GIF II has a fundraising target of $3 billion according to a filing made with the US Securities and Exchange Commission in March this year.

AMP Capital declined to comment.

According to AMP Capital’s website, its first Global Infrastructure Fund holds assets including Newcastle Airport in the UK, European rolling stock businesses Angel Trains and Alpha Trains, emergency response vessel provider ESVAGT, and Scandinavian energy infrastructure business Adven.

The fund focuses on mid-market transactions with a total equity value of $100 million to $750 million in Europe, North America and other OECD countries.

The close comes amid a record fundraising year in 2018, with nearly $69 billion raised by 43 funds as by the end of Q3, according to Infrastructure Investor data.

That includes three funds that closed at or above $7 billion: KKR Global Infrastructure Investors III on $7.4 billion, Stonepeak Infrastructure Fund III on $7.2 billion, and ISQ Global Infrastructure Fund II on $7 billion.

The fund manager has also recently expanded its team, hiring Angel Trains’ chief executive Malcolm Brown, as senior principal in its global infrastructure equity business in London in July.

Additional reporting by Zak Bentley.