AMP Capital, the Sydney-based infrastructure investor, has won the mandate to manage a €1 billion infrastructure fund dedicated to investing in Irish infrastructure.
The vehicle, known as Irish Infrastructure Trust, is being established by insurer Irish Life Investment Managers and has already raised €300 million – including a €250 million cornerstone investment from Ireland’s National Pensions Reserve Fund. The latter was established in 2001 to meet Ireland's welfare and pension needs from 2025 to 2055. As at end of September 2011, it had close to €15 billion of assets.
Irish Infrastructure Trust will target asset disposals by the Irish government and Irish companies as well as invest in new infrastructure projects. AMP Capital’s role is to “invest and manage the portfolio of infrastructure assets with full responsibility for all investment decisions,” the investor said in a statement.
“With the first close of the fund we are progressing an active deal pipeline consistent with our strategy of investing in quality Irish infrastructure assets across a range of sectors,” remarked Boe Pahari, AMP Capital’s head of infrastructure for Europe.
Gerry Keenan, chief executive of Irish Life Investment Managers, added: “We expect considerable investment opportunities to emerge in the coming years with infrastructure assets which have traditionally been closed off from outside investment.”
AMP Capital has $6 billion in infrastructure assets under management across the world.
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