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AMP closes global infra fund on $2.4bn

The firm was backed by more than 50 LPs and expects to seal its next deal within the next couple of months.

AMP Capital has reached a final close on its Global Infrastructure Fund on $2.4 billion.

The fund attracted commitments from more than 50 investors split in roughly equal proportions between Asia, Europe and the US, AMP global head of infrastructure equity Boe Pahari told Infrastructure Investor. He added that the firm’s historical clients in Australia and Japan had given it a strong base, with solid interest also coming from North America.

Known LPs include Pantheon Ventures and the Ontario Pension Board.

AMP created the platform by converting its Strategic Infrastructure Trust of Europe (SITE) from an open-ended to a closed-ended European structure, whose remit was broadened to cover global markets, in October 2014. Existing SITE investors and new LPs in the Global Infrastructure Fund were then given the choice between keeping to a European exposure or expanding their horizon to the wider OECD.

SITE’s existing assets, which comprise $750 million worth of infrastructure investments, served as a seed portfolio for GIF. The new vehicle was aiming to raise a further $1.25 billion of commitments, to reach an overall size of $2 billion.

In February, Infrastructure Investor reported that AMP was nearing a $2 billion final close on the fund after receiving about $940 million in commitments through three successive closes. Pahari said the milestone ended up taking longer to reach because LPs needed more time to perform due diligence on the vehicle’s seed assets than it would have typically required them to make their mind up about a blind-pool fund, adding that it then made more sense to hold a close after the European summer.

He said the firm’s co-investors and separate managed accounts would deploy capital alongside the vehicle, and that its next deal was likely to be announced in the next couple of months.

Assets backed by GIF last year include offshore emergency response service Esvagt, Nordic sustainable energy infrastructure company Adven Group, US underground downtown parking system Millennium Garages and Spanish telecoms infrastructure group Axion. The fund, which has a 10 plus 2 years duration, is targeting 10-15 percent returns.