AMP Capital has raised more than $540 million for its new Global Infrastructure Fund (GIF) over the last six months, the Sydney-based firm said today in a statement.
The milestone represents a first close for the platform, which was launched last year with an overall target size of $2 billion. Combined with its existing portfolio of European assets, worth $750 million, the fresh commitments bring the vehicle more than half way towards reaching its cap.
Pledges came from institutions located in countries including Japan, Australia, the US, Canada, Ireland and Belgium, AMP said. It added that limited partners (LPs) also made “significant” commitments to the European portion of the platform.
GIF was created in October 2014 through the conversion of AMP’s Strategic Infrastructure Trust of Europe (SITE) from an open-ended to a closed-ended European structure, whose remit was also broadened to cover global markets.
Existing SITE investors and new LPs in GIF have since been given the choice between keeping to a European exposure or expanding their horizon to the wider OECD.
The vehicle focuses on mature, brownfield assets that hold monopolies or generate long-term contracted revenues. It targets investments in sectors including transport, energy, communication and utilities.
“AMP Capital’s global infrastructure platform seeks to offer investors the combination of stable cash yields and growth that they are looking for and its attractiveness is further proof of the continued strength of infrastructure as an asset class,” said Boe Pahari, managing partner of GIF.
The news follows major management changes within AMP’s infrastructure equity team, which saw three of its senior executives leave the company and three promoted to head a reduced number of divisions last month.
Earlier this week, the firm announced that it had won a mandate to help GII, a Japanese renewable energy firm, acquire assets in its home market.