AMP Capital has opened a representative office in Dubai and appointed an institutional director to introduce the firm’s real assets capabilities to investors in the Gulf region.
Sudhanshu Garg, the new institutional director sitting in the Dubai outpost, has more than 23 years’ experience across a broad range of banking and financial services roles, AMP said. Prior to joining AMP, he was managing a consultancy business in Dubai, where he advised on investment product development, product structuring and managing key external relationships.
The Australian fund manager also noted that Middle Eastern investors were among the clients who supported to the firm’s Infrastructure Debt Fund III. The junior debt vehicle reached a final close in August on its $2.5 billion hard-cap and gathered an additional $1.6 billion in co-investment commitments. The fundraise is believed to be one of the largest in the world for an infrastructure debt strategy, AMP said.
“As AMP Capital continues its global expansion strategy, it makes sense to have an on-the-ground presence in Dubai, which is the gateway to the Middle East and a potential high-growth market for us,” said Boe Pahari, the firm’s director of North West Region.
Middle-Eastern investors have been active in making investments in infrastructure. Earlier this week, Abu Dhabi Investment Authority committed $1 billion to India’s National Investment and Infrastructure Fund. Saudi Arabic’s Public Investment Fund pledged $20 billion in May to Blackstone’s new infrastructure vehicle, which is set to be the world’s largest infrastructure fund at $40 billion.
Qatar Investment Authority was part of the MIRA- and AMP-led consortium that won a May auction for the 99-year lease of Australian grid Endeavour Energy for about $5.6 billion.