Billimoria to follow Majewski out of AMP

Farhad Billimoria, one of four founding members of AMP Capital’s New York team, is leaving the firm to join the infrastructure investment operation at US pension giant CalPERS. The former head of AMP’s US team, Tom Majewski, left for RBS in September last year. Only two team members currently remain.

Farhad Billimoria, a senior vice president in the New York office of Australian fund manager AMP Capital Investors (AMP Capital), is in the process of leaving the firm in order to join the $225 billion California Public Employees’ Retirement System (CalPERS).
 
Market sources said Billimoria will take up a position within CalPERS’ growing infrastructure investment team, though the exact nature of the role is unknown at this point. CalPERS has pledged to invest up to $5 billion in infrastructure over the next three years, having made its first direct investment when taking a 12.7 percent stake in the UK’s Gatwick Airport in June 2010. It added a second direct deal when investing in a US transmission system toward the end of last year.
 
Billimoria was part of a four-man team that quit the Stamford, Connecticut office of Australian fund manager Access Capital Partners in August 2010 in order to launch AMP’s New York office. The head of the team, Tom Majewski, headed back to Stamford last year to join RBS as a managing director in its asset-backed finance coverage and advisory team.
 
This means that only two members of the team currently remain – vice presidents Damien McDonald and Digby Beaumont. The sources canvassed by Infrastructure Investor said that the “intention” was for the team to remain in place and ultimately be staffed up to its original levels.
 
Explaining the rationale for expansion into new markets in an interview conducted with Infrastructure Investor in April 2011 – seven months after the launch of the New York operation – Boe Pahari, AMP Capital’s head of infrastructure for Europe, said that “our clients have global portfolio needs” and that there “is a need for balance between yield and growth” [offered by developed and developing markets].    
 
In February this year, AMP Capital announced it had attracted its first US pension fund investor, an unnamed organisation which committed €37 million to the firm’s Infrastructure Debt Fund, which by its fourth close in February had raised €326 million on its way to a €500 million target.
 
In addition to New York and its Sydney headquarters, AMP Capital also has offices in London, Luxembourg, Beijing, Hong Kong, Mumbai, Tokyo and Wellington (New Zealand).
 
AMP Capital says it had more than A$123 billion (€99.2 billion; $131.6 billion) under management at the end of 2010 and has made more than 80 infrastructure equity and debt investments globally over the last 20 years.