The new appointment follows AMP Capital’s confirmation last week that a proposal from Plenary to take over management of AMP Capital’s Community Infrastructure Fund is currently under review by the fund’s independent board committee.
Mizzi previously oversaw the A$1.2 billion ($932 million; €762 million) vehicle as part of her role as AMP Capital’s global head of social and aged care. A source close to the firm told us last week that Mizzi had left after a senior-level restructure of AMP Capital’s Australia and New Zealand infrastructure equity business had resulted in her role being made redundant.
Another source familiar with the matter said Mizzi’s recent appointment as the head of Plenary Group’s new fund management business – reportedly to be named Plenary Funds Management – was “a separate though somewhat related initiative” to its bid for the CommIF fund. Mizzi, who will run the new business across Australia and New Zealand, is expected to join Plenary in September.
Plenary currently owns stakes in a portfolio of public-private partnerships in Australia and New Zealand. In March 2020, Canadian pension Caisse de dépôt et placement du Québec acquired Plenary’s North American operating business alongside a controlling stake in its portfolio of PPP assets.
In a statement, Plenary chief executive David Lamming said: “Our expansion into funds management is a natural evolution in the development and growth of our infrastructure activities.”
“We couldn’t be more pleased to have Julie-Anne join us to lead this arm of our business – there is nobody better placed to lead a boutique funds management business focused on the infrastructure space.”
Plenary’s appointment of Mizzi comes amid a reshuffle of AMP Capital’s infrastructure equity business, with a number of changes made to its global leadership team in recent weeks. This includes the promotion of co-head of Europe Ruben Bhagobati and head of Asia Damian Stanley to co-chair AMP Capital’s infrastructure equity leadership team for Europe, Americas and Asia, following the departure of head of Americas Simon Ellis and global head of digital infrastructure Matt Evans.
In April, AMP Capital also confirmed its global head of infrastructure equity, Boe Pahari, would be leaving the firm.
Despite the CommIF takeover bid from Plenary, a source close to AMP Capital said the firm’s CommIF team was committed to the fund and remained focused on delivering investment performance to its shareholders.
The fund continues to be led by Charles Savage, CommIF portfolio manager for the past four years. Savage is supported by infrastructure equity partners Michael Bessell and Michael Cummings, who were appointed co-heads of infrastructure equity for Australia in May.
Currently, AMP Capital’s ASX-listed parent company AMP Limited is pursuing a demerger and public listing of the former’s private markets business, which is set to be completed in the first half of 2022.