Infra debt exec leaves AMP, listed fund on hold

Plans to launch a £150m listed vehicle have been postponed indefinitely after Richard Lane decided to depart the Australian firm.

Sydney-based asset manager AMP Capital (AMP) has put plans for a listed trust on hold after the departure of one of its infrastructure debt executives.

Richard Lane, who joined the firm in 2010, has decided to leave “to pursue another opportunity,” a spokesperson for AMP told Infrastructure Investor. The firm was hoping to raise up to £150 million (€187 million; $250 million) for the Infrastructure Debt Fund, a closed-ended vehicle to be used as a feeder fund for the existing AMP Capital Infrastructure Debt Fund II.

“Following strong interest in AMP Capital’s Infrastructure Debt Fund II (IDF II), we have been focused on larger institutional investors that can invest in the fund directly. Plans for a listed vehicle, which would have made IDF II available to a wider group of institutional investors, are currently on hold,” AMP said in an email statement.

Plans for a launch, which was originally scheduled for the first half of this year on the London Specialist Funds Market, may yet resurface, the statement said. “We may revisit this approach depending on market conditions and investor appetite.”

The news comes after the departure from AMP of Gerry Jennings, also a former principal within the firm’s infrastructure debt team. The responsibilities of Jennings, who left AMP after nine years at the company to become head of infrastructure debt at US asset manager AllianceBernstein, were then assumed by Lane while a search to replace him was undertaken.

Lane’s departure, which was first reported by Citywire, also follows that of Tom Walker, deputy head of global listed real estate, and Hugo Machin, head of European listed real estate, who both moved to UK asset manager Schroders last month.

The infrastructure debt team is led by Andrew Jones, the firm’s global head of infrastructure debt.

“A global recruitment search is underway for a replacement but in the meantime Richard’s responsibilities have been assumed by the other team members in the London office, with support from the Global Infrastructure Debt team and continued access to the breadth of resources at AMP Capital,” the firm said.

AMP Capital Infrastructure Debt Fund II was launched in December 2012 with a target of $1 billion. The vehicle, which seeks to invest in the water, gas, electricity and transportation sectors in Europe, North America and Australia, held a second close last March on $750 million.