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Ares and AMP Ltd will form a new joint venture covering AMP Capital’s private markets businesses, including infra and real estate, with Ares assuming management control.
In recent years there has been a surge in subordinated strategies. We examine what’s driving demand and how this might pan out in 2021.
The fund manager has appointed Andrew Jones, formerly of AMP Capital, to head up the new strategy from its Sydney office.
MIDIS’s sub-investment grade infra debt fund is already roughly 60% invested in 14 borrowers in the US, UK and continental Europe with an average internal rating of BB-.
The first transaction comes in the form of a A$130m senior syndicated loan facility, with capital funded via a separate account.
The Dutch manager has split the fund into a sub-fund structure, targeting €750m for senior debt and €350m for junior debt.
The firm will make mezzanine debt investments through separately managed accounts and may raise a dedicated Asia debt fund in future.
Solar panels
The Impact Alternatives Fund will invest up to 30% of its capital in renewables across both IIG and externally-managed funds.
The Miami-based firm is also raising its third equity fund, which is targeting $12bn.
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