Global investment manager AMP Capital has announced the closure of its second global infrastructure fund after reaching US$3.4bn (€3.1bn) from more than 60 institutional investors globally.
AMP said in a note that GIF II (the Fund) had reached final close on 27 December 2019, "exceeding its US$3bn target and drawing additional significant co-investment commitments."
GIF II attracted global interest from over 60 institutional clients from across the globe, including Japan, Singapore, Australia, the United Kingdom, Spain, Germany, Switzerland, Denmark, Finland, Saudi Arabia, Kuwait, the United Arab Emirates, the United States and Canada.
Boe Pahari, global head of Infrastructure Equity at AMP Capital, said: "This landmark close for GIF II is a significant step in the global growth of our infrastructure business, and our investments to date show we're delivering on our broader strategy of delivering growth through real assets.
"Our approach brings private equity-style rigour to infrastructure investing, influencing and delivering on business performance, and ensuring the provision of high-quality essential services with our strong heritage in ESG and responsible investment."
GIF II seeks to deploy capital across the four sectors best positioned to benefit from the evolution of infrastructure in the current market environment: transport, communications, infrastructure health and energy. To date the fund has transacted across all four of these target sectors, securing five high quality, diversified businesses with growth potential, at compelling valuations.
In the United Kingdom, the Fund has invested in London Luton Airport, the fifth largest airport in the UK serving the fast-growing London market, and Achieve Together, the third largest specialist care provider in the UK with more than 350 services and 2,300 beds, which was created from the merger of two of the highest-quality businesses in the UK care sector, the Regard Group and Care Management Group.
In the United States, GIF II's current assets are Everstream, a leading Midwest fiber provider; Invenergy AMPCI Thermal Power, a joint venture investing in a gas-fired power generation portfolio to support the energy transition in multiple power markets in the US, Canada and Mexico; and Expedient, a provider of cloud computing and data center services operating across eight markets.