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Australian giant puts infrastructure trust on ice after third key exit

Australian giant puts infrastructure trust on ice after third key exit

Infrastructure giant AMP Capital has put the launch of a listed infrastructure trust on hold indefinitely following the departure of debt principal Richard Lane.

His exit follows the departures of Tom Walker, AMP Capital's deputy head of global listed real estate, and Hugo Machin, the firm's head of European listed real estate, who both joined Schroders' newly established Global Security Properties team last month.

The Australian firm, which has more than $131 billion (£78.5 billion) under management, was hoping to raise up to £150 million for the closed-ended Infrastructure Debt Fund.

The vehicle was intended for launch in the first half of this year on the London specialist funds market, as a feeder fund for the existing AMP Capital Infrastructure Debt Fund II, which raised $303 million at launch last August and now has $750 million in assets.

But the departure of Lane, who had been at AMP Capital since 2010, has delayed the launch indefinitely. 

'Richard Lane, infrastructure debt principal, has decided to leave AMP Capital to pursue another opportunity. 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,' a spokesperson said.

'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. We may revisit this approach depending on market conditions and investor appetite,' a spokesperson added.

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