AMP Capital has raised a record $6.2 billion for its fourth infrastructure debt fund.
The fund, which provides capital for infrastructure and energy projects, is AMP Capital’s largest closed-end fund ever, the AMP-owned funds management business said in a statement on Tuesday.
AMP shares rose more than three per cent to a near three-week high following the announcement, compared with a marginal rise in ASX200 financial index.
AMP Capital global head of infrastructure debt Andrew Jones said 86 investors from 14 countries invested in the fund in less than a year “with strong demand from institutional investors in Korea, Japan, Canada and the UK.”
A vote of confidence from foreign investors is a breath of fresh air for AMP shareholders.
The stock is headed for a second year of losses after a public inquiry into Australia’s financial sector last year tarnished AMP’s reputation and haemorrhaged funds.
AMP this month announced plans to merge its banking and wealth management units as part of a turnaround plan aimed at making the firm more customer focused.
AMP will report its third-quarter financial results on Thursday, after posting its biggest half-year loss as a publicly listed company in August.