Julie-Anne brings more than 30 years of experience to Plenary, most recently as Global Head of Social Care at AMP Capital, where she was integral in leading the growth of AMP Capital’s Community Infrastructure Fund for more than a decade.

Under Julie-Anne’s stewardship, the fund grew from an initial portfolio of four assets to now comprise 18 assets with an enterprise value of more than $8 billion.

Plenary’s Chief Executive David Lamming welcomed the appointment saying Julie-Anne will be tasked with establishing and growing a boutique funds management business in a way that complements Plenary’s current infrastructure investment and management activities.

“Our expansion into funds management is a natural evolution in the development and growth of our infrastructure activities,” Mr Lamming said.

“We couldn’t be more pleased to have Julie-Anne join us to lead this arm of our business – there is nobody better placed to lead a boutique funds management business focused on the infrastructure space.

“It is a logical step in the growth and maturity of Plenary as Australia’s leading infrastructure investor, developer and manager, as we’ll look to become a full-service diversified infrastructure business.

“In Julie-Anne we have one of the most experienced executives in the industry, and someone who will complement and enhance our existing capabilities as well as make a significant contribution to our corporate culture as we embark on this exciting new venture for our business.”

Julie-Anne was a partner at AMP Capital and in 2015 was named one of the 100 Women of Influence for her contribution to promoting women in infrastructure.

Julie-Anne will commence her new role with Plenary in September

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Daniel Pilbrow has joined AMP Capital as an Associate Director for Social Care, based in Sydney, where he will focus on creating value within existing health infrastructure assets as well as identifying opportunities to increase investment in the health and social care sectors in Australia. Mr Pilbrow brings more than 20 years’ experience in healthcare leadership roles including for private, public and not-for-profit organisations.

AMP Capital Global Head of Infrastructure Health Julie-Anne Mizzi said: “We are delighted to welcome Daniel to our infrastructure team. His skills and expertise in the health and social care sectors will support our continued growth and help to identify new opportunities for our investors around the world.

“With a growing need for private capital in the health sector, investors will have an important role in supporting the development of new healthcare infrastructure, particularly as the world’s population continues to age. The growing sector presents attractive investment opportunities for investors while supporting the development of critical health and social care infrastructure services in the community.”

AMP Capital has more than 70 investment professionals in its infrastructure business located in offices across Europe, North America, Australia and New Zealand.

AMP Capital’s Community Infrastructure Fund provides investors with the opportunity to invest in an unlisted portfolio of public-private-partnership style social infrastructure assets in Australia and New Zealand, including education facilities, healthcare, transport and community housing.

Mr Pilbrow has more than 20 years’ experience in healthcare leadership roles including strategy development, planning, and transformation projects for private, public and not-for-profit organisations.

Most recently, Mr Pilbrow worked for the Plenary Group as Director on the Royal North Shore Hospital PPP project. Previously, he worked for the Peter MacCallum Cancer Centre, where he was the Executive Director Strategy responsible for the development of the $1 billion Victorian Comprehensive Cancer Centre Project. He has also served as CEO and board director for a number of small not-for-profits organisations in the healthcare sector.

Mr Pilbrow holds a Bachelor of Physiotherapy (Honours) from the University of Melbourne and completed his Juris Doctor (post-graduate law-degree) at Monash University.

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Julie-Anne Mizzi

Valley Healthcare has taken the number of primary care centres (PCCs) in its portfolio to six, as it announces its agreement to acquire two new construction-ready PCC sites, in Clonakilty, County Cork and Listowel, County Kerry.

The Irish Infrastructure Fund, jointly managed by AMP Capital and Irish Life Investment Managers, established Valley Healthcare to invest in primary care centres across Ireland in February 2017. Primary care centres provide outpatient care to local communities and offer a full range of sub-acute healthcare and social services, reducing pressure on full-service hospitals within the Irish healthcare system.

Clonakilty and Listowel PCCs are the first greenfield sites for the Irish Infrastructure Fund. Both sites have planning permission and are ready for construction to begin. The sites will be occupied by the Health Service Executive (HSE), GP services and other health-related services.

Site preparations are already underway at Clonakilty, where works will commence next month on a 25,000 square foot site which is due to complete in 2019. The Listowel PCC will be a 20,000 square foot centre and its construction, which will begin in the coming months, is also expected to complete in 2019.

Philip Doyle, Principal of the Irish Infrastructure Fund, said: “The PCC acquisitions are an exciting step in the growth of Valley Healthcare and marks an evolution from our prior acquisitions of operational PCCs and completed sites, as by acquiring construction sites we are creating new capacity for the HSE and delivering convenient, high-quality health services to new communities. Furthermore, we hope the construction projects for these sites, which are each expected to employ around 90 local workers, will have a positive impact on the local economy.”

The four other PCCs held in the Valley Healthcare portfolio are located in Counties Kerry, Cork, Wicklow and Mayo.

Glencar Healthcare manages the operation and development of Valley Healthcare’s PCCs. Bringing expertise in healthcare management, it will be responsible for the construction and ongoing management of the new centres.

Professor Brendan Drumm, chairman of Glencar Healthcare, stated: “Glencar Healthcare is delighted to have the opportunity to work with Valley Healthcare and the Irish Infrastructure Fund, delivering and maintaining state-of-the-art healthcare facilities across Ireland and expanding the reach of the primary care system into new communities.”

Market view: Healthcare investment in Ireland

The new acquisitions for the Irish Infrastructure Fund come as AMP Capital’s infrastructure equity investment team publishes its global analysis of the infrastructure health market, finding attractive investment opportunities in Ireland.

Across all developed markets, demographic changes are increasing the strains on healthcare provision. People are living longer due to improved health technology and successful medical intervention, but in many instances their quality of life has declined. Healthcare institutions are mostly geared towards acute conditions but as comorbidities rise so too does frequency of care, often daily, and a greater need for tailored treatment which hospitals are not set up to provide. Given the high cost of acute hospitals, healthcare services have sought to reduce reliance on them seeking community-based, sub-acute solutions.

Primary care centres are community-based facilities that provide many health or social care services outside of the hospital setting. This includes GPs, public health nurses and a range of other services such as physiotherapy, podiatry, speech therapy, psychology and social workers amongst others. The provision of healthcare through the primary care network has been identified as a key component of the Irish Government’s national healthcare strategy.

Julie-Anne Mizzi, Global Head of Social Care at AMP Capital, said: “Changing demographics and the relentless growth of healthcare costs for the public sector means that evolving the healthcare model to be more efficient is critical. Primary care centres alleviate the pressure on acute hospitals, the highest cost part of the healthcare system.

“In its adoption of this multi-disciplinary primary care model, the HSE is leading the way. In an example of state and private interest being strongly economically aligned, the HSE has encouraged private ownership and development of primary care centres to ease the burden on acute hospitals.

“Not only does the primary care system reduce cost for the government, individuals benefit from tailored, ongoing healthcare, provided closer to home.”

AMP Capital considers Ireland to be one of the most attractive markets globally for healthcare investment. In addition to the primary care model, the substantial presence of private health insurance in Ireland (more than 40% penetration) has made it one of the few countries with an attractive private hospital market outside of the public health system. Private hospitals provide a significant contribution to the overall delivery of acute care in Ireland making them an essential part of the system, which offers attractive opportunities for investment.

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Julie-Anne Mizzi

AMP Capital has acquired a 21 per cent stake in the Victorian Comprehensive Cancer Centre (VCCC) building from funds managed and/or advised by Partners Group on behalf of investors in its Community Infrastructure Fund (CommIF).

The VCCC is Australia’s first dedicated cancer research and treatment facility with the vision to save lives through the integration of research, education and patient care.  Plenary Health completed the project on-time and on-budget at a total cost of A$1 billion and operations began seamlessly in June 2016.  It operates as a public private partnership (PPP) with the Victorian state government under a 25-year concession.

Located in the Melbourne Biomedical Precinct, the 13-storey VCCC houses the Peter MacCallum Cancer Centre with 160 inpatient beds, 110 day beds and eight operating theatres.  It can host up to 1,200 researchers and offers education and training facilities.

“CommIF holds a strong track record in the social infrastructure market, showcasing its position as a leading investor and manager of PPP assets.” – Julie-Anne Mizzi.

AMP Capital Head of Social Infrastructure and Aged Care Julie-Anne Mizzi said: “This acquisition is a great start to the year for CommIF and I am extremely pleased to have secured a stake in VCCC for our clients.

“The VCCC deal follow a successful fundraising campaign for CommIF where we raised $360 million from existing investors through a rights-issue offer in September 2017 as well as from new and existing investors who have made commitments since October 2017.  We are also excited to see increased interest in CommIF from overseas investors.  CommIF holds a strong track record in the social infrastructure market, showcasing its position as a leading investor and manager of PPP assets.”

AMP Capital was advised by King & Wood Mallesons, Deloitte and Altus Group.

CommIF invests in high-yield, brownfield, social infrastructure PPP assets in Australia and New Zealand in sectors such as education, health, justice, defence, community housing, recreational facilities and transport.  The fund now has 13 assets worth more than $650 million.

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Ms McElhinney will assume responsibility for the day-to-day portfolio management  of AMP Capital’s Community Infrastructure Fund (CommIF), which includes portfolio  optimisation, client interaction and investment activities.

She takes over from AMP Capital Head of Social and Aged Care Infrastructure  Julie-Anne Mizzi, who will retain overall accountability for the fund.

Ms McElhinney joined AMP Capital in December 2010 and has been an integral part of  the CommIF investment team as Asset Manager of a number of the fund’s key  assets.

Ms Mizzi said: “This promotion is in recognition of Andrea’s strong contribution  to the performance of CommIF.  With more  than 17 years’ commercial experience, Andrea’s familiarity with the fund,  detailed knowledge of the underlying assets and strong relationships with our  clients make her the ideal candidate to step up to a leadership role within the  team.

“I am delighted that we have been able to promote and recognise our strong internal talent as we position the Social and Aged Care Infrastructure business  for growth.”

The AMP Capital Community Infrastructure Fund provides investors with an unlisted  portfolio of high quality, Public Private Partnership-style social  infrastructure assets in Australia and New Zealand.  The fund focuses on  social infrastructure PPP assets within education, water, health, justice,  defence, community housing, recreational facilities, transport and other social  infrastructure sectors.

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AMP Capital Global Head of Infrastructure Equity Boe Pahari said: “When it comes to strengthening AMP Capital’s international investment capability, the Infrastructure Equity business has a key role to play. We have seen great momentum in the fundraising for our global infrastructure offering, which we launched last October, and there are also many more opportunities available to us going forward.

“Our priority now is to more closely align our global infrastructure offering and expertise in asset management and sector origination with the changing needs of our clients so we can capture these opportunities.”

The Global Infrastructure Equity team will increase its focus on products, services and functional expertise in Europe and Australia rather than on regions. As a result, Head of Infrastructure for Australia and New Zealand Paul Foster will leave the business. The role of Head of Infrastructure for Europe and the Americas, which was left vacant by Mr Pahari’s elevation to Global Head of Infrastructure Equity, will not be filled.

The Separately Managed Accounts and Origination functions will be merged and Michael Bessell, who is currently Global Head of Origination, will take on an expanded role as Head of Separately Managed Accounts & Origination, Australia and New Zealand.

The funds management team will also be combined to focus on delivering investment expertise across AMP Capital’s key sectors of energy/utilities, transport and airports. Michael Cummings, currently AMP Capital Infrastructure Equity Fund Manager, has been promoted to lead the team as Head of Australia and New Zealand Funds.

Social Infrastructure and Aged Care will be combined and headed up by Julie-Anne Mizzi, currently AMP Capital Community Infrastructure Fund Manager, as Head of Social & Aged Care, Australia and New Zealand.

Following these changes, AMP Capital’s Head of Customised Accounts, Infrastructure, Chris Wade, and Head of Listed Debt John Mitchell will also leave the business.

Mr Pahari said: “I’d like to thank Paul, Chris and John for their contribution to the business and I wish them well for the future. It is a reflection of the talent we have in AMP Capital’s Infrastructure Equity team that we have been able to expand responsibilities and promote from within. I look forward to working closely with Michael Cummings, Julie-Anne Mizzi and Michael Bessell in their new roles as we grow our business and seek to provide even better outcomes for clients.”

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AMP Capital Community Infrastructure Fund is to acquire a 100 per cent interest in the Partnerships Victoria in Schools Project.

The AMP Capital Community Infrastructure Fund (CommIF) is to acquire a 100 per cent interest in the Partnerships Victoria in Schools Project from the Royal Bank of Scotland.

This project involves the operations and maintenance of 11 school facilities, including eight primary schools, one secondary college, one primary-to-year-nine school and one primary-to-year-12 school, located in the Greater Melbourne area for the remaining 23-year term. The transaction is subject to relevant government and regulatory approvals.

AMP Capital Social Infrastructure Investment Director Julie-Anne Mizzi said: “The AMP Capital Community Infrastructure Fund has enjoyed a strong and active year and we’re pleased to be adding the Partnerships Victoria in Schools Project to our portfolio.

“Social infrastructure investments, such as this one, aim to give investors a stable, high-yielding income stream with the added benefit of having a positive impact on the local community. We’re finding there continues to be a lot of interest in this space.”

This is the third schools Public Private Partnership (PPP) acquisition completed by CommIF during the past 18 months. It follows the acquisition of a 49.99 per cent equity interest in the South East Queensland Schools PPP project in August 2013 and the purchase of the South Australian Schools PPP project in May 2012.

The acquisition increases CommIF’s interest to 35 schools in Victoria, Queensland, South Australia and New South Wales, with a capacity of more than 27,000 students.

CommIF is currently invested in nine social infrastructure assets in Australia and New Zealand worth approximately $1.2 billion in enterprise value, which incorporates the value of the equity and the debt. These include primary, secondary and tertiary education institutions and other assets in the health, justice, water and community sectors located in both Australia and New Zealand.

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AMP Capital moves into schools management and construction.

The AMP Capital Community Infrastructure Fund (CommIF) has acquired a 49.99 per cent equity interest in the South East Queensland Schools Public Private Partnership (PPP) project from the Commonwealth Bank of Australia.

The project has an enterprise value of over $250 million with a 26-year concession period remaining.

The project involves design and construction as well as the maintenance and operation of seven new schools which accommodate more than 5,790 students in the high-growth areas of the Sunshine Coast, Western Corridor, the Gold Coast and Redlands.

AMP Capital Investment Director Julie-Anne Mizzi said: “The South East Queensland Schools PPP project provides our clients with the opportunity to access stable, long term CPI-linked cash flows underwritten by availability-based payments from the Queensland Government.

“We have specialised knowledge of the asset class and PPP asset management and following this acquisition now manage a portfolio of 24 schools in New South Wales, Queensland and South Australia, under PPP arrangements. These schools provide education to more than 16,700 primary, secondary, early childhood and special education students.

“AMP Capital has an ongoing commitment to the Australian PPP market and CommIF is quickly becoming the partner of choice for secondary market social infrastructure assets in Australia and New Zealand,” Ms Mizzi said.

The AMP Capital Community Infrastructure Fund invests in social infrastructure PPP assets within the education, health, justice, defence, community housing, recreational facilities and transport sectors.

Following this acquisition the fund’s portfolio consists of eight social infrastructure concessions in Australia and New Zealand.

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