Mr Fitzpatrick will join AMP Capital from North Queensland Airports where he held the position of Corporate Finance Manager, responsible for long term forecasting, shareholder and bank relationship management and board reporting.

At AMP Capital, he will work alongside David on the airport portfolio’s asset management strategy, client relationship management, and future transaction activity.

Commenting on the appointment, AMP Capital’s Co-Head Infrastructure Michael Cummings said, the changes within AMP Capital’s Airports team would maintain the business’ leading position in the sector and allow it to take advantage of opportunities as they arise.

“The promotion of David and appointment of Dan enables us, particularly in a post Dexus acquisition world, to continue to drive sustainable and long-term value outcomes from the management of our existing airport infrastructure assets and future growth opportunities.”

“Dan’s understanding of aviation as a previous strategy leader at Melbourne Airport, where he managed annual strategic planning and forecasting, shareholder relationship management and major customer negotiations underpins his sector credentials, and complements David’s exceptional portfolio management expertise.”

AMP Capital’s domestic Airports team manages a 27.32% investment in Australia Pacific Airports Corporation Limited (parent entity of Melbourne Airport and Launceston Airport) and a 50% investment in Port Hedland International Airport.

Mr Fitzpatrick will join AMP Capital on Monday 15 August.

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Bopha Ly

AMP Capital has announced the appointment of Bopha Ly to the key role of Managing Director, Energy for AMP Capital’s Infrastructure Equity business. In this role, Ms Ly will be responsible for AMP Capital’s energy infrastructure investments, including Endeavour Energy, Macarthur Wind Farm, and Powerco in New Zealand.

Ms Ly is highly regarded across the energy sector and has almost 24 years’ industry experience. Ms Ly joins AMP Capital from AGL Energy, where she held several senior roles, most recently as Head of Corporate Development and led much of AGL Energy’s M&A activity across the energy division.

During her 14 years at AGL, Ms Ly led a number of transactions in energy infrastructure, retail/mass market, home connection services and upstream oil and gas, as well as venture capital investments in smart home and distributed energy resources technology companies.

Michael Cummings, AMP Capital Co-Head Infrastructure Equity Australia & NZ said, “We are delighted that Bopha is joining AMP Capital to lead our Energy team. In appointing Bopha, we have secured an energy sector executive of the highest calibre with incredibly deep sector experience.

“It’s an exciting time right now in the energy sector, as the drivers of decarbonisation, decentralisation and digitisation are accelerating the transition to a sustainable future. Bopha’s technical expertise along with her broad industry relationships, positions her well to lead the work already underway across our infrastructure platforms on behalf of our investors. She will also assist us to build and develop new projects in the fast-paced energy field.”

Ms Ly holds a Bachelor of Economics from UNSW and a Graduate Diploma of Applied Finance and Investments through FINSIA and will join AMP Capital from 18 October 2021.

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Michael Cummings

AMP Capital’s Diversified Infrastructure Trust (ADIT) has been ranked by GRESB Infrastructure as the number one infrastructure fund globally for its environmental, social and governance (ESG) performance.

GRESB is an organisation that assesses the ESG performance of real assets around the world. AMP Capital is a co-founding member of GRESB Infrastructure and has worked collaboratively with other leading institutions to develop the global standard, which was launched in 2015 to look at infrastructure entities.

GRESB’s inaugural 2016 infrastructure report included submissions from 51 funds and 134 infrastructure assets from across 53 countries. ADIT was rated number one in the world with an overall average GRESB score of 55 and was the only infrastructure fund to receive a score above 50. This score is a combined ranking of the fund and its underlying assets, which include Melbourne Airport, Interlink (Sydney’s M5 motorway) and Powerco in New Zealand.

AMP Capital Head of Australia and New Zealand Infrastructure Equity Funds Michael Cummings said: “AMP Capital has been a pioneer in the ESG space and ESG is a key consideration within our investment processes across the organisation. Subsequently, ADIT and its assets have had strong and well established ESG policies in place for many years now and I’m delighted this commitment to ESG has been recognised by GRESB. The result also indicates the strong correlation between positive ESG performance and strong financial performance as ADIT is also the number one performing unlisted Australian infrastructure fund over a three and five-year period, according to the Mercer Investment Performance Survey.

“Institutional investors increasingly want to invest in infrastructure funds and assets that have strong ESG credentials as they provide a positive correlation with comprehensive risk management policies and sustainable financial performance. A recent Preqin report indicated that more than 50 per cent of global investors now consider ESG as a key component of investing in infrastructure, which is a higher percentage than any other asset class. We believe ADIT’s world-beating ESG performance will make it acompelling prospect for infrastructure investors in Australia and also Asia where the fund is attracting interest from pension funds and other institutional investors.”

ADIT is one of the longest-running infrastructure funds in the world. Established in 1995, it holds a diversified portfolio of quality, mature infrastructure assets in Australia and New Zealand and aims to generate stable, long-term returns.

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Michael Cummings

AMP Capital has renamed its long-standing Infrastructure Equity Fund the AMP Capital Diversified Infrastructure Trust (ADIT) and announced a capital raising program that aims to attract A$300 million from new and existing institutional investors in Australia and New Zealand.

ADIT has also been restructured to become a stapled trust, which will increase the fund’s ability to acquire new assets by removing the limitation that prevents it from acquiring controlling stakes in operating businesses. This move will broaden ADIT’s investment universe, enhancing its ability to deploy capital and increase its diversification. It will also help ADIT to attract and raise new equity commitments.

The Infrastructure Equity Fund was launched in 1995 and is one of the longest-running infrastructure funds globally. It holds a diversified portfolio of quality, mature infrastructure assets in Australia and New Zealand and aims to generate stable, long-term returns. Its assets include Melbourne Airport, Powerco New Zealand, Sydney University Village and the M5 Interlink Roads.

AMP Capital Head of Australia and New Zealand Infrastructure Equity Funds Michael Cummings said:”ADIT’s investment proposition is as compelling as ever, 21 years after it was launched. However, wewanted to modernise the fund’s structure to make it more attractive to today’s investors and to improve itsability to raise and deploy capital.

“We expect deal flow to be strong in Australia for the remainder of 2016 particularly in the mid-marketrange, which is where we focus, as this is where we see the best relative value is for our investors. Moreopportunities mean an increased level of transaction activity within the fund, which will be enhanced bythe new stapled structure that enables ADIT to acquire controlling stakes of target assets. With this inmind, we have launched a capital raising of up to A$300 million in anticipation of the stronger deal flow forthe next six to 12 months and would like to increase ADIT’s exposure to sectors such as transport, portsand student housing in particular.”

ADIT has performed strongly over one, three and five years, with returns (to June 2016) of 20.3 per cent,17.8 per cent and 15.7 per cent, respectively (net of fees and including franking credits). Performancehas improved after the portfolio was rebalanced towards core assets. According to Mercer, ADIT is thebest performing Australian infrastructure fund for three and five-year periods to 31 May 2016 and thesecond-best performing Australian infrastructure fund for the one-year period to 31 May 2016.

Mr Cummings added: “Low bond yields, market volatility and a growing appreciation of the attractive risk adjusted returns that infrastructure can achieve have all contributed to increased interest in the asset class globally. Australian investors have been at the forefront of infrastructure investment for many years now and we are continuing to see greater allocations to it. This has also been helped by a renewed focus on infrastructure development by the state and federal governments. The new-look ADIT is well placed to take advantage of the myriad opportunities in the market for our investors.”

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Michael Cummings

AMP Capital and Infrastructure Capital Group (ICG) have secured approval from Town of Port Hedland Council to take over the 50-year lease of its international airport for $205 million.

The consortium of AMP Capital and ICG was awarded the lease of Port Hedland International Airport in Western Australia during a special council meeting in Port Hedland last night.

The consortium will pay the Town of Port Hedland Council $165 million upfront and will invest a further $40 million to redevelop the airport during the next five years.

AMP Capital’s Infrastructure Equity Fund will take a 44 per cent stake in the asset and AMP Capital’s Core Infrastructure Fund will take a 6 per cent stake, with the remaining 50 per cent being held by ICG’s Diversified Infrastructure Fund.

AMP Capital Head of Australia and New Zealand Funds Michael Cummings said: “We’re delighted that Town of Port Hedland Council has approved our bid with ICG for the lease of Port Hedland International Airport. AMP Capital is an experienced long-term investor in airports and we are pleased to include this airport in our global portfolio, which already includes Melbourne and Launceston airports in Australia and Newcastle Airport in the UK.

“We and our investors like the fact Port Hedland International Airport is a strategically-located asset servicing one of the world’s largest commodity export ports, it has stable cash flows from both the airport’s aeronautical and non-aeronautical businesses, and there is significant scope for the consortium to add value through investment in the terminal and improving the airport’s retail offering. We look forward to working with the Town of Port Hedland Council and the local community going forward.”

ICG Managing Director Tom Laidlaw said: “Port Hedland International Airport is a unique asset. It is a critical piece of infrastructure for Port Hedland and the local resources industry and, as such, has characteristics that make it a great fit for our investors such as stable cash flows and the fact the nearest airport is some 250 kilometres away. We are pleased to partner with AMP Capital and the community to deliver the best outcome for the airport’s customers and the Town of Port Hedland. We are also very excited at the prospect of developing and implementing a new master plan for Port Hedland International Airport that, once completed, will enhance the passenger experience at the airport.”

Port Hedland International Airport is the gateway to Western Australia’s North West and the booming Pilbara region. Located approximately 1650 kilometres north of Perth on the Pilbara coast, the airport accommodates an estimated 500,000 passengers every year and has nearly 70 flights a week, with daily flights to Perth and direct weekly flights to Brisbane, Melbourne and Bali.

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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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