AMP Capital has been appointed as the investment manager of a major new infrastructure fund being established by Irish Life Investment Managers.
The Fund will seek to invest in infrastructure assets in Ireland – including assets being disposed of by the Government and commercial State enterprises and new investment projects, according to AMP Capital.
Irish Life Investment Managers chief executive Gerry Keenan said: "We expect considerable investment opportunities to emerge in the coming years with infrastructure assets which have traditionally been closed off from outside investment. This fund aims to provide long-term investors with a stable income yield, as well as the potential for capital growth from a substantial portfolio of assets which underpin the Irish economy."
The new fund – Irish Infrastructure Trust – will target investment in Irish assets, including those designated for disposal by the Irish Government and Irish commercial State enterprises, and also in new infrastructure projects in Ireland.
It will seek up to €1 billion from global and Irish institutional investors, and has already received investment commitments of €300 million from institutional funds, including €250 million from the National Pensions Reserve Fund (NPRF).
NPRF chairman Paul Carty said: "This commitment by the NPRF is a significant building block in the establishment of a strategic investment portfolio that is focused on investments in Ireland. It has the added benefit of allowing the NPRF to fulfil its goal of investing on commercial terms and alongside other investors in Irish infrastructure."
