GLOBAL - AMP capital has attracted the first US pension fund to its €326m global infrastructure debt fund.
The unnamed public pension plan has committed €37m, enabling the manager to achieve its fourth closing of the fund.
The commitment reflects a willingness on the part of some US investors to forego capital growth in favour of predictable returns, according to Andrew Jones, global head of infrastructure debt at AMP Capital.
He said: "When they think of allocating, US investors tend to have a private-equity mindset focused on higher risk and return, but we've seen a shift over the past four-to-six months."
At least two more US pension schemes are currently carrying out due diligence on the fund, which invests in the subordinated debt of infrastructure assets in mature markets in Europe, the US and Australia.
The fund has attracted commitments from 21 institutional investors across Japan, US, UK, Australia and Hong Kong.
It has completed its fourth investments or the fund, arranging a £50m subordinated debt facility for UK airport operator BAA.
In separate news, the head of Colombia's recently formed National Infrastructure Agency this week urged UK capital-owners to invest in state-sponsored programme of public-private partnerships over the next two years.
The Colombian government claims annual investment in the programme will reach $7bn (€5.26bn) by 2014. It has already sent 25 contracts for the development of highways, two for railway concessions.
In a presentation promising "prosperidad para todos" - prosperity for all - agency head Luis Fernando Andrade Moreno anticipated a 100% increase in highways, a 50% increase in railways, a 50% increase in port capacity, and a 35% increase in airport passengers by 2014.
Andrade, who started in the job in January, also pointed to investment opportunities in the second construction phase of the $32m Baranquilla Airport development starting next year.
Institutional investors in Latin American real estate and infrastructure markets - notably Canadian pension schemes - have tended to favour Brazil and Chile. Yet despite continuing political and security risks in the Colombian market, the Economist Intelligence Unit forecasts Colombian GDP to expand by 4.4% this year, supported by resilient domestic demand, before climbing to 4.8% in 2013-2016.
