Mallesons Stephen Jaques acted for AMP Capital Investors on the establishment of a US$102 million ($138 million) capital raising for The Infrastructure Fund of India. The fund invests in businesses involved in the development, ownership or operation of infrastructure in India.
Managed by AMP Capital out of Singapore, the fund has a range of Australian, Asian and multilateral investors. Its establishment and financing is governed by English law and meets market standards for international investment funds.
John Sullivan was Mallesons’ lead partner on this deal, assisted by solicitor Natalie Kurdian. “There were a number of jurisdictions involved. The underlying assets of the fund are in India, but the fund itself is established in Mauritius,” Sullivan said.
The transaction involved Mauritian and Indian lawyers, a company based in Singapore, a multilateral investor based in Manila and negotiations in Hong Kong. It also required the development of a novel capital structure designed to replicate a partly paid structure and achieve the commercial outcome without partly paid securities.
Phil Garling, AMP Capital Investors head of infrastructure, said the capital raising was a significant initiative, as the fund seeks to expand its Indian infrastructure business and “capitalise on significant investment opportunities there and elsewhere in the region”.
In acting on this matter, Mallesons negotiated and prepared all documentation, participated in the fund’s due diligence steering committee, co-ordinated Mauritian and Indian advisers and gave legal opinions on both English and Australian law matters.
The multilateral investor added interest to the transaction, because “they have quite stringent requirements on them and what they can invest in terms of environmental and social policy”.
“That flowed through into the documentation,” Sullivan said.