Ashurst advises APG Asset Management on the creation of $1bn institutional investment platform

Ashurst has advised APG Asset Management on the establishment of a US$1 billion institutional platform to invest in the infrastructure sector in India. This is a strategic alliance between APG and Piramal Enterprises Ltd. (PEL), the diversified company belonging to the Piramal group, for investing in rupee denominated mezzanine instruments issued by infrastructure companies in India. Both partners have initially committed $375 million each for investments in the alliance.

This is one of the largest private sector commitments to the infrastructure sector in India and one of the single largest commitments to date by a foreign investor to the infrastructure sector in India.

The Ashurst team was led by Hong Kong-based corporate (investment funds) counsel Dean Moroz, assisted by associates Justin Seto and Winnie Sinn. Counsel Edward Bennett (Singapore) also assisted on matters of English law. Associates Mark Smith (Tokyo) and Akshay Kishore (Singapore) advised on the disputes aspects of the deal.

The in-house legal team at APG Asset Management Asia in Hong Kong led by Wim Hazeleger (President and General Counsel), Victor Kwok (Associate General Counsel) and Stephan Smeets (Senior Legal Counsel) played a lead role on the transaction advising Hans-Martin Aerts, Director and Head of Infrastructure, Asia, for APG.

Macquarie Capital acted as financial adviser to APG. APG and PEL were also advised by Khaitan & Co as Indian legal advisor.