AMP Capital’s AMP Capital Infrastructure Debt Fund has secured its first U.S. investor and completed its fourth close, raising €326 million ($435 million) from 21 institutional investors in Japan, the United States, the United Kingdom, Australia and Hong Kong.

The fund targets defensive assets within OECD countries with high barriers to entry, a regulated environment and strong industry positions, providing investors with the potential for attractive risk-adjusted returns in the form of high cash yields over the long term.

AMP Capital Global Head of Infrastructure Debt Andrew Jones said strong fund-raising efforts had exceeded expectations since the first close of the fund on Dec. 15, 2010.

AMP Capital said it had won a €37 million ($49 million) allocation from an undisclosed U.S. pension investor. The fund announced its first U.K. pensi