AMP Capital, an Australian investment manager with $98 billion in assets under management, has raised an initial €241 million ($357 million) for its infrastructure debt fund and made its first investment in an undisclosed U.K.–based train leasing company. The fund secured commitments from 12 institutional investors including China Life Insurance Co.

The portfolio will consist of investments in the subordinated debt of 10 to 15 companies from OECD countries in the essential services of water, gas, electricity, transport and hospitals. The fund will target defensive assets with high barriers to entry, a regulated environment, highly visible cash flows and strong industry position. AMP Capital has expanded its ove