Ares Management Corporation and Australia-based AMP Limited have signed a non-binding agreement to pursue the formation of a A$2.25 billion ($1.7 billion) joint venture for AMP Capital’s private markets businesses of infrastructure equity and infrastructure debt, real estate and other private market investments.
The potential transaction would mean Ares would acquire 60% of private markets and assume management control, with AMP retaining 40%. AMP, which manages A$190 billion, and Ares will now enter a 30-day period of exclusivity, in a bid to work towards a binding transaction, according to . . .
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