Ashurst has helped establish a funds-management company’s maiden fund.
The international firm counselled Assembly Funds Management (AFM) on the formation of Australian Diversified Property Fund 1 (ADPF1).
AFM surpassed its initial target of $125m for the first close of the unlisted, closed-ended real estate fund, raising $150m in September. The funds manager expects to raise about $350m for ADPF1.
Partner Anton Harris headed the Ashurst team. He was supported by senior associate Jonathan Scott. Partners Barbara Phair, Sanjay Wavde, Jennie Mansfield, and Anita Cade also provided advice for the transaction.
Ashurst recently acted in the world’s first sustainability-linked fund financing. It advised ING, which provided a three-year revolving loan facility of up to US$65m to Quadria Capital Fund II. Quadria’s payments will depend on how well it performs against environmental, social, and governance.
The firm also recently helped start-up Brighte on its latest equity capital raising.