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Macquarie Capital Funds Macquarie European Infrastructure Fund 1 Macquarie European Infrastructure Fund 2 Macquarie European Infrastructure Fund 3 Directors of Macquarie Capital Funds (Europe) Limited (MCFEL)  
 
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About Macquarie Capital Funds (Europe) Limited

Macquarie, through Macquarie Capital Funds, is a global leader in the creation and management of specialist funds which focus on infrastructure, real estate and adjacent sectors. As at 30 September 2009, Macquarie managed approximately €78bn of equity through a range of listed and unlisted vehicles investing in toll roads, airports, communications infrastructure, renewable energy, utilities, transport, directory services and aged care and commercial real estate.

This global investment portfolio includes businesses located in Belgium, Denmark, Finland, France, Germany, the Netherlands, Poland, Spain, Sweden and the United Kingdom.

As a responsible manager, Macquarie is committed to providing information in relation to its funds and the companies in which they invest, and to meeting relevant guidelines in this respect.

Infrastructure funds

Macquarie is a committed long-term investor in infrastructure and we aim to manage the businesses in which we invest profitably and responsibly. We take a partnership approach, working with local management teams and bringing specialist strategic, commercial, operational and financial expertise. Within Macquarie Capital Funds we have a global team, many with deep operational expertise, supporting the businesses in which we invest. Specific industry-based teams, such as airports and utilities, enhance the performance of these businesses over the long term.

Real estate funds

In real estate, Macquarie is a market leader in funds management, advisory, property management and related real estate activities, including the sponsorship, establishment and management of specialist listed and unlisted Real Estate Investment Trusts (REITs) and unlisted investment vehicles.

In the UK, Macquarie real estate has formed a long-term management agreement with Storage King Europe to brand and manage self storage facilities. We have acquired 18 facilities as at 31 December 2008 comprising a mixture of new and existing stores, making us the fifth largest owner of storage assets in the UK. We will continue to grow the portfolio with a view to creating a fund platform once the asset pool reaches a suitable size.

For more information please email mrece@macquarie.com or telephone +44 (0) 20 3037 2574.

Other specialist funds

In addition to its flagship infrastructure funds, Macquarie Capital Funds also manages a number of non-infrastructure funds including private equity funds.

Macquarie European Infrastructure Funds

Funds managed by MCFEL include:

Macquarie European Infrastructure Fund 1

Macquarie European Infrastructure Fund 2

Macquarie European Infrastructure Fund 3

Macquarie European Infrastructure Fund 1, Macquarie European Infrastructure Fund 2 and Macquarie European Infrastructure Fund 3 are 10 year funds, with options to extend by two years at the discretion of their manager, and a further two years with the consent of their investors. These funds take a long-term perspective when acquiring and managing assets, seeking to develop investments profitably and responsibly. They are committed to providing relevant information in relation to both themselves and the companies in which they invest, and to meeting relevant guidelines in this respect, including the British Venture Capital Association's 'Guidelines for Disclosure and Transparency in Private Equity'.

MCFEL also acts as adviser to other Macquarie Group investment vehicles that have interests in Europe.

The majority of investors in MCFEL’s funds are public/industry and corporate pension funds. A summary of investors in Macquarie’s European infrastructure funds, by type and by region, is provided in the following charts.

Investor breakdown by type - Macquarie European Infrastructure Funds


Investor breakdown by type – Macquarie European Infrastructure Funds (as of December 2008)

Investor breakdown by region - Macquarie European Infrastructure Funds

Investor breakdown by region – Macquarie European Infrastructure Funds (as of December 2008)

The governance structure that MCFEL applies to the funds it manages is outlined below.

An Investment Committee staffed by senior employees of Macquarie Capital Funds is responsible for investment decisions for the funds.

Day-to-day management of the funds’ affairs is delegated to a Management Committee, comprising senior staff including industry specialists with skills and experience specific to the businesses within the funds’ portfolio. The Management Committee is supported by Macquarie Capital Funds staff working in sector-based teams such as Airports, Toll roads, Communications etc. Additional teams of professional staff oversee specific functions including legal, company secretarial, compliance, finance, taxation, corporate communications and investor relations.

An Advisory Panel, a consultative body made up of individuals with experience in areas that fall into the funds’ investment focus, provides advice to the Manager from time to time on a range of industry sub-sectors and European jurisdictions. The role of the Advisory Panel is to:

  • provide an external viewpoint on strategic and commercial issues
  • provide valuable local input in relation to investments and the countries where they are located
  • identify investment opportunities and facilitate the investment process.

An Investors’ Prudential Review Committee (IPRC), comprised of a number of the funds’ major investors, provides a forum for communication with the Manager and to approve certain matters. The role of the IPRC includes:

  • approving any related-party transactions proposed by the Manager (including on a standing basis) by confirming that such transactions are on an arm’s-length basis
  • approving the appointment of the independent auditors of the fund
  • approving any variations to a funds’ investment policy and investment restrictions.

Macquarie Capital’s European funds are managed by Macquarie Capital Funds (Europe) Limited (MCFEL). MCFEL is a wholly-owned member of the Macquarie Group, and is authorised and regulated by the Financial Services Authority under the UK Financial Services and Markets Act 2000.

MCFEL is resourced by executives of Macquarie Capital Funds. Its Directors are:

Andrew Hunter
Ian Learmonth
Martin Stanley
Robert Tallentire

As manager of Macquarie’s European funds, MCFEL’s role includes:

  • sourcing, assessing and negotiating potential investments
  • managing the funds’ investments, including appointing representatives to the boards of portfolio companies where appropriate
  • determining appropriate liquidity strategies for the funds
  • identifying and assisting with strategic enhancements within portfolio companies.

Non-European based funds

Macquarie and its joint venture partners offer both institutional and private investors the opportunity to access infrastructure and other investments via the following listed and unlisted investment vehicles.

Listed infrastructure vehicles

Listed real estate investment trusts

Unlisted infrastructure funds

  • Global Infrastructure Fund (GIF) is a 10-year closed end fund focusing on infrastructure investments in OECD countries.

  • Global Infrastructure Fund II (GIF II) is a 10-year closed end fund focusing on infrastructure investments outside of Australia.

  • Global Infrastructure Fund III (GIF III) is a 10-year closed end fund with a focus on infrastructure or infrastructure-like assets in the OECD and currently open to new investors with final close date of 31 March 2008.

  • Macquarie Essential Assets Partnership (MEAP) is Canada's first fund focusing on essential infrastructure assets.

  • African Infrastructure Funds - Macquarie currently has two closed end infrastructure funds investing predominantly in South African infrastructure projects.

  • ZonesCorp Infrastructure Fund - ZIF focuses on investments in infrastructure and related assets located in industrial and commercial zones, predominantly in Abu Dhabi. Projects are largely Greenfield in nature.

Unlisted property funds

  • Macquarie Direct Property Fund - MDPF is an open ended, unlisted property fund that invests in a growing portfolio of direct, unlisted wholesale funds and listed property securities.

  • Macquarie Property Income Fund - MPIF is an unlisted, open ended geared property securities fund that aims to provide relatively high levels of after tax income from an underlying portfolio of listed property securities.
Related pages Related pages
Macquarie Capital Funds' global portfolio
 
Macquarie-sponsored OECD report on global infrastructure needs
 
Global pioneer in infrastructure investment
 

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