Investments

Macquarie Private Infrastructure Fund

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High quality unlisted infrastructure exposure

Diversified across geography, sector, revenue driver and vintage

Access to the no. 1 infrastructure manager globally^

Track record of successfully investing in infrastructure assets since 1994

Seeking income and capital growth over the long term

Historically infrastructure has provided a hedge against inflation

Investment approach

Providing a unique, single entry point to Macquarie Asset Management’s global infrastructure platform, the Macquarie Private Infrastructure Fund offers wholesale Australian investors the exclusive opportunity to invest in institutional grade infrastructure.

The focus of the Fund’s unlisted infrastructure portfolio is to gain exposure to the sectors and geographic locations where Macquarie Asset Management possesses deep operational expertise and believes it has a competitive advantage. Such sectors include, energy and utilities, renewables, transportation, digital and communications, and other contracted infrastructure.

Through a fund-of-fund structure, infrastructure exposures are diversified by vintage, sector, geography, and revenue driver, offering the potential for a more stable risk-return profile.

^ IPE Real Assets 2024 Top 100 Infrastructure Investment Managers 2024, published in July/August 2024. The ranking is the opinion of IPE Real Assets and not Macquarie. No such person creating the ranking is affiliated with Macquarie or is an investor in Macquarie-sponsored vehicles. IPE Real Assets surveyed and ranked global infrastructure investment managers. The ranking is based on infrastructure AUM as at 31 March 2024. AUM is defined by IPE Real Assets as the total gross asset value of all assets managed and committed capital (including uncalled). There can be no assurance that other providers or surveys would reach the same conclusions as the foregoing.

Macquarie Private Infrastructure Fund

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Fund facts  
Investment objective The Fund aims to generate attractive risk-adjusted returns through a combination of income and capital growth over the long term.

The Fund provides exposure to equity, equity related and debt investments in unlisted infrastructure assets by investing in Unlisted Infrastructure Funds or Co-Investments. The Fund may also have exposure to listed infrastructure.

Please refer to the Fund’s Information Memorandum for further details, including risks associated with making an investment in the Fund, including heightened liquidity risk.
Fund size $A764.2m (current as at 30 September 2024)
Inception date 31 March 2021
Fees Please refer to the Fund’s Information Memorandum for information on fees.
Minimum investment $A100,000
Distribution frequency Generally expected to occur calendar quarterly.
APIR code MAQ8699AU

The Fund is available to wholesale clients (as defined in the Corporations Act 2001 (Cth)) only.

Researcher ratings

Zenith 1
'Recommended'

These reports are available to licensed financial advisers on request. Please contact your local Business Development Manager.

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Past performance is not a reliable indicator of future performance.

* Inception date for the Fund was 31 March 2021

** Total returns are calculated based on changes in net asset values and assumes the reinvestment of distributions.

Total net Fund returns are quoted after the deduction of fees and expenses. Due to individual circumstances, your net returns may differ from the net returns quoted above.

Risks

All investments carry risk. Different investments carry different levels of risk, depending on the investment strategy and the underlying investments. Generally, the higher the potential return of an investment, the greater the risk (including the potential for loss and unit price variability over the short or long term). The risks of investing in this Fund include:

Liquidity risk: The Fund will not accept redemptions during an initial lock-up period which ends on 1 April 2026 (Lock-up). Investments in the Fund should be considered illiquid especially during the Lock-up period. No public market exists for the units in the Fund and none is expected to develop. The Fund’s investments in the Unlisted Infrastructure Funds are generally illiquid and may be difficult or impossible to sell or redeem, either due to factors specific to the investment or to prevailing market conditions. This may mean that the Fund’s investments in Unlisted Infrastructure Funds are unable to be sold in a timely manner, potentially resulting in delays in redemption processing by the Fund or the suspension of redemptions by the Fund. We have the discretion to refuse any proposed transfer of units. Although we will seek to apply the liquidity mechanisms detailed in Sections 5.2 and 5.3 of this Information Memorandum in order to provide investors with limited liquidity, we may not be able to do so during certain periods or at all due to the Fund not having sufficient liquid assets.

Infrastructure sector risk: The Fund aims to provide exposure to both the global and domestic infrastructure sector by investing in funds which invest in infrastructure assets and infrastructure-related securities. The performance of these investments is likely to be correlated to the global and domestic infrastructure sector in general, and may be affected by factors such as the availability and cost of finance, availability of government funding or subsidies, the level of usage of infrastructure, the level of supply of infrastructure projects, prevailing interest rates, commodity prices (for example: electricity or fuel prices), government regulations as well as general market sentiment towards the sector as a whole. The coronavirus pandemic has affected, and may continue to affect, the use of and value and performance of certain infrastructure assets and may affect some types of infrastructure assets more than others (such as airports). Infrastructure assets generally include or require title to or access to land, and the assets may be impaired or adversely affected if that title or access is challenged or impeded. Further, the evaluation (and valuation) of infrastructure investments may be based on long-term estimates of matters (such as natural resource availability, asset life, stability of costs and/or demand or usage) that are by their nature difficult to predict, complex and uncertain. In all cases, projections are only estimates of future results that are based upon assumptions made at the time that the projections are developed. Projections are not guarantees or predictions of future performance, and there can be no assurance that the projected results will be achieved; actual results may vary materially, positively or negatively, from the projections.

Cash drag risk: The Unlisted Infrastructure Funds that the Fund invests in only draw down capital from their investors, such as the Fund, when needed to acquire the underlying investments. This can occur over a long period of time. In the meantime, capital committed by the Fund to an Unlisted Infrastructure Fund may be held as cash or cash equivalents. The result is that a significant amount of the assets of the Fund could be held in cash or cash equivalents at any time pending investment or drawdown. This would especially be the case where expected Unlisted Infrastructure Fund closings do not proceed or are delayed, or the drawdown of capital by an Unlisted Infrastructure Fund takes longer than expected. The return on cash and cash equivalents are expected to be significantly lower than the expected return on listed or unlisted infrastructure assets and as such, cash held by the Fund may lower the overall return of the Fund. If the amount of cash held by the Fund is significant, the ‘drag’ on the Fund’s return could be significant.

More information on the risks of investing in the Fund is contained in the Information Memorandum, which should be considered before deciding to invest in the Fund.

For more information on the Fund, including a copy of the Information Memorandum, please contact us using the below details.

Email

Macquarie Asset Management
Client Service
mam.clientservice@macquarie.com

Mail

PO Box R1723
Royal Exchange,
NSW 1225, Australia

For enquiries call

Toll free: 1800 814 523
International: +61 2 8245 4900
Monday to Friday 8:30am – 5:00pm AEST

Available investment platforms

  • BT Panorama
  • FirstWrap
  • Hub 24
  • Macquarie Wrap (Inv Manager & Consolidator)
  • Mason Stevens
  • Netwealth
  • PowerWrap
  • Xplore

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1 The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned MAQ8699AU December 2024) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.

This information has been prepared by Macquarie Specialist Investment Management Limited (ABN 84 086 438 995 AFSL 229916) the issuer of units in the Fund referred to above. The Fund referred to above is only open to investment by wholesale clients (as defined in section 761G of the Corporations Act). The information on this page is general information only and does not take account of investment objectives, financial situation or needs of any person. It should not be relied upon in determining whether to invest in the Fund. In deciding whether to acquire or continue to hold an investment in the Fund, an investor should consider the Fund's information memorandum. The information memorandum is available by contacting us on 1800 814 523. This information is intended for recipients in Australia only.