Moscow, 28 June 2013
Macquarie Infrastructure and Real Assets (MIRA), today announced completion of a restructure agreement with members of Renaissance Capital and Renaissance Group which will see MIRA assume sole management of the infrastructure fund the groups previously co-managed. The Fund will be renamed Macquarie Russia & CIS Infrastructure Fund (MRIF).
As part of the milestone transaction, Macquarie doubled its equity commitment to MRIF to US$100 million, following its acquisition of Renaissance Capital Holdings Limited’s commitment to the fund. The restructure was supported by the Fund’s investors and represents a significant step for Macquarie in Russia and CIS, as it looks forward to continued growth in the region.
“We’ve been very pleased with the investments the Fund has made over the past four years, and we are actively looking for new opportunities in transportation, energy and other sectors that provide essential services,” said Aaron Rubin, CEO of MRIF. “We would like to thank Renaissance for their partnership and support during the development of the Fund.”
“Governments in the CIS region recognise the significant need to renew and expand infrastructure to facilitate economic growth. The Russian Government in particular has emphasised the role of the private sector investment to help address this need,” added Martin Stanley, Global Head of MIRA. “Macquarie and its managed Funds are committed to playing a long-term role in this process.”
MRIF is the only major private infrastructure fund dedicated to investing directly in infrastructure in Russia, Kazakhstan and other key CIS markets. It is managed by MIRA’s experienced team in Russia and Kazakhstan, part of a global network of 400 executives managing MIRA’s infrastructure investments on a regional basis, located where the businesses are. MIRA’s global fund raising totalled US$9.3 billion in the past two years, including new infrastructure funds in Korea, the Philippines and China, and a Mexican Real Estate Investment Trust.
About Macquarie Russia & CIS Infrastructure Fund (MRIF)
MRIF is the leading private infrastructure investment fund in Russia/CIS. It has US$630 million of commitments: MRIF’s investors include cornerstone investor Vnesheconombank (the Russian State development bank), Eurasian Development Bank, European Bank for Reconstruction and Development, the International Finance Corporation, Kazyna Capital Management (a subsidiary of the Kazakh sovereign wealth fund) and Macquarie.
MRIF has made four investments in diversified infrastructure sectors, including transportation (Brunswick Rail), power (OGK-5 and GSR Energy) and telecommunications (Russian Towers). MRIF is the only major private infrastructure fund in Russia/CIS with a team of 12 dedicated full-time employees in Russian and Kazakhstan. It continues to actively seek quality investments and enjoys strong relationships with leading market players.
The fund is managed by Macquarie Infrastructure and Real Assets.
About Macquarie Infrastructure and Real Assets (MIRA)
MIRA is part of Macquarie Funds Group, the asset management arm of Macquarie Group (Macquarie), a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie employs more than 13,600 people in 28 countries and has over US$360 billion1 in assets under management.
Macquarie pioneered infrastructure as an asset class almost 20 years ago. Today it is the world’s largest manager of infrastructure and also has a growing portfolio in real estate, agriculture and energy investments. MIRA has assets under management of US$101 billion in 114 portfolio businesses, ~300 properties and 3.6 million hectares of farmland.
Investing on behalf of pension funds and other institutions, MIRA has a track-record of responsible, profitable management. Its team of approximately 400 executives around the world, many with significant operational expertise at senior levels, contribute materially to the sustained success of MIRA’s portfolio companies and the communities they serve.