London, 28 January 2021
Dutch asset manager MN has selected Macquarie Infrastructure Debt Investment Solutions (“MIDIS”) to invest €1.25 billion in infrastructure debt on behalf of Pensioenfonds Metaal & Techniek (“PMT”) and Pensioenfonds Metalektro (“PME”).
MIDIS secured the mandate following an extensive selection process conducted by MN and will be responsible for building a diversified portfolio of debt investments in Western Europe across the renewable energy, transport, telecommunications and social infrastructure sectors. The mandate represents the first allocations to infrastructure debt made by PMT and PME, which manage a combined €143 billion for employees and businesses in the Dutch metal industry.
Tim Humphrey, Co-Head of MIDIS, said: “We are delighted that MN has selected MIDIS to manage the first investments by PMT and PME in infrastructure debt. The asset class is increasingly being recognised by pension funds for the attractive risk-adjusted returns and defensive characteristics it can bring to a portfolio. Infrastructure debt has proven its resilience during the pandemic, and we expect to see more institutional investment flow into the sector.”
Markus Schaen, Senior Fund Manager at MN, said: “This mandate offers PMT and PME a positive opportunity to further diversify their portfolios and gain exposure to this growing asset class.”
This latest mandate builds on MIDIS’ strong fundraising momentum over the past 12 months, following the final close of its flagship funds for global investment grade and sub-investment grade strategies. MIDIS has raised in total more than €11 billion from clients via pooled strategies and separately managed accounts over the past nine years, now including almost €1.5 billion from Dutch investors.
MIDIS is one of the world’s largest infrastructure debt managers, financing the development and operation of more than 120 infrastructure assets relied on by communities and economies. In the Netherlands, MIDIS manages debt investments in three infrastructure businesses across the green energy and transport sectors.
Macquarie Infrastructure Debt Investment Solutions (MIDIS) was established in 2012 and has quickly become one of the world’s largest infrastructure debt asset managers – raising more than €11 billion in commitments from some of the world’s most prominent institutional investors for its investment grade and sub-investment grade strategies.
MIDIS is part of Macquarie Asset Management (MAM) – the asset management arm of Macquarie Group. MAM is a top 50 global asset manager, providing investment solutions to clients across a range of capabilities, including infrastructure and renewables, real estate, agriculture, transportation finance, private credit, equities, fixed income and multi-asset solutions. As at 30 September 2020, MAM had €339 billion of assets under management.
Macquarie Group is a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs 15,849 people in 31 markets.
MN is one of the largest pension administrators and asset managers in the Netherlands. With over 65 years of experience in these fields, MN manages assets worth more than €170 billion for a variety of pension funds in the Netherlands.
Pensioenfonds Metaal & Techniek (PMT) is the largest market pension fund in the Netherlands. The fund manages pension rights for approximately 34,000 companies and over 1.4 million scheme participants in branches such as metalworking, insulation and installation technology, automotive, bicycle industry and cooling technology. PMT has approximately €85 billion in assets under management.
Pensioenfonds Metalektro (PME) pension fund manages the pension rights of approximately 625,000 scheme participants in the metal and technology industry. The sector comprises 1,390 large and medium-sized companies. PME has approximately €58 billion in assets under management, making it the fifth largest fund in the Netherlands in terms of assets.