MIRA closes fourth North American infrastructure fund with $3 billion in commitments, taking global fundraising to $11 billion in two years
New York, 30 September 2014
- $2bn target exceeded as Macquarie Infrastructure Partners III hits its $3bn hard cap
- Institutional investors increasingly recognizing benefits of well managed infrastructure
Macquarie Infrastructure and Real Assets (MIRA), a division of Macquarie Group (ASX: MQG; ADR: MQBKY), today announced the final close of Macquarie Infrastructure Partners III (MIP III) after reaching its $3 billion hard cap. MIP III is MIRA’s fourth unlisted infrastructure fund in North America, and follows the Macquarie Essential Assets Partnership in 2004, MIP I in 2007 and MIP II in 2010.
With the closing of MIP III, MIRA has raised $11 billion worldwide over the last two years – including a fourth European infrastructure fund that closed with $3.5 billion in commitments in 2013 - consolidating its position as the world’s largest infrastructure asset manager and a leading alternative asset manager. MIRA managed funds have more than $50 billion of equity under management in infrastructure, real estate, agriculture and energy.
“Increasingly, institutional investors recognize the important role that infrastructure investment can play in their asset portfolios. However, investing in infrastructure requires a specialized, patient and responsible approach which demands careful selection of managers” said Martin Stanley, Global Head of MIRA. “MIRA has 20 years’ experience, an established track record and a firm focus on the needs of our investors and we are indebted to our institutional investors around the world for their continued support.”
MIP III successfully attracted commitments from a globally diverse group of returning and new investors including US and European public and private pension plans, insurance companies, corporations, endowments, foundations, and sovereign wealth funds. MIP III will seek investment opportunities in transportation, communications, utilities, power, energy, and waste management assets.
“The North American private infrastructure landscape has continued to evolve since the days of our first North American fund over 10 years ago,” said Christopher Leslie, CEO of Macquarie Infrastructure Partners. “We are pleased with the number and quality of investment opportunities we are seeing across the United States and Canada. The U.S. market, in particular, requires significant investment to upgrade and expand its infrastructure and there is a real opportunity for private investors to help meet that need. We remain committed to investing in the region and believe that our proven track record and long history make us a partner of choice.”
MIP III has committed over $500 million of the fund to investments, including the Goethals Bridge Replacement Project in New York Harbor. MIRA has been investing in North American infrastructure since 2001 and has committed more than $17.3 billion of equity in over 57 infrastructure assets in the region.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services acting on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 70 office locations in 28 countries. Macquarie employs approximately 13,900 people and has assets under management of over US$396 billion (as of March 31, 2014). Macquarie Infrastructure and Real Assets (MIRA), a division of Macquarie, is the world’s largest infrastructure asset manager with growing portfolios in real estate, agriculture and energy. MIRA manages US$105 billion of assets under management across 27 countries (as of June 30, 2014).
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