AIMCo commits $300m to Macquarie’s second Asian fund

Canadian pension manager makes ‘cornerstone commitment’ to the vehicle, whose predecessor closed on $2.3bn last year.

Alberta Investment Management Corporation has committed $300 million to Macquarie Infrastructure and Real Asset’s second Asian infrastructure investment vehicle, according to a law firm representing the Canadian pension manager.

London-based Ashurst said in a statement AIMCo has made a “cornerstone commitment” to Macquarie Asia Infrastructure Fund II. Dean Moroz, the firm’s head of private investment funds in Asia, said AIMCo’s investment “underscores both the current trend in the market towards very large fundraisings getting off successfully and the advantage that being a cornerstone investor, with a significant capital commitment, brings to being able to negotiate favourable investment terms”.

AIMCo allocates around 5.5 percent of its portfolio to infrastructure investments. It is one of Canada’s largest institutional investment managers with more than $95 billion in assets under management.

MIRA’s first Asian infrastructure fund closed in February 2016 at $2.3 billion. The vehicle is backed by investors in Asia, North America and Europe, including New Mexico State Investment Council and PGGM.

Sydney-based MIRA has been investing in Asian infrastructure since 1994, where it currently manages more than 50 infrastructure assets. Across Asia-Pacific, MIRA-managed funds have more than $10 billion of infrastructure assets under management and another $5 billion in real estate, agriculture and energy.