Exclusive: Macquarie to launch fifth Euro fund in January

The Australian firm is looking to start exiting assets from MEIF2 after agreeing to sell the UK’s Airwave to Motorola for £817.5m.

Macquarie Infrastructure and Real Assets (MIRA) is on the starting blocks of its latest European fundraising effort with a fund launch scheduled for January next year.

Investors with knowledge of the firm told Infrastructure Investor that Macquarie European Infrastructure Fund 5 (MEIF5) will have a target similar to that of its predecessor, which reached a final close in April 2013 on €2.75 billion.

MEIF4 is now more than four-fifths committed, sources said.

It is also understood that the fund will be complemented by a co-investment vehicle so as to bulk up the firm’s firepower when bigger, attractive assets come to market, though sources added it would likely be smaller than the main fund.

MEIF4 Co-Investment Fund was closed in 2013 on €2.19 billion, according to Infrastructure Investor Research & Analytics. MIRA is looking to hold a first close within six to nine months, investors said.

Macquarie declined to comment.

Next year should also see MEIF2, which a source described as “mature”, start realising assets. The first one will likely be Airwave, the company that runs the UK’s emergency services telecom and which telecom group Motorola agreed to buy last week for £817.5 million (€1.1 billion; $1.2 billion).

Other assets held in the €4.6 billion, 2009-vintage vehicle include French motorway network Autoroutes Paris-Rhin-Rhone, UK broadcast business Arqiva, Czech telecoms tower operator Ceské Radiokomunikace, ferry services provider Condor Group, the UK’s National Car Parks and Thames Water, Germany utility metering business Techem and Swedish district heating portfolio Värmevärden.