First close for MIP III

Macquarie Infrastructure Partners III, the latest North America-focused fund offering from Australia's Macquarie Group, has held a first close on $1.3 billion, Infrastructure Investor has learned.

MIP III, launched in the fourth quarter (Q4) of last year, has a $2 billion hard cap and is the successor to Macquarie Infrastructure Partners I (MIP I) and Macquarie Infrastructure Partners II (MIP II), both of which are also dedicated to investing in infrastructure in the US and Canada and managed out of New York by Macquarie Infrastructure and Real Assets (MIRA).

Macquarie did not begin raising capital for MIP III until January. Macquarie spokeswoman Paula Chirhart declined comment. The fund absorbed the first-ever infrastructure allocation from the $13 billion Arkansas Teacher Retirement System (ARTS) when the US pension plan in July signed off on a $50 million commitment.

The $2 billion target set for MIP III is relatively high for a North American infrastructure fund.

Stonepeak Infrastructure Fund, the maiden offering from Stonepeak Infrastructure Partners – also dedicated to North America – has surpassed the billion-dollar mark.

New York-based Stonepeak is expected to close its fund in Q4.

Meanwhile, Energy Infrastructure Partners (EIP), founded in 2011, is targeting $500 million for its debut infrastructure fund, which will also invest in the US and Canada.

MIP II closed on $1.6 billion in 2010 while MIP I closed in 2007 after collecting $4 billion.