Korea Teachers’ Credit Union, Public Official Benefit Association and ING Life Insurance Korea have committed a total of $150 million to a North America-focused infrastructure vehicle raised by Macquarie Infrastructure and Real Assets, according to sources familiar with the matter.
The three investors have made a commitment of $40-60 million each to Macquarie Infrastructure Partners IV through a platform managed by Korea’s Truston Asset Management, sources said.
It is understood that the pledge is the first made by the Truston platform, which was launched late last year after the firm recruited investment professionals from National Pension Service of Korea.
The US- and Canada-focused vehicle, which sources said has a target of about $4 billion, aims for an annual rate of return of just under 10 percent. Targeted sectors include transportation, energy, ports, airports and telecommunications. Infrastructure Investor understands that the fund is set to reach a first close in the next few months.
Macquarie and Truston declined to comment on the fundraise.
Macquarie currently manages four North America-focused pooled funds, the latest of which is Macquarie Infrastructure Partners III, closed on $3 billion in September 2014.
Investors from Korea, including NPS and the Military Mutual Aid Association, have reportedly participated in Macquarie’s previous fundraise, which saw the firm’s European Infrastructure Fund 5 close on €4 billion last September.
Additional reporting by Matthieu Favas