Australia infrastructure group Macquarie has smashed its original €1.5 to €2 billion fundraising target for its fourth European infrastructure fund, closing it on €2.75 billion, the firm announced today.
Macquarie European Infrastructure Fund 4 (MEIF4) has also secured a further €2 billion in “co-investment arrangements” with its investors, Macquarie said. The fund has already invested some €500 million of the total raised across two assets – Open Grid Europe, Germany’s largest gas network, bought from E.ON together with several investors; and a stake in RWE’s Czech gas network.
MEIF4 is part of Macquarie Infrastructure and Real Assets (MIRA), Macquarie’s asset management arm, which has raised $9.3 billion over the past two years, mostly for infrastructure investing, although MIRA also has a growing portfolio of real estate and agricultural investments.
MIRA’s infrastructure fundraising activities over the last two years have originated new funds in Korea, the Philippines and China. The asset management arm has committed $6.1 billion of equity in 32 assets over the past two years and realised nine infrastructure assets in maturing funds. MIRA manages both listed and unlisted vehicles, with assets of $101 billion.
On the European front, Macquarie already manages three infrastructure funds – MEIF 1, 2 and 3 – which have committed over €7.3 billion of equity to more than 20 assets since 2003.
Source: Infrastructure Investor Research & Analytics
“As the asset class matures, investors are also increasingly rigorous in their manager selection process focusing on access to investment opportunities, investment strategy and team, ability to add operational value and proven track record,” commented Martin Stanley, global head of MIRA.
“For this reason, we are particularly pleased with the support that MEIF4 and our other regionally focused funds have received from investors around the world,” he added.