Macquarie extends Mexico fundraising

The fundraising period for the Macquarie Mexican Infrastructure Fund, which held a first close last year on Ps$5.2bn including Ps$3.4bn in commitments from local pensions, has been extended through December 17.

Managers for the Macquarie Mexican Infrastructure Fund (MMIF) have extended MMIF's fundraising period by six months, according to a filing made earlier this week to the Mexican stock exchange.

MMIF can now raise funds until December 17, according to the filing. MMIF held a first close in January 2010 on Ps$5.2 billion, which at the time was the equivalent of about $408 million, against a target of $1.1 billion. The fund has already made two investments, acquiring 32.5 percent of a Ps$1.1 billion wind farm in the state of Oaxaca, and purchasing local road and highway construction company Decarred for Ps.$1.54 billion.

MMIF is structured as two separate trusts, one unlisted and one listed. The listed trust has collected money from Mexican pensions through the use of certificados de capital de desarrollo (CKDes), stock certificates that have allowed local pensions to invest in private funds that were previously barred to them. The fund collected Ps$3.4 billion from seven Mexican pensions through a December 2009 offering of CKDes.

Beyond the pensions’ commitments, Macquarie made an initial commitment of Ps$750 million to MMIF, and FONADIN, Mexico’s national infrastructure fund, committed Ps$1 billion, according to a previous statement. FONADIN also agreed to commit up to Ps$3 billion as a cornerstone investor in the fund.

The extension of the fundraising period allows MMIF to raise money through either trust, according to the regulatory filing.

The prospectus for MMIF stipulates an 18-month fundraising period, with the possibility of a six-month extension. A spokesperson for Macquarie said MMIF’s managers considered the extension to be in the interests of the fund and its investors.

MMIF has a mandate to invest in sectors across Mexico including roads, rail, water, energy, airports and social infrastructure, according to a statement.