Macquarie funds count A$4.5bn of dry powder

The dry powder decreased significantly during the firm’s 2011 fiscal year because its infrastructure and real asset funds inked 22 transactions totaling A$3.5bn in equity commitments, the firm in its annual results presentation.

Macquarie Group, the world’s largest infrastructure investor, has A$4.5 billion (€3.3 billion; $4.9 billion) of dry powder across its listed and unlisted funds, the firm said in its annual financial result presentation Friday.

The A$4.5 billion represents equity available for investment for funds managed by Macquarie Infrastructure and Real Assets (MIRA), the firm’s infrastructure-focused asset management arm. MIRA manages 43 funds, according to a September briefing.

The dry powder is down A$1.5 billion from A$6 billion of unlisted dry powder Macquarie disclosed in a September investor presentation. That is because of an increased pace of investment by MIRA’s funds, which made 22 investments totaling A$3.5 billion in equity commitments in the 12 months ending March 2011, according to Friday’s financial results presentation.

MIRA’s flagship unlisted infrastructure fund includes a stable of European and North-American infrastructure funds, while listed funds include the Macquarie Infrastructure Company, the Macquarie International Infrastructure Fund, and Macquarie Atlas Roads, among others.

Those funds are enjoying better valuations in 2011 than in 2010. Macquarie upped the carrying value of its investments in its infrastructure funds from A$787 million at 31 March 2010 to A$880 million at 31 March 2011, an increase of about 11.8 percent.

The firm has also been busy soliciting new commitments to its unlisted funds. MIRA secured A$2 billion of equity commitments to its funds in the 12 months ending March 2011, according to the presentation, which affirmed a similar figure disclosed earlier. 

MIRA’s current funds in the market include its fourth European infrastructure fund, which is targeting beetseen €1.5 billion and €2 billion in total commitments, as well as “new products” like a Korean infrastructure fund and Chinese real estate and infrastructure funds, according to the presentation. The Chinese infrastructure fund, which is seeking $1.5 billion in total commitments, is nearing its first close.

Macquarie now boasts total assets under management of A$305 billion, a figure which it said makes it a top-40 global asset manager, according to the presentation.