Macquarie plotting $2bn North America fund

The Australia-headquartered financial services provider is planning to raise cash for another addition to its North America-focused infrastructure funds business. The newly established vehicle will target approximately $2bn.

Macquarie Group is expecting to expand its North America infrastructure funds product line with a $2 billion offering set to begin fundraising this year, Infrastructure Investor has learned.

The projected fund would mark the latest North America-targeted vehicle from Macquarie Infrastructure and Real Assets (MIRA), the infrastructure fund management arm of Macquarie – a Sydney, Australia-headquartered financial services concern regarded as a pioneer in infrastructure investing.

A Macquarie spokeswoman in New York declined to comment on the new fund. 

MIRA is active in Chicago, Houston, Toronto and San Francisco and outside of North America, also in Mexico. Closed-end Macquarie Infrastructure Partners and its offspring fund Macquarie Infrastructure Partners II are perhaps the best-known infrastructure funds operated through MIRA.

Well-established in its native Australia, Macquarie has asserted itself as a forerunner in what is still a burgeoning market for private investment in public infrastructure in the US.

Macquarie was involved in the first-ever toll road privatisation in the US, the Chicago Skyway, in 2004, and, in 2012, is eagerly anticipating the close of a blockbuster $1.9 billion US public-private partnership – the Midtown Tunnel project in Virginia.

Just last month, Macquarie emerged as a leading partner in the Chicago Infrastructure Trust, a plan to channel $1 billion in private capital to spur infrastructure redevelopment in Chicago.