Macquarie secures $3bn for new open-end core fund – exclusive

The capital raised, secured against a $4bn target, has been deployed in three deals spanning energy and transport across Europe and the US.

Macquarie Asset Management has so far raised $3 billion for its new open-end core infrastructure fund, sources have told Infrastructure Investor.

The milestone for Macquarie Global Infrastructure Fund is believed to have been reached last month, and nears the $4 billion target set by Macquarie. Investors include the Wyoming State Treasury, which committed $251 million, and the Illinois Teachers’ Retirement System, which invested $125 million.

Macquarie declined to comment on the fundraising.

The fund is believed to be targeting a net return range of 8-10 percent and invests opportunistically in core infrastructure deals alongside Macquarie’s other region-specific funds.

Deals to date include joining forces with Macquarie European Infrastructure Fund 6, Blackstone and CDP Equity in the €9.3 billion acquisition of Italian toll road operator Autostrade per l’Italia, while elsewhere in Europe, MGIF was part of the €2.5 billion deal to buy French solar group Reden Solar, investing alongside Green Investment Group Renewable Energy Fund 2.

The third deal saw MGIF invest alongside Macquarie’s Americas-dedicated fund series, Macquarie Infrastructure Partners, in February, investing together with the Ontario Teachers’ Pension Plan to acquire a joint 31.6 percent in Washington-based utility Puget Sound Energy.

The MGIF strategy remains separate to Macquarie’s Super Core vintage, a long-term vehicle targeting more regulated assets and which remains in fundraising mode for its second series. Its last known deal was the acquisition in October 2021 of Germany’s second-largest gas transmission system operator Thyssengas from DIF and EDF Invest.

Macquarie is one of several large infrastructure managers to launch open-end core funds in the past 12 months, with the likes of Stonepeak, led by Macquarie veteran Daniel Wong, viewing such strategies as a hedge against a low interest rate environment. EQT is also in market with an initial €5 billion target for its own core strategy.