Macquarie secures €3bn for MEIF6 ahead of first close – exclusive

The vehicle launched earlier this year is expecting a first close before Christmas and is predicted to reach its €6bn hard-cap next year.

Macquarie Infrastructure and Real Assets has secured about €3 billion for its sixth European infrastructure fund, Infrastructure Investor has learnt.

The funds have been raised following the launch of Macquarie European Infrastructure Fund 6 in June this year, which began with a €5 billion target.

However, Infrastructure Investor understands the fund should reach its €6 billion hard-cap next year after holding an expected first close before Christmas. The fund’s €4 billion MEIF5 predecessor held a first and final close in September 2016.

Macquarie declined to comment on the fundraising process.

The UK’s Greater Manchester Pension Fund is among the investors in the new fund. It approved an €80 million commitment to MEIF6 last month in what was the pension’s first investment in a Macquarie fund, having previously committed to more than 30 infrastructure funds managed by the likes of Global infrastructure Partners, I Squared and Stonepeak.

MEIF6 is expected to continue the strategy of its predecessors, focusing on utilities, transportation, telecoms and renewable energy. MEIF5 is thought to be about 85 percent invested, with the portfolio including the Green Investment Group, Danish telecoms group TDC and port terminal business HES International.

Macquarie is currently thought to be undergoing a sales process for its 36 percent share of Brussels Airport, held by both MEIF1 and MEIF3. The airport is the last asset held by MEIF1 and one of only two still held by MEIF3.

Macquarie is also understood to shortly be re-entering the market for the second series of its Super Core Infrastructure Fund. The first series concluded on €2.5 billion earlier this year, exceeding its €1.5 billion target.