Macquarie Infrastructure Partners III (MIP III), the fourth unlisted North America-focused infrastructure fund managed by Macquarie Infrastructure and Real Assets (MIRA), has closed with $3.0 billion in commitments, exceeding its $2.0 billion target, according to a statement.
This brings MIRA’s total fundraising worldwide to $11.0 billion over the past two years, including its fourth European infrastructure fund which closed with $3.5 billion in commitments in 2013.
The other three infrastructure funds in North America are MIP II (2010 vintage), MIP I (2007), and the Macquarie Essential Assets Partnership (2004).
Investors in MIP III include US and European public and private pension plans, insurance companies, corporations, endowments, foundations, and sovereign wealth funds, the statement said.
MIP III will seek investment opportunities in transportation, communications, utilities, power, energy, and waste management assets.
Christopher Leslie, chief executive officer of MIP, said the firm remains committed to the North America region as it presents “a real opportunity for private investors” to help meet the need of upgrading and expanding infrastructure.
MIP III has committed over $500 million to investments so far, including the Goethals Bridge Replacement Project in New York Harbor, the statement added.
MIRA has been investing in North American infrastructure since 2001 and has committed more than $17.3 billion of equity in over 57 infrastructure assets in North America, according to the statement.
Its managed funds have more than $50 billion of equity under management in infrastructure, real estate, agriculture and energy.