Macquarie Infrastructure and Real Assets has surpassed the fundraising target for its fourth North American infrastructure vehicle with $3.8 billion in commitments so far.
According to a regulatory document filed this week with the Securities and Exchange Commission, MIRA has raised $3.84 billion for Macquarie Infrastructure Partners IV, exceeding its $3.5 billion target. An institutional investor that is committed to MIP IV, but declined to be named due to the ongoing fundraising, told Infrastructure Investor there was “potential” for the fund to reach $4.5 billion “due to demand” and that a final close was expected in mid-2018.
The source did not disclose a hard-cap for MIP IV.
A spokeswoman for MIRA declined to comment on the firm’s ongoing fundraising, but the SEC filing showed the fund manager expects it to last more than a year.
MIP IV reached an “initial closing period” last August after raising $3.3 billion, according to a previous SEC filing.
The fund will target 10 percent to 12 percent net returns and between 4 percent and 6 percent gross yield, documents posted online last year by New Mexico State Investment Council revealed. Those documents stated MIP IV’s portfolio will include seven to 10 infrastructure assets in sectors including transportation, energy and utilities, telecommunication assets and waste management, primarily in the US and Canada.
Other limited partners known to have committed to the fund include State Universities Retirement System of Illinois, Korea Teachers’ Credit Union, Public Officials Benefit Association and ING Life Insurance Korea.
The fund’s predecessor, Macquarie Infrastructure Partners III, closed on $3.04 billion in September 2014, topping its original target of $2 billion. LPs that committed to that fund included the State Universities Retirement System of Illinois ($50 million) and Arkansas Teacher Retirement System ($50 million).