MIRA raising third Asia fund with $3bn target

The vehicle follows the $3.3bn Macquarie Asia Infrastructure Fund II, which was the largest Asia-focused infrastructure fund ever raised at the time of its close in 2018.

Macquarie Infrastructure and Real Assets has launched fundraising for its third Asia-focused infrastructure fund, Infrastructure Investor understands.

The Sydney-headquartered fund manager is targeting around $3 billion for the fund and has already secured commitments from several investors.

A first close is likely to come in Q1 2021, according to a source familiar with the matter.

MIRA declined to comment for this story.

No further details are known about the fund, but it is likely to follow a similar strategy to MIRA’s two previous Asia-focused vehicles, a source said.

Macquarie Asia Infrastructure Fund II closed in April 2018 on its hard-cap of $3.3 billion, making it the largest Asia-focused infrastructure vehicle to be raised at the time. That fundraise saw more than 20 LPs commit to the 10-year closed-end fund, which had a four-year investment period from its final close date.

More than $1.7 billion of MAIF II was invested in toll roads, renewables and petrochemical storage assets in India, the Philippines, Singapore and China. The vehicle earlier this year led a consortium that acquired an 88 percent stake in Australian data centre firm AirTrunk as it seeks to expand into the wider Asia-Pacific region.

MAIF I closed on $2.3 billion in early 2016 and has been fully deployed across seven countries in Asia-Pacific.

MIRA had A$137.5 billion ($94.44 billion; €84.04 billion) of equity capital under management as of 31 December 2019, according to a market update from the firm earlier this year, with A$21.1 billion of dry powder to deploy.