MIRA’s second Asia infra fund hits $3bn first close

The fund manager is creating the largest investment fund focused on the region, surpassing its previous $2.3bn vehicle.

Macquarie Infrastructure and Real Assets has raised $3 billion for the first close of Macquarie Asia Infrastructure Fund II, Infrastructure Investor has learnt.

It is expecting a final close in the first half of next year, according to sources familiar with the fundraising process. MIRA’s second Asia-focused vehicle received a $300 million cornerstone commitment from Canada’s Alberta Investment Management Corporation this August, representing the Canadian pension manager’s first commitment to Asian infrastructure.

Sources added that the strategy of MAIF II is understood to be consistent with its predecessor, the MAIF – which is a 10-year, closed-end vehicle targeting infrastructure assets in Greater China, India, Korea, Japan, Australia, New Zealand and investment-grade Southeast Asian countries and is currently the largest Asia-focused fund in the market.

MIRA closed its first Asian regional infrastructure platform on $3.1 billion in total investor commitments in February 2016, which comprised the $2.3 billion MAIF. It is backed by investors in Asia, North America and Europe, including New Mexico State Investment Council and PGGM.

MIRA declined to comment on the new fund.

Sydney-based MIRA has been investing in Asian infrastructure since 1994. It manages A$16.2 billion ($12.4 billion; €10.5 billion) across 60 infrastructure and real estate assets in seven Asian countries. In addition to the pan-Asia-focused MAIF, the fund manager also runs several regional vehicles specifically targeting investments in the Philippines, Australia, India, China and Korea.