Two-thirds of LPs in Meridiam's €935m fund are new

Most of the investors in the French fund manager's second, European-focused infrastructure fund are institutional investors from Asia, Australia, Europe and North America that have not invested with the firm before.

Meridiam Infrastructure, the French infrastructure fund manager, has said that most of the limited partners (LPs) that have helped close its second infrastructure fund are new backers of the firm.

In a statement today, Meridiam said it closed the Meridiam II Europe (MEII) infrastructure fund at €935 million thanks to “significant capital […] raised from new investors,” which allowed the fund manager “to expand and diversify its investor base with a total of 30 pension plans, insurers and multilateral institutions from Asia, Australia, Europe and North America”.

Meridiam added that a third of MEII was raised with re-ups from existing investors like the European Investment Bank and original sponsors Credit Agricole and AECOM.

The fund manager also signalled that co-investment is now a bigger part of its strategy, announcing that it has set up a co-investment group with six institutional investors from Europe, North America, Asia and Australia “to commit additional co-investment capital to support individual projects and investments of up to $1 billion when necessary”.

MEII, like Meridiam's first €600 million vehicle, is a 25-year fund targeting greenfield public-private partnership (PPP) projects.

But whereas Meridiam's first fund, closed in 2008, targeted investments in North America and Europe, the fund manager decided to raise separate vehicles for the two geographies on its second fundraising outing.

In its statement, Meridiam indicated that its dedicated North American vehicle, known as Meridiam II North America, is on course to close this summer at around the $1 billion mark.

In other news, Meridiam has announced that it is now fully controlled by its partners and employees, including founder Thierry Deau, Joseph Aiello and Julia Prescot, to name a few.

Meridiam, while always operationally independent, was originally sponsored by Credit Agricole Private Equity in 2006.