Macquarie Asian Infrastructure Fund (MAIF) has broken its target by more than 50%, raising a total of $3.1bn (€2.8bn) in its final close.
The Macquarie Fund, which has a 10-year tenure, has attracted capital from Europe, the US and Asia as global investors seek to capitalise on exponential growth in demand for infrastructure in Asia.
IPE Real Estate understands that Dutch pension manager PGGM and the New Mexico State Investment Council are among the investors. The latter is thought to be a return investor who sought to top up its investment in the latest raising.
Macquarie raised an undisclosed amount at its first closing in October 2014.
MAIF has already invested $1.3bn in four countries in the region – Singapore, India, South Korea and Australia – through a portfolio of six companies.
They operate toll roads, a power station in India, an oil storage facility in Singapore, communication towers in Australia and a combined heat and power station in South Korea.
Sources say MAIF attracted commitments from a diverse group of returning and new investors from Asia, Australia, the Middle East, North American and Europe.
The capital raised will be deployed across in 11 countries, including in China, Indonesia, Malaysia and Japan.
Martin Stanley, global head of Macquarie Infrastructure and Real Assets (MIRA), said: “Strong fundamentals [in Asia] underpin growing demand for real assets, including infrastructure, such as rapid urbanisation and the push for sustainable development.”
The fund will target sectors specific to each market given local investment considerations, according to a source.
“However, we expect a strong pipeline of opportunities in sectors including but not limited to transportation, communications, utilities, power, energy and waste management,” said the source.