Macquarie Asset Management has raised €12.6bn for its super core infrastructure investment strategy.
The manager said the Super Core Infrastructure Fund which raised an initial €2.5bn in 2018 and received €2.3bn in capital commitments in a second fundraising round this year, has also raised an additional €7.8bn to co-invest alongside the fund as part of the final close of the Series 2 fundraising.
According to Macquarie, the fund received capital commitments from 70 pension funds, insurers, sovereign wealth funds, asset managers, banks, and family offices across 22 countries.
The fund, which targets investments in core, regulated, network infrastructure, has committed capital across seven investments, including electricity and gas transmission and distribution network operators and a water and wastewater utility in Finland, Germany, Greece, Spain, and the UK.
Macquarie said once the seventh deal is completed, capital committed to the strategy will be fully invested. The seventh transaction, which involves the acquisition of a majority stake in National Grid’s UK gas transmission and metering business is expected to be completed by the end of this year.
The fund’s strategy is structured to be able to grow over time, as further assets are acquired by the fund, via a series of capital raisings.
According to sources, the manager is planning to raise capital in a third fundraising round early next year for the Super Core Infrastructure Fund.
Martin Bradley, the head of Macquarie Asset Management’s Real Assets team in EMEA, said: “Network infrastructure underpins our daily lives and will play a central role in the transition to net zero as the electrification of the economy and shift to clean energy accelerates.
“This represents a major opportunity and responsibility, and we look forward to working closely with our portfolio companies and clients to actively manage the fund’s existing investments while progressing a strong pipeline of new opportunities.”
Ben Way, group head of Macquarie Asset Management, said: “At a time when the investment environment is increasingly complex, we thank our clients for the continued strong support they have shown our team and platform.
“This latest fundraise underlines the growing value placed on infrastructure during portfolio construction, given the historically strong performance of the asset class through economic cycles and its potential to align with sustainability objectives.”
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