Macquarie Infrastructure & Real Assets (MIRA) is planning to raise $5bn (€4.55bn) for a new North America infrastructure fund, according to an investor.

The North Dakota State Investment Board said in a meeting document that it is planning to approve a $100m commitment to Macquarie Infrastructure Partners V (MIP V),  which will be part of the core/core-plus fund’s initial fundraising close.

MIRA’s predecessor fund, MIP IV, reached its hard cap of $5bn in January last year, exceeding its $3.5bn target.

MIP V will target investments that will be able to produce a net internal rate of returns in the range of 10% to 12%.

The fund will target transportation, waste management, communications and utilities/energy deals worth $400m to $600m each, with a leverage of up to 50%.

To read the digital edition of the latest IPE Real Assets magazine click here.