Macquarie Infrastructure and Real Assets’ (MIRA) latest North American infrastructure fund has raised $5bn (€4.4bn) at close.

The manager said Macquarie Infrastructure Partners IV (MIP IV), which reached its hard cap in December last year, has exceeded its predecessor fund, MIP III, which closed at its hard cap of $3bn in 2014.

IPE Real Assets previously reported that North Dakota State Investment Board was planning to issue a $140m commitment to MIP IV.

It was also reported that State Universities Retirement System of Illinois and New Mexico State Investment Council were both investing in the North American infrastructure fund.

MIRA said MIP IV attracted commitments from a diverse group of returning and new investors from around the world, including public and private pension plans, insurance companies, corporations and sovereign wealth funds.

MIRA said MIP IV targets investments across the transportation, communications, energy and waste infrastructure sectors and has made a number of investments in these sectors to date.

Martin Stanley, the global head of MIRA, said: “We are delighted that our clients continue to support MIRA’s funds around the world and we recognise the significant responsibility we have to manage these investments responsibly and sustainably for all our stakeholders.

“MIP IV’s successful capital raise demonstrates investors’ ongoing commitment to MIRA’s regional approach to infrastructure investment and our strong investment track record over more than 20 years.”

Karl Kuchel, the CEO of Macquarie Infrastructure Partners, said: “We continue to access a range of high quality investment opportunities across the region.

“We are focused on developing a diversified portfolio of investments and then using our team’s sector expertise and active approach to asset management to improve operational performance and increase the value of these investments over time.”