Manulife Investment Management has raised $4.65bn for its second US infrastructure fund.

The manager said the Manulife Infrastructure Fund II (MIF II) fund was backed by 29 limited partners and Manulife’s general account.

The amount raised exceeded MIF II’s initial $2.6bn target. The manager’s predecessor fund raised $2bn from external investors and $2bn from Manulife.

MIF II will make equity investments in core and core-plus infrastructure assets.

Christoph Schumacher, head of real assets, Manulife Investment Management, said the fundraise for MIF II exceeded the manager’s target and the size of its first fund pool.

“We are grateful to our investors who see the value of our differentiated investment strategy and commitment to building lasting partnerships.”

Recep Kendircioglu, co-portfolio manager and head of infrastructure investments at Manulife Investment Management, said the fund will focus on infrastructure assets including renewable energy and storage, digital infrastructure, transportation, and regulated utilities.

MIF II is the largest fund that Manulife Investment Management has raised to date.

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