Insurer Mapfre, in partnership with Abante, has exceeded a €200m fundraising target for an infrastructure fund of funds by 50%.
The Mapfre Infraestructuras fund, launched in September last year and managed by Abante, will invest in funds run by Macquarie Infrastructure and Real Assets (MIRA).
Mapfre and Abante said they have now raised €300m for the first fund.
Mapfre is contributing €100m to the fund which received capital commitments from investors including fellow insurers Grupo Catalana Occidente and MSV Life, who will both sit on the supervision committee, and Mutualidad de la Abogacía.
Other investors include pension funds, family offices, investment fund managers and other investors have also participated.
Mapfre and Abante said the fund, which has several MIRA strategies as underlying assets, will work MIRA in selecting the most appropriate strategies for the vehicle, which range from renewable energy and transport to communications, public services and waste management.
Last month, IPE Real Assets reported that MIRA’s Macquarie Infrastructure Partners V, a North America infrastructure fund had at the time raised 80% of its $5bn fundraising target.
The manager is also known for other infrastructure funds including the €6bn Macquarie European Infrastructure Fund 6 fund and Macquarie Infrastructure Partners IV, a $5bn (€4.1bn) North American infrastructure fund.
In December, Setter Capital revealed that MIRA, Global Infrastructure Partners and EQT were the most sought-after infrastructure fund managers on the secondary market.
In its latest report, ‘the 25 most sought-after managers on the secondary market’, Setter Capital found that infrastructure funds were seeing more demand from secondary buyers than real estate funds.
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