Meridiam has raised close to $4.5bn (€4bn) at the closing of its North America Core Fund, a vehicle comprising a portfolio of 15 high-quality infrastructure assets.
The Paris-headquartered infrastructure fund manager said total demand for its North America Core Fund exceeded $7bn.
The portfolio has been “carefully assembled” around essential, long-life transportation and social infrastructure assets in North America from the first two generations of Meridiam funds, resulting in the extension of the initial MINA II fund to 45 years’ life, approximately the average life of the assets, the manager added.
The North America Core Fund provides investors with access to a mature, diversified portfolio of operational infrastructure assets that underpin mobility, public services and economic activity across the Americas while delivering stable and predictable long-term returns, Meridiam stated.
The manager said this latest fund was structured to provide existing investors with “an efficient liquidity option” while “preserving access to future value creation opportunities” for those wishing to remain invested.
At the same time, it offers new investors “a rare opportunity to gain exposure to a seasoned portfolio of fully operational infrastructure assets with established performance records, resilient cash flow generation and long-term growth potential”, Meridiam said.
Thierry Déau, founder and CEO of Meridiam, said: “The successful closing of our North America Core Fund reflects the quality of the underlying assets and the confidence that investors place in our long-term investment approach.
“This transaction provides liquidity and flexibility for existing investors while creating an attractive opportunity for new partners to invest in a diversified portfolio of essential infrastructure assets. We look forward to continuing our active stewardship of these assets, strengthening their long-term resilience and delivering lasting value for investors, communities and public authorities alike.”
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