Australasian alternative asset manager HRL Morrison & Co has missed a A$1bn (€609m) fundraising target for its Morrison & Co Growth Infrastructure Fund (MGIF).
The manager said the MGIF fund has raised a total of A$580m (€354m) at its final close and had secured initial investments and was tapping into emerging trends in infrastructure, including water, energy and sustainable agricultural assets.
MGIF was backed the Clean Energy Finance Corporation (CEFC), and specialist wealth fund manager Australian Ethical as cornerstone investors in the fund.
CEFC had committed A$150m to the fund in 2018 when it was launched with an expectation to raise A$1bn, according to CEFC.
Morrison & Co confirmed to IPE Real Assets that it was pleased to have achieved a successful close for MGIF in this environment.
The third fund-raising took place entirely during the COVID-19 pandemic, which meant the fundraising was scaled back, however it received a positive response from a range of investors including Australian super funds.
“We had a good mix of capital raised from both new and existing Morrison investors, highlighting our ability to build positive long-term relationships with our partners,” said Nicole Walker, Morrison & Co’s chief commercial officer, of the fund’s third and final close.
Launched in 2018, MGIF has an allocation commitment of at least 75% to Australia. The closed-end fund targets gross returns of 13-15% per annum.
Current assets include a South Australian integrated energy, water and greenhouse facility, and a community-based water and electricity infrastructure network provider in eastern Australia.
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