Macquarie Infrastructure & Real Assets (MIRA) has attracted investment from a US pension fund for its new multi-billion euro infrastructure fund.
South Carolina Retirement System said in a board meeting report that it is planning to make a commitment of €125m to the Macquarie Super Core Infrastructure Fund.
The pension fund said MIRA is looking to raise €2.5bn for the fund, which has a 20-year term with two options to extend by two years.
It will hold a number of discrete capital raises, it said, with at least nine assets held by the fund by the end of the third round.
The fund will invest in core, regulated assets, primarily in Europe.
South Carolina Retirement System said MIRA had a strong track record in European infrastructure. Its board meeting report showed that it had invested €7bn across 11 utility assets with a combined gross internal rate of return of 12.4%, a 1.8x gross multiple and an annual yield of 6.5%.
The anticipated net return for the new fund is between 7% and 8%, including a 5% cash yield.