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Macquarie infrastructure fund nears $2b fundraising goal

by Andrea Waitrovich

Macquarie Infrastructure Partners III, the latest North America–focused fund offering from Australia’s Macquarie Group, has raised $1.89 billion, according to a filing with the SEC.

The vehicle launched in January 2013 with a $2 billion fundraising goal. The firm held an initial close in September with $1.3 billion. A final close date was not disclosed.

It is the successor to Macquarie Infrastructure Partners I and Macquarie Infrastructure Partners II, both of which are also dedicated to investing in infrastructure in the United States and Canada, particularly in toll roads, bridges, utilities, ports, telecommunications infrastructure and waste management.

MIP II closed in 2010 with $1.6 billion, and MIP I closed in $4 billion in 2007.

In September 2013, MIP I sold a wireless communications tower business, Global Tower Partners, to American Tower Corp. for $4.8 billion. MIP I purchased the business in 2007 from The Blackstone Group for $1.4 billion.

MIP II’s portfolio includes two landfill gas-to-energy facilities, located at the Olinda Alpha Landfill near Brea, Calif., and at the Central Landfill in Johnston, R.I., as well as the Mississippi-based salt cavern facility Leaf River Energy Center. The fund acquired the two landfill gas-to-energy facilities in 2010. In June 2013, MIP II announced financings to convert the Southern California site into an electrical power facility.

Macquarie Infrastructure and Real Assets manages more than 50 funds with $A108 billion ($101 billion) of assets under management as of June 2013.

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