Macquarie Asset Management announced €12.6 billion has been committed to and alongside its Super Core Infrastructure Fund upon the Final Close of Series 2 fundraising.
The long-term, yield-focused strategy targets investments in core, regulated, network infrastructure – enabling investors to gain exposure to predictable, inflation-protected income streams while supporting the operation and upgrade of essential community infrastructure. The strategy has committed capital across seven investments, including electricity and gas transmission and distribution network operators and a water and wastewater utility in Finland, Germany, Greece, Spain, and the United Kingdom.
The strategy is structured to be able to grow over time, as further assets are acquired by the fund, via series fundraisings. With the Final Close of Series 2 fundraising this month, the strategy has attracted a total of €12.6 billion of commitments from 70 pension funds, insurers, sovereign wealth funds, asset managers, banks, and family offices across 22 countries.
Martin Bradley, Head of Macquarie Asset Management’s Real Assets team in EMEA, said: “Network infrastructure underpins our daily lives and will play a central role in the transition to net zero as the electrification of the economy and shift to clean energy accelerates. This represents a major opportunity and responsibility, and we look forward to working closely with our portfolio companies and clients to actively manage the fund’s existing investments while progressing a strong pipeline of new opportunities.”
The successful fundraise closely follows Macquarie Group’s results for the half-year ended 30 September 2022, where Macquarie Asset Management revealed it had raised a record $US15.9 billion across its Private Markets business during the period – bringing total fundraising to $US26.3 billion over 12 months.
Ben Way, Group Head of Macquarie Asset Management, said: “At a time when the investment environment is increasingly complex, we thank our clients for the continued strong support they have shown our team and platform. This latest fundraise underlines the growing value placed on infrastructure during portfolio construction, given the historically strong performance of the asset class through economic cycles and its potential to align with sustainability objectives.”
Macquarie Super Core Infrastructure Fund’s portfolio includes investments in Cadent (the UK’s largest gas distribution network operator), Elenia (Finland’s second largest electricity distribution network operator), Viesgo (an operator of electricity distribution networks in Spain), Southern Water (a water and wastewater network operator in the UK), Hellenic Electricity Distribution Network Operator (the operator of the national electricity distribution network in Greece), Thyssengas (the third largest gas transmission system operator in Germany), and National Grid’s gas transmission and metering business (the operator of the UK’s national gas transmission system).1
- The fund’s proposed investment in National Grid’s gas transmission and metering business is subject to the satisfaction of certain antitrust and regulatory conditions.