Meridiam North America fund closes on $1.05bn

Fund manager Meridiam Infrastructure announced Tuesday its Meridiam Infrastructure North America Fund II (MNAII) had closed, crediting MNAII and a corresponding co-investment with bringing in a combined $1.05 billion.

Meridiam publicised that APG Asset Management, CalSTRS (California State Teachers' Retirement System), the Development Bank of Japan and the Maine Public Employees Retirement System (MainePERS) had committed to MNAII, the third fund raised by Meridiam.

Meridiam also revealed a “small co-investment group” has been established in tandem with MNAII, as well as Meridiam Infrastructure Europe II (MEII), which closed on €935 million in March.

Meridiam characterised the co-investment group as “informed,” clued in to the “evolving nature” of infrastructure investing, and craving “direct and tailored managed exposure” to infrastructure. 

In claiming MNAII and its co-investment group accounted for $1.05 billion, Meridiam did not break down how much capital was committed to the fund versus the co-investment group.

A week ago CalSTRS, the $152 billion pension plan, announced a $100 million investment with MNAII, crediting the fund with providing exposure to the Long Beach Courthouse project in Los Angeles, as well as the Presidio Parkway public-private partnership (PPP; P3).

In August, APG Asset Management revealed a $300 million allocation to Meridiam that included a commitment to MNAII as well as becoming an investor in the North Tarrant Express Facility and Interstate Highway 635 Managed Lane P3 with Meridiam.

The Development Bank of Japan and MainePERS could not be reached for comment. It could not be determined when the bank or MainePERS, which invested $75 million in Global Infrastructure Partners II (GIP II) in 2012, allocated to MNAII.

Launched in Paris in 2005, Meridiam today has a North America presence in New York and Toronto, and is a 51-person company managing $3.5 billion.

Meridiam credited Campbell Lutyens as its placement agent for both MNAII and MEII. Its maiden fund, Meridiam Infrastructure, has $705 million in capital.

MNAII, according to Meridiam, is focused on “greenfield, with a minority into brownfield”. Meridiam chief executive Thierry Déau in a statement called the 25-year fund structure ideal for accessing the asset class.