The Macquarie Group has tentatively won a $100 million allocation for its Macquarie Infrastructure Partners IV investment fund, Private Debt Investor has learned.
The Sydney-based manager of infrastructure and real assets has already locked in a tentative commitment for the new fund from the New Mexico State Investment Council, whose investment committee approved a $100 million commitment last Thursday, a SIC spokesman told PDI. That commitment is pending final approval of the full board at its next meeting on 25 April.
Macquarie initiated the fund last year, a recent filing with the US Securities and Exchange Commission shows. The filing did not disclose fundraising or net internal rate of return targets.
The firm declined to comment.
InfraAsia reported this month that the MIP IV is targeting $4 billion to $5 billion in capital commitments and will focus on investments in North America, as with series predecessors, MIP II and MIP III.
The company closed MIP III, which invested in senior debt, on $3.04 billion, well over its original target of $2 billion, PDI data shows.
Public pensions that committed to this fund include the State Universities Retirement System of Illinois ($50 million) and Arkansas Teacher Retirement System ($50 million). MIP III launched in January 2013 and closed in September 2014, according to a SEC filing.
The MIP IV fundraising happens as the firm has become particularly focused on debt opportunities in the US. Last August, Macquarie appointed two veterans to expand its global $4.4 billion debt business into US opportunities, including energy, transport, telecoms and social infrastructure projects, as PDI’s sister publication Infrastructure Investor reported.
The Macquarie Group had A$193 billion ($146.8 million) in assets under management as of 30 September, according to its latest financial report.