29 September 2016

KWM advises Macquarie Infrastructure and Real Assets on €4 billion close of fifth European infrastructure fund

King & Wood Mallesons has advised Macquarie Infrastructure and Real Assets (MIRA), a global leader in infrastructure management, on the first and final close of its latest infrastructure fund – Macquarie European Infrastructure Fund 5 (MEIF5). The fund closed with €4 billion of investor commitments within eight months of its launch and was significantly oversubscribed.

MIRA is part of Macquarie Asset Management, the asset management arm of investment bank Macquarie Group. As the world’s largest infrastructure asset manager, with growing portfolios in real estate, agriculture and energy, it has operations in 17 countries around the world. The firm has been investing in and managing infrastructure for more than 20 years. It currently manages 130 portfolio businesses globally, with €92 billion of assets under management.

The €4 billion fund is the latest in a series of large fund launches by MIRA over the last five years, including its most recent US$3.1 billion Pan-Asian infrastructure fund, advised by King & Wood Mallesons in Hong Kong. Since 2011, MIRA has raised more than US$29 billion and returned over US$21 billion to its global investors in the form of capital and distributions.

The investment strategy for MEIF5 is consistent with MIRA’s predecessor European infrastructure funds, and has a well-developed pipeline of prospective investments. The fund is focused on investment opportunities in utilities, transportation, communications infrastructure and renewable energy throughout the region.

Ed Hall, International Funds partner, said, “We are delighted to have assisted our client on the next step in its infrastructure investment strategy. With many complex issues, this fundraising played to our strengths, combining our market-leading global capabilities and wide-ranging experience of market terms and comprehensive coverage of the relevant legal issues.”

The King & Wood Mallesons' cross-border team advised on all aspects of the fundraising, including the structuring of the new fund, MEIF5, and the regulatory and tax aspects. The full team was led by London partner Ed Hall, with International Funds associates James Gardner and Luong Truong. The Luxembourg team was led by International Funds partner Alexandrine Armstrong-Cerfontaine, who advised on the Luxembourg fund structuring, and the New York team, led by International Funds partners George Pinkham and Parik Dasgupta, advised on US investor requirements.

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