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Macquarie Infrastructure and Real Assets indicated in a filing to the U.S. Securities Exchange Commission (SEC) that its Macquarie Infrastructure Partners III fund has raised $1.9 billion and has increased its offering to $2.5 billion.
The fund had a first interim close at $1.3 billion in September 2013 and had announced that its target was $2 billion.
Macquarie Infrastructure Partners III is the third US based infrastructure vehicle launched by Macquarie Group, after Macquarie Infrastructure Partners I and II.
Macquarie Infrastructure Partners (MIP) I is a 10-year closed-end fund that focuses on investments in infrastructure and related assets in the US and Canada. Macquarie Infrastructure Partners (MIP) II is also a 10-year closed-end fund that focuses on investments in infrastructure and related assets in the US and Canada but also in Mexico.
MIP and MIP II have combined equity under management of over $5.5 billion committed to infrastructure investments in North America.
Macquarie Group Ltd had enticed limited partners with early-bird discounts ahead of a planned first close. Limited partners entering a first close of Macquarie Infrastructure Partners III LP were entitled to a 0% management fee on uninvested capital, according to sources.
Investors coming in after the first close, which was scheduled would pay 0.75% on uninvested capital. Additionally, everyone will pay 1.5% on committed capital and 20% carry.