Alternatives
Leverage our expertise to access premier global and regional infrastructure opportunities
Benefit from investing alongside MAM’s global and regional infrastructure flagship funds
Current portfolio diversified across macro themes, geography, asset type, and sector
Infrastructure is essential for economic activity and foundational for investors with assets providing key portfolio benefits, potential to enhancing one of the risk/return profile for investors.
The Fund will invest alongside Macquarie’s institutionally-managed strategies, to provide exposure to a diversified portfolio aligned with macro thematics.
As a pioneer of the infrastructure asset class, Macquarie is uniquely positioned to utilise its global scale and local expertise to create value for investors.8
Provides exposure to a diversified portfolio aligned to macro thematics.
Rising living standards
51% of Italy’s regulated tolled motorways
UK’s sole regulated gas transmission utility
One of three regulated electricity distribution utility in New South Wales
Green electrons and molecules
Largest regulated electric and natural gas utility in Washington State
Owner and operator of solar PV with ~10 GW of operating and under-construction capacity
Owner and operator of solar PV with ~1 GW of operating and under-construction capacity
Data and AI
One of the largest and fastest growing hyperscale data centre platforms
Sole provider of vehicle registration and licencing in Victoria
Macquarie Asset Management has more than 30 years of experience creating, scaling, operating, and transforming infrastructure investments. It has $A916.8 billion in assets under management9 and actively manages infrastructure used by approximately 290 million people everyday.10
infrastructure portfolio companies11
infrastructure investment specialists including 110 green sector professionals
sector experience
in infrastructure assets under management12
| Indicative terms | Macquarie Infrastructure Fund (MIF) |
|---|---|
| Structure | A fund set up under Part II of the Luxembourg Law of 17 December 2010 on undertakings for collective investment (UCIs) and qualifies as an alternative investment fund (AIF) for the purposes of the AIFMD (Directive 2011/61). |
| Target geography | Global, predominantly investing in OECD countries |
| Strategy | The Fund intends to invest primarily in equity, equity like and hybrid investments in a diversified portfolio of infrastructure and infrastructure related assets and businesses and related companies. |
| Target net returns1, 2 | 10-12% net total return |
| Target net distributions1, 2, 3 | 3-5% yield p.a., quarterly; Payment on dividend paying share classes are at the Board of Directors' discretion and are not guaranteed. |
| Fund-level leverage13 | A maximum Loan-to-Value Ratio of 30% |
| Currency14 | USD (with JPY, EUR, CHF, AUD, GBP hedged share classes available) |
| Capital deployment | 100% of capital drawn into the Fund at subscription |
| Valuations and subscriptions | Monthly |
| Redemptions + lock up5 | Quarterly redemptions with 30 business day notice to a maximum of 5% of NAV per quarter; Early redemption deduction of 5% of the NAV per share applicable to the redemptions of shares that are held for less than 2 years |
| Sustainability15 | Article 8 under SFDR |
| Investor eligibility16 | Professional investors and semi-professional investors (subject to respective local laws and requirements) |
| Share classes17 Distributions: Quarterly distributions of income (for distributing share classes) |
Class A2 ‘Clean advisory’ (0% distribution fee) and Class A ‘Advisory’ (distribution fee up to 0.85%). Accumulating and Distributing shares available. |
| Management fees | 1.25% |
| Performance fees | 12.5% over 5%, subject to a high water-mark, with 100% catch-up |
| Minimum investment size | $US25K or equivalent. Higher minimum investment amounts may apply in certain jurisdictions accordance with local requirements. |
Past performance does not guarantee future results.
An investment in the Fund is subject to a high degree of risk.
An investment in the Fund is speculative and requires a medium-to-long-term commitment, with no certainty of return.
Returns: Returns generated by the Fund’s investments may be insufficient to compensate Shareholders adequately for the business and financial risks that must be assumed. There is no guarantee that the Fund’s performance will meet any target or projected return.
No capital guarantee: The value of investments may fall as well as rise and Shareholders may not get back the amount invested. Past performance does not predict future returns and past performance or overall track record of MAM or any MAM Managed Entities cannot be taken as an indication of future performance of the Fund.
Liquidity: There is no guarantee of liquidity at the time an Investor submits a redemption request and an Investor’s ability to have its Shares redeemed by the Fund may be limited and at times an Investor may not be able to liquidate its investment in the Fund. Investors should have the financial ability and willingness to accept the risks and lack of liquidity associated with an investment in a Fund of the type described herein.
Risks associated with investments in infrastructure
The Fund’s objective is to make investments in infrastructure assets and other assets with similar characteristics. Investments will be subject to the risks incidental to the ownership, construction and operation of infrastructure assets, including risks associated with the general economic climate, geographic or market concentration, the ability of the Sub-Fund to manage the investment, technical problems, financial failures of operating or construction sub-contractors, government regulations, and fluctuations in interest rates. Since investments in infrastructure and similar assets, like many other types of long term investments, have historically experienced significant fluctuations and cycles in value, specific market conditions may result in occasional or permanent reductions in the value of an investment.
In addition, general economic conditions in relevant jurisdictions, as well as conditions of domestic and international financial markets, may adversely affect operations of the Sub-Fund. In particular, because of the long lead-time between the inception of a project and its completion, a well-conceived project may, as a result of changes in investor sentiment, the financial markets, economic, or other conditions prior to its completion, become an economically unattractive investment. With respect to Investments in the form of real property (if any), the Sub-Fund will incur the burdens of ownership of real property, which include the paying of expenses and ad valorem and other real property taxes, maintaining such property and any improvements thereon, and ultimately disposing of such property.
Class A CHF H (English)
Class A CHF H (Dist.) (English)
Class A EUR H (English)
Class A EUR H (Dist.) (English)
Class A USD (English)
Class A USD (Dist.) (English)
Class A2 CHF H (English)
Class A2 CHF H (Dist.) (English)
Class A2 EUR H (English)
Class A2 EUR H (Dist.) (English)
Class A2 USD (English)
Class A2 USD (Dist.) (English)
Class E USD (English)
Class A CHF H (German)
Class A CHF H (Dist.) (German)
Class A EUR H (German)
Class A EUR H (Dist.) (German)
Class A USD (German)
Class A USD (Dist.) (German)
Class A2 CHF H (German)
Class A2 CHF H (Dist.) (German)
Class A2 EUR H (German)
Class A2 EUR H (Dist.) (German)
Class A2 USD (German)
Class A2 USD (Dist.) (German)
Class E USD (German)
Class A CHF H (Italian)
Class A CHF H (Dist.) (Italian)
Class A EUR H (Italian)
Class A EUR H (Dist.) (Italian)
Class A USD (Italian)
Class A USD (Dist.) (Italian)
Class A2 CHF H (Italian)
Class A2 CHF H (Dist.) (Italian)
Class A2 EUR H (Italian)
Class A2 EUR H (Dist.) (Italian)
Class A2 USD (Italian)
Class A2 USD (Dist.) (Italian)
Class E USD (Italian)
1. There can be no guarantee that MAM will be able to successfully implement its investment strategy, achieve its investment objectives, or avoid substantial losses. The target net return presented here is an estimate of future performance based on evidence from the past on how the value of this investment varies, and/or current market conditions and are not an exact indicator. What you will get will vary depending on how the market performs and how long you keep the investment/product.
2. Target returns are not a reliable indicator of future performance. Target returns are based on facts and assumptions that MAM believes to be reasonable. Actual returns may differ significantly from targeted returns indicated herein. Targeted performance is not a guarantee, projection or prediction and is not necessarily indicative of future results. The Target Net IRR calculation is an aggregate target internal rate of return for the Fund overall. The Target Net IRR for each investor in the Fund may differ depending on the size and timing of such investor’s capital commitment. The scenarios presented are an estimate of future performance based on current market conditions and are not an exact indicator. What you will get will vary depending on how the market performs and how long you keep the investment/product. Future performance is subject to taxation which depends on the personal situation of each investor and which may change in the future and may lead to a financial loss if no guarantee on the capital is in place. The Target Net Return assumes (a) management fees and performance compensation charged to the Fund in accordance with the headline terms generally expected of strategy (b) offering and organizational expenses incurred directly by the strategy at the maximum capped amount indicated in the Memorandum (c) no management fee offset and (d) annual, ordinary ongoing partnership expenses. Actual expenses or costs of the Fund may vary significantly from such assumptions, which could result in a materially lower Net Return. The target Net Return for individual investors in the strategy may differ depending on the size and timing of an individual investor’s Capital Commitment.
3. Payment of dividends are at the Board of Directors’ discretion and are not guaranteed.
4. Higher minimum investment requirements may apply in accordance with local laws.
5. Redemptions are not guaranteed. A 5% NAV limitation is applied per quarter. Early redemption deduction of 5% of the NAV per share is applicable to redemptions of shares that are held for less than 2 years.
6. Please note this is subject to change and subject to investment committee approval. There is no guarantee that investors will be able to participate in this asset or that they will be able to participate in such investment on acceptable terms. Additionally, participation in any of the seed assets is not certain and will be subject to factors which are beyond our control including, without limitation, the raising of sufficient capital to invest in the deal.
7. The ranking presented herein is awarded in July 2024 and is the opinion of IPE Real Assets and not of Macquarie. No such person creating the ranking is affiliated with Macquarie or is an investor in Macquarie-sponsored vehicles. IPE Real Assets surveyed and ranked global infrastructure investment managers. The ranking is based on infrastructure AUM as of March 31, 2024. AUM defined by IPE Real Assets as total gross asset value of all assets managed and committed capital (including uncalled). There can be no assurance that other providers or surveys would reach the same conclusions.
8. Note: MAM Internal analysis and views. There is no guarantee that the benefits outlined will be achieved by any investment. Past performance does not indicate future returns. Capital is still at risk – the value of investments may fall as well as rise and you may not get back the amount originally invested.
9. As at 30 September 2024. MAM Private Markets Assets under Management (AUM) includes equity yet to deploy and equity committed to assets but not yet deployed.
10. As at March 31 2024, the number of people reached is calculated by taking an estimate of the number of users for all MAM Real Assets portfolio companies. For example, for a specific toll road, the number of vehicles per day has been multiplied by the average number of passengers in a vehicle (two). Portfolio company data is collected from MAM’s asset management teams on a bi-annual basis.
11. As at 31 December 2024.
12. As at 31 December 2024. MAM defines AUM as proportionate enterprise value, calculated as proportionate net debt and equity value.
13. The use of leverage or borrowings magnifies investment, market, and certain other risks and may have a significant impact on returns, resulting in the partial or total loss of capital invested.
14. Costs and returns may increase or decrease as a result of currency fluctuations.
15. The Fund is subject to Article 8 of the EU's Sustainable Finance Disclosure Regulation. The Fund will consider a number of factors in making investment decisions, including sustainability. Prospective Investors are invited to read the entire prospectus and the Sub-Fund Supplement once available and to fully evaluate the characteristics and objectives of the Fund before deciding whether or not to subscribe for Interests. For further information, please refer to the relevant funds’ data room once it is available. The Sub-Fund is subject to Article 8 of the EU's Sustainable Finance Disclosure Regulation.
16. Subject to local registration or notification. In each case, investors must satisfy all additional eligibility requirements for MIF from time to time as set out in MIF’s Prospectus and Supplement and/or subscription agreement.
17. Certain financial intermediaries may charge up-front subscription fees and on-going sub-distribution fees. On-going sub-distribution fees will be charged on certain classes of shares only. Please see the prospectus and Sub-Fund Supplement once available.
The name Macquarie as used on this website refers to the Macquarie Group which comprises Macquarie Group Limited ABN 94 122 169 279 and its worldwide affiliates. Macquarie Group comprises two separate sub groups, a banking group (including Macquarie Bank Limited ABN 46 008 583 542) and a non-banking group which includes Macquarie Asset Management (MAM), a full-service fund manager. Within MAM, MAM Real Assets provides fund management services in relation to real assets, including infrastructure and real estate.
Local distributors have been appointed by the Fund to distribute the Fund. Please contact your local distributor for further details.
MIRAEL is a member of the Macquarie Group within MAM and is authorised and regulated by the UK Financial Conduct Authority with registered address of Ropemaker Place, 28 Ropemaker Street, London, EC2Y 9HD and with FCA Firm Reference Number: 195652. Unless otherwise noted, references to “we”, “us”, “our” and similar expressions are to MAM. MIRAEL has been appointed as one of the portfolio managers of the Sub-Fund.
MIF Luxembourg GP S.à r.l. acts as General Partner of the Sub-Fund but is not a regulated entity in Luxembourg or any other jurisdiction. Carne Global Fund Managers (Luxembourg) S.A., in its capacity as AIFM of the Sub-Fund (the “AIFM”), is registered on the official list of Luxembourg alternative investment fund managers within the meaning of the Luxembourg law of 12 July 2013 on alternative investment fund managers, as amended (the “2013 Law”) transposing Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (“AIFMD”) into Luxembourg law and is authorised to act as an external alternative investment fund manager of alternative investment funds within the meaning of article 4(1), a) of the AIFMD. The AIFM is under the ongoing supervision of the Luxembourg regulatory authority for the financial sector, the CSSF.
Any recipient who is not eligible to enter this website should leave the website immediately. Any reproduction or distribution of any materials on this website, in whole or in part, or the disclosure of its contents to any person other than to a recipient’s professional advisers, without the prior written consent of Macquarie, is prohibited. All recipients agree they will keep confidential all information contained herein and not already in the public domain. By accepting this document, a recipient agrees to the foregoing.
Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
This website and any information therein does not constitute an offer to sell or a solicitation of an offer to subscribe or purchase or a recommendation of any securities and may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. The information on this website is subject to discussion, completion and amendment. This website does not contain all the information necessary to fully evaluate the potential of any investment and information presented does not take into account the investment objectives or financial circumstances of the recipient and, as such, no reliance should be placed on its contents.
Nothing on this website constitutes a commitment from Macquarie to provide or arrange any facility or is otherwise imposing any obligation on Macquarie. Past performance is not an indication of future performance and Macquarie does not guarantee the performance of or return of capital from any investment.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance data quoted.
Risks associated with investing: An investment in the Fund should be considered a speculative investment that entails substantial risks; you may lose part or all of your investment or your investment may not perform as well as other similar investments. The purchase of interests in the Fund entails a high degree of risk and is suitable for sophisticated investors for whom an investment in the Fund does not represent a complete investment program, and who fully understand and are capable of bearing the risk of an investment in the Fund. Potential investors in the Fund should carefully consider the private placement memorandum, including in particular the risk factors in Section 18: “Risk Factors” and the sub-fund supplement, including in particular Section 9: “Risks Factors” before making a decision to invest in the Fund.
Nature of Information: Certain information on this site has been obtained from sources that Macquarie believes to be reliable as of the date presented; however, Macquarie cannot guarantee the accuracy of such content, assure its completeness, or warrant that such information will not be changed. In particular, (i) pricing information is estimated and unaudited and (ii) commentary on specific securities, if any, reflects the author’s analysis. The information on this site is current as of the publication date indicated. Macquarie is under no obligation to update the information to reflect changes after the publication date.
The website contains selected information and does not purport to be all-inclusive or to contain all the information that may be relevant. Recipients must rely on their own examination of the legal, tax, financial accounting and other consequences of any investment in the Fund, including the merits of investing and the risks involved. Recipients should not treat the contents of this document as advice relating to legal, tax, accounting or investment matters and are strongly advised to conduct their own due diligence including, without limitation, the legal, tax and accounting consequences to them, and to consult their own professional advisers accordingly.
This website may contain certain forward looking statements, forecasts, estimates, projections and opinions (“Forward Statements”). Any Forward Statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realised. These statements may be identified by the use of words like “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “will”, “should”, “seek”, and similar expressions. The Forward Statements reflect our views and assumptions with respect to future events as of the date of this document and are subject to risks and uncertainties. No representation is made or will be made that any Forward Statements will be achieved or will prove to be correct. A number of factors, in addition to any risk factors stated in this material, could cause actual future results and operations to vary materially from the Forward Statements. Given these uncertainties, undue reliance should not be placed on the Forward Statements. We do not undertake any obligation to update or revise any Forward Statements, whether as a result of new information, future events or otherwise. Similarly no representation is given that the assumptions disclosed in this document upon which Forward Statements may be based are reasonable. The recipient acknowledges that circumstances may change and the contents of this website may become outdated as a result. Any financial projections have been prepared and set out for illustrative purposes only and do not in any manner constitute a forecast. There can be no assurance that the investment strategy or objective of any investment will be achieved or that investors will receive a return of the amount invested. Investment is subject to significant risks of loss of income and capital.
This document is intended only for professional investors. Investment in the Fund is available only to investors for whom it has been deemed suitable and who meet the relevant investment classification.
By investing in the Fund, your capital is at risk.
The Fund invests in assets that may at times be hard to sell. This means that there may be occasions when you experience a delay or receive less than you might otherwise expect when selling your investment. For more information on risks, see the Private Placement Memorandum Fund Supplement and key investor information document.
Additional notice to residents in United States
The Fund is not being offered in the U.S. or to U.S. persons. The information on this website does not constitute investment advice, or an offer to sell or the solicitation of an offer to buy any securities in any fund or product offered by MAM. Such offer or solicitation may only be made pursuant to the current offering documents for such fund or product, which will be provided only to eligible investors. Please see important end notes and additional disclosures contained on the website and any materials provided therein.
The information and documents contained on the website relate to securities which have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and according to the rules, regulations and laws of the U.S., may not be offered, sold or delivered within the U.S. (or any State thereof) or to, or for the account or benefit of, U.S. persons. The documents contained on the website may contain legends or other restrictions limiting the persons who, or the circumstances under which certain persons may, participate in an offering, and the availability of the information through the website does not alter or change in any way the nature of or affect any such restriction.
