Macquarie Infrastructure Partners III

Macquarie Infrastructure Partners III LP (MIP III) is a North American infrastructure private equity fund managed by Macquarie Asset Management — formerly known as Macquarie Infrastructure and Real Assets (MIRA) — the infrastructure investment arm of Macquarie Group, the world's largest infrastructure asset manager. Established in 2013 as the third fund in Macquarie's dedicated North American infrastructure series, MIP III is a ten-year closed-end vehicle that deploys equity capital into operating and development-stage infrastructure assets across the United States, Canada, and Mexico. The fund targets assets with essential service characteristics, regulated or contracted revenue streams, and long-duration cash flows that demonstrate resilience across economic cycles. At first close in July 2013, MIP III raised $1.3 billion of its $2 billion target, and ultimately reached approximately $3.04 billion in total committed capital at final close — significantly exceeding its stated fundraising objective.

The fund pursues a broad-based infrastructure mandate covering energy, transportation, utilities, and social infrastructure verticals within North America. MIP III targets assets with established operating histories, stable contractual revenue streams, and barriers to entry derived from regulatory frameworks, natural monopoly characteristics, or long-term concession agreements. Eligible investment types include toll roads, airports, seaports, power generation and transmission facilities, midstream energy infrastructure, water and wastewater utilities, and social infrastructure assets. The fund builds concentrated, high-conviction positions of typically five to fifteen investments and applies Macquarie's global infrastructure operating expertise to improve operational efficiency, optimize capital structure, and strengthen regulatory positioning. Management fee terms were structured favourably for early-close investors, with a 0% management fee on uninvested capital at first close, reducing to 1.5% on committed capital for subsequent closings, alongside a 20% carried interest.

Macquarie Infrastructure Partners III is the third fund in a North American series in which predecessor funds MIP I and MIP II had collectively deployed over $5.5 billion in committed equity into North American infrastructure investments at their respective closes. MIP III builds on that track record with an expanded target size and a broadened investment mandate that reflects the maturation of North American infrastructure as an asset class. Macquarie Asset Management oversees approximately A$941 billion in total assets under management as of March 2025, of which private infrastructure represents a significant proportion across closed-end and open-end vehicles globally. Limited partners in MIP III are primarily institutional investors including public and private pension funds, sovereign wealth funds, insurance companies, and endowments seeking long-duration, inflation-linked returns from essential North American infrastructure assets.