Meridiam Infrastructure North America Fund IV (MINA IV)

Meridiam Infrastructure North America Fund IV (MINA IV) is the fourth-generation infrastructure vehicle targeting North America, structured to deliver long-term, resilient returns through a build-to-core, contractually backed approach. The fund successfully closed on October 2, 2025, raising over US$1.8 billion, surpassing its initial US$1.7 billion goal. MINA IV seeks to invest in infrastructure sectors across energy, mobility (transportation and toll roads), and critical public services, leveraging Meridiam’s experience in public-private partnerships. Assets are intended to generate revenue through a mix of availability / take-or-pay contracts and demand-based income, blending downside protection with upside leverage. The fund follows a greenfield / development-to-core strategy: it designs, builds, finances, operates, and maintains infrastructure assets over their full life cycle. The fund’s lifespan is 25 years (with the option to extend another 15 years), reflecting the long-term nature of infrastructure investments rather than relying heavily on short-term exits. Because of its structure, distributions to LPs are expected to be modest during the early construction years, with cash flows ramping up in later stages. MINA IV is thus less dependent on asset sales to generate returns; instead, it focuses on stable operating cash flows and contractual income.