Manulife IM Closes Oversubscribed $5.5B Infrastructure Fund III - InforCapital

Manulife Investment Management (Manulife IM) has announced the final close of its third flagship infrastructure vehicle, Fund III (MIF III), at USD 5.5 billion, significantly surpassing its original fundraising target in an oversubscribed round.

MIF III focuses on acquiring and managing core-plus infrastructure assets across North America, targeting mid-market opportunities at attractive risk-adjusted returns. This record fundraise underscores Manulife IM’s strong reputation and growing private markets platform.

The firm carried momentum from its prior infrastructure vehicles, which demonstrated performance consistency even amid macro and geopolitical volatility. MIF III has already deployed capital into 11 investments, reflecting an active start to the portfolio phase.

Anne Valentine Andrews, global head of private markets at Manulife IM, noted that this is the largest fund the firm has ever raised, pointing to strong investor momentum in infrastructure. Recep Kendircioglu, global head of infrastructure, emphasized that oversubscription across prior funds gave confidence to backers even during uncertain conditions.

Campbell Lutyens served as the fundraising placement agent, with Ropes & Gray providing legal counsel and Deloitte advising on tax matters. Manulife IM’s broader private markets franchise spans real assets, real estate, timberland, agriculture, and private equity and credit strategies.

This fund close is consistent with a broader trend of mega infrastructure raises and growing capital allocations to real assets globally. Comparable landmark infrastructure fund closings include:

• Brookfield Infrastructure Fund VI – raised over USD 25 billion to expand its global footprint in energy, utilities, and transport.
• Global Infrastructure Partners VII – closed on approximately USD 17 billion, targeting energy transition and digital infrastructure.

What differentiates MIF III is its emphasis on mid-market core-plus infrastructure in North America, a niche where scaling and sourcing differentiated deals matters. In a backdrop of rising interest rates and inflation, infrastructure assets remain compelling for investors seeking stable cash flows, inflation hedging, and long-duration yield.