Several sources commented that Macquarie Infrastructure and Real Assets has reached first close on $1.3 billion in commitments towards its $2 billion Macquarie Infrastructure Partners III fund.

Macquarie Group Ltd 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 for July 31, will pay 0.75% on uninvested capital. Additionally, everyone will pay 1.5% on committed capital and 20% carry.

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.