Macquarie Korea Opportunities Fund II has made its fourth investment, spending around 50 billion Korean won (US$44 million) for an 80% stake in Korean waste-treatment company Daegil Environment Industrial, according to the Wall Street Journal.

Daegil develops environmentally-friendly technology and products and processes waste material.

The Korea-focused fund, which is A$700 million in size, invests in energy and infrastructure assets.  The other three investments are a wind farm, a chemical-storage business and the nation's leading city-gas provider.

According to the source, Macquarie is likely to tap investors for a Korea Opportunity Fund III by the end of the year, if it deploys the rest of capital raised for the second fund.

In 2011, Macquarie Infrastructure Partners II took WCA Waste Corp. private in a US$526 million transaction. Houston-based WCA, which was listed on the Nasdaq, collects, transports, processes and disposes nonhazardous solid waste.

The first Macquarie Korea Infrastructure Fund (MKIF) is one of the leading private sector infrastructure funds in Korea with the largest portfolio of infrastructure assets in Korea that have been constructed under the Private Participation in Infrastructure Act (PPI Act). It is listed in the Korean stock market.