Macquarie Infrastructure and Real Assets (MIRA), a division of Macquarie Group, has announced the final close of Macquarie Infrastructure Partners IV (MIP IV) after reaching its US$5 billion hard cap in December 2018.

MIP IV is MIRA’s fifth North American focused unlisted infrastructure fund focused on high-quality investments across the transportation, communications, energy and waste infrastructure sectors.

The fund follows the investment strategy of its predecessor fund, MIP III, which closed at its hard cap of US$3 billion in commitments in 2014.

MIP IV has attracted commitments from a diverse group of returning and new investors from around the world, including public and private pension plans, insurance companies, corporations and sovereign wealth funds. The fund has already made a number of investments, though none have been disclosed by MIRA.

The close of MIP IV brings MIRA’s global capital raising to US$29 billion over the past two years. As one of the largest alternative asset managers in the world, MIRA has more than US$129 billion assets under management.