Home Exclusives
Exclusives
With a vote set for early 2024, Macquarie will have a five-year window to sell the fund’s assets, should it be approved.
The launch of the new vehicle comes after I Squared closed its maiden infrastructure debt fund in June on about $750m.
The Swiss manager is poised to return to market for its Direct Infrastructure series after raising $6.4bn for its predecessor in February 2022.
Global Infrastructure Partners V, which is targeting $25bn, is also thought to have between $5bn and $7bn in soft commitments still to come.
Lawrence has been replaced internally by James Bryce, who previously led the portfolio value creation group at the Canadian pension.
The pivot to a dedicated energy transition fund will see I Squared target slightly lower returns than that of its flagship vehicle.
The move comes after the $17bn close of KKR’s fourth flagship last March, which still has close to $10bn of uncalled commitments.
The new fund, launched by Patrizia in partnership with Mitsui, held a first close on $110m in December 2022.
At $1.5bn, the fund’s target is twice that of its predecessor – Michael Bonte-Friedheim and Shane Swords explain why they believe bigger is better.
Launched earlier this year, Macquarie Infrastructure Partners VI has raised about $4bn. Its predecessor closed on $6.9bn last August.