Macquarie Asset Management is in talks with investors to raise as much as $11.5 billion in total for a trio of funds dedicated to Asia Pacific infrastructure, global renewables and energy transition, according to the people familiar with the matter.
The Macquarie Group Ltd. unit is in discussions with prospective limited partners for a new $4 billion Asia-Pacific infrastructure fund, said the people, who asked not to be identified discussing confidential talks.
The asset manager is also pursuing two new global energy transition funds, the people said. One is a vehicle for established renewables such as wind and solar projects and could reach as much as $5 billion in size, according to the people. The other focuses on more nascent energy ventures such as batteries and hydroelectric generation, which could raise as much as $2.5 billion, they said. The two funds have already started investing, said one of the people.
A spokesperson for Macquarie declined to comment.
The fundraising efforts come as global investors and companies are looking to meet net zero carbon emission goals despite a significant slowdown in dealmaking overall. The plan would be an ambitious one for Macquarie Asset, which raised a record A$38.2 billion ($24 billion) in new equity from clients for a range of private market strategies in the latest financial year ended March 31. It manages about A$871 billion in assets globally and has set sights on achieving net zero emissions across its investment portfolio by 2040, its website shows.
Demand for next-generation green assets is growing among limited partners, who are looking beyond conventional renewables, Macquarie’s Green Investment Group head Mark Dooley said in an interview earlier this month.
Macquarie’s recent deals include buying a minority stake in Enel SpA’s green power unit for about €345 million ($363 million) this year and the A$2.6 billion buyout of Australian garbage collection business Bingo Industries Ltd. in 2021. An earlier vintage fund also spent A$3 billion for control of Australian data-center operator AirTrunk, which is now weighing options including a minority stake sale or initial public offering as Bloomberg News reported last week.
