Meridiam has closed its North America Core Fund, an approximately $4.5 billion vehicle comprising 15 operating infrastructure assets across North America. Total investor demand for the fund exceeded $7 billion.
The portfolio was assembled from transportation and social infrastructure investments held by the first two generations of Meridiam funds.
The transaction extends the initial MINA II fund to a 45-year life, which is approximately the average remaining life of the underlying assets.
The North America Core Fund provides investors with exposure to a diversified group of mature infrastructure assets supporting transportation, public services and broader economic activity.
Meridiam said the assets offer stable and predictable long-term returns as well as inflation protection through contractual mechanisms.
The manager also sees opportunities to generate additional value through operational improvements, active lifecycle management and sustainability initiatives.
The transaction gives existing investors a liquidity option while allowing investors that want to retain exposure to continue participating in potential future value creation.
New investors gain exposure to a portfolio of operating infrastructure assets with established performance records and cash flow generation.
The closing extends Meridiam’s long-term ownership approach to the 15 assets while providing additional flexibility around the capital invested in them.
KEY QUOTES:
“The successful closing of our North America Core Fund reflects the quality of the underlying assets and the confidence that investors place in our long-term investment approach. This transaction provides liquidity and flexibility for existing investors while creating an attractive opportunity for new partners to invest in a diversified portfolio of essential infrastructure assets. We look forward to continuing our active stewardship of these assets, strengthening their long-term resilience, and delivering lasting value for investors, communities and public authorities alike.”
Thierry Déau, Founder and CEO of Meridiam
