MM Capital Partners’ maiden infrastructure fund is progressing towards a June final close, according to a source close. It is on track to land around its JPY 50bn (USD 467m) target.
MM Capital Partners Infrastructure Fund I LP achieved a third close of JPY 42bn at the start of March, with commitments from 15 limited partners, all of which are Japanese institutional investors, bar one South Korean firm.
Set up in 2018 by Japanese trading house Marubeni (90%) and Mizuho (5%), alongside Mizuho and Dai-Ichi Life’s jointly owned Asset Management One (5%), the fund achieved a first close in March last year.
The fund targets core, brownfield opportunities in the transport and energy sectors. While it is mandated to invest in OECD regions, it predominantly seeks investments outside of Asia, focusing on Australia, North America and Europe. It also sees significant opportunity in some Latin American countries, including Mexico and Chile.