MAPFRE INFRAESTRUCTURAS FCR has exceeded expectations, raising 50 percent more than forecast. MAPFRE is contributing 100 million euros, a group of institutional investors, another 100; and private banking investors from Abante, the rest.
MAPFRE and Abante have closed its first vehicle to invest in infrastructure with 300 million euros just three months after the fundraising began, 50 percent more than the 200 million initially envisaged.
The fund of funds vehicle, MAPFRE Infraestructuras FCR, launched by the Group together with its partner Abante, which is the manager of the product, invests in strategies managed by Macquarie Infrastructure and Real Assets (MIRA), the world’s largest infrastructure manager. The vehicle attracted the interest of a large number of institutional and private banking investors. MAPFRE is contributing 100 million of capital in this first stage, in which several investors have joined with significant amounts, mainly from the insurance sector, among them Grupo Catalana Occidente and MSV Life, who will both sit on the Supervision Committee, and Mutualidad de la Abogacía. Pension funds, family offices, investment fund managers and other investors have also participated. This MAPFRE and Abante co-investment model, whereby the Group commits the money of its clients alongside its own, has proven to be very successful.
The vehicle, which has several established MIRA strategies as underlying assets, offers investors an opportunity to access an asset class that facilitates portfolio diversification in a low interest rate environment.
Both MAPFRE and Abante will work together with MIRA in selecting the most appropriate strategies for the vehicle, which range from renewable energy and transport to communications, public services and waste management.