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Macquarie assumes sole management of Russia & CIS infrastructure fund

Macquarie Infrastructure and Real Assets (MIRA) has completed a restructure agreement with members of Renaissance Capital and Renaissance Group which will see MIRA assume sole management of the infrastructure fund the groups previously co-managed.

The fund will be renamed Macquarie Russia & CIS Infrastructure Fund (MRIF).
As part of the transaction, Macquarie doubled its equity commitment to MRIF to USD100m, following its acquisition of Renaissance Capital Holdings Limited’s commitment to the fund.  The restructure was supported by the fund’s investors and represents a significant step for Macquarie in Russia and CIS, as it looks forward to continued growth in the region.
“We’ve been very pleased with the investments the fund has made over the past four years, and we are actively looking for new opportunities in transportation, energy and other sectors that provide essential services,” says Aaron Rubin, chief executive of MRIF.  “We would like to thank Renaissance for their partnership and support during the development of the fund.”
“Governments in the CIS region recognise the significant need to renew and expand infrastructure to facilitate economic growth. The Russian Government in particular has emphasised the role of the private sector investment to help address this need,” says Martin Stanley, global head of MIRA. “Macquarie and its managed funds are committed to playing a long-term role in this process.”
MRIF is the only major private infrastructure fund dedicated to investing directly in infrastructure in Russia, Kazakhstan and other key CIS markets.  It is managed by MIRA’s team in Russia and Kazakhstan, part of a global network of 400 executives managing MIRA’s infrastructure investments on a regional basis, located where the businesses are.  MIRA’s global fund raising totalled USD9.3bn in the past two years, including new infrastructure funds in Korea, the Philippines and China, and a Mexican Real Estate Investment Trust. 

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