FF&P sells Macquarie infra stake to BlackRock

Macquarie European Infrastructure II is a €4.6bn fund that is fully invested in nine projects including UK-based National Car Parks.

Fleming Family and Partners has sold its stake in Macquarie European Infrastructure II to BlackRock, according to a UK regulatory filing.

MEIF2 is a 2006-vintage fund that raised €4.6 billion from limited partners including The State Pension Fund of Finland and the Chicago Teachers’ Pension Fund, according to PEI’s Research and Analytics division.

The fund has a 10-year life and is fully invested in nine long-term infrastructure projects. Investments include freight, passenger and car ferry servicer Condor Group and UK off-street car park National Car Parks, according to Macquarie’s website.

Macquarie has since raised two additional European-focused infrastructure funds. Its most recent, MEIF4, closed on €2.75 billion in 2013, according to PEI data.

Several other LPs have sold their stakes in Macquarie European infrastructure funds. Last month the Japan Trustee Services Bank sold its stake in MEIF4 and in July The University of Arizona Foundation sold its stake in MEIF3, Secondaries Investor reported.

Macquarie was unavailable to comment on the transactions by press time.

London-based FF&P was founded in 1873 to invest in the emerging American market, according to its website. In 2000 it began managing the Fleming family wealth and eventually the assets of other families, entrepreneurs and charities.

BlackRock purchased the fund stake using its BlackRock Private Infrastructure II Investments.

Both FF&P and BlackRock declined to comment.