HarbourVest picks up Macquarie infra stake

HarbourVest Partners‘ has used its latest real assets secondaries fund to acquire a stake in Macquarie European Infrastructure Fund II.

According to a UK public filing, HarbourVest Real Assets III acquired a 90 percent interest in MEIF II from PEP SR I Umbrella, a Cayman Islands-registered vehicle managed by reinsurance company Swiss Re.

The value of the deal is not clear, nor whether it was part of a larger transaction.

The 2006-vintage MEIF II raised €4.64 billion, according to data from sister publication Infrastructure Investor, with BlackRock and Chicago Teachers Pension Fund among its limited partners.

The fund entered into its divestment period last year and in July sold 100 percent of its interest in National Car Parks to a Japanese consortium. In November it sold part of a share in French motorway operator APRR to another Macquarie vehicle in a deal valued at €440 million.

Remaining assets in the vehicle include UK broadcast transmission infrastructure operator Arqiva and Condor Group, a ferry service that connects the UK, the Channel Islands and France.

HarbourVest’s Real Assets Fund III held its final close on $366 million in April, according to PEI data.

Fund III applies the same strategy behind HarbourVest’s Dover Street secondaries funds to the real asset market, which is less competitive and fast-growing, the firm said around the time of final close.

According to the fund documents seen by Secondaries Investor, this means a combination of traditional and complex secondaries transactions in the energy, power, infrastructure and natural resources sectors, complemented by an allocation of up to 20 percent in real asset primaries and direct co-investments.

Swiss Re and Macquarie declined to comment. HarbourVest did not respond to requests for comment.