MAPFRE and Abante join forces with Macquarie to launch a EUR200m infrastructure fund
MAPFRE and Abante, as part of their strategic alliance, have teamed with Australian financial services group Macquarie to launch a EUR200 million infrastructure fund.
The insurer will contribute an initial capital of EUR50 million and will invite other institutional investors and private banking clients to participate in the fund under a co-investment model.
MAPFRE Infraestructuras FCR, as the vehicle has been called, will facilitate access to the main investment strategies in global infrastructures in an efficient and diversified manner, through Macquarie Infrastructure and Real Assets (MIRA). In total, Macquarie manages investments worth in excess of 126 billion euros worldwide and is the largest infrastructure manager globally.
Both MAPFRE and Abante will work together with MIRA in the selection of the most appropriate investments within the portfolio of strategies that the Australian manager currently has in place, which include renewable energy, transport, communications, public services and waste management. In addition, the two partners will be able to serve on the Macquarie funds oversight committees.
"MAPFRE Infraestructuras FCR offers a unique opportunity for the institutional investor, who will be able to access a very interesting asset class with predictable cash flow and which has a low correlation with other listed assets. And it will do so with the world's leading player in a sector that requires high levels of specialisation," highlights Joaquín Casasús, CEO of Abante Asesores Gestión.
One year has passed since the creation of the strategic alliance between MAPFRE and Abante to create the most competitive platform for financial advice and product distribution in the Spanish financial market, including the joint development of alternative products with leading providers in various industries. This new fund serves as a perfect example of meeting this objective and offers investors a unique opportunity to access an asset type that allows them to diversify their portfolios in a low-rate environment.
Furthermore, this fund also complies with MAPFRE's commitment to environmental, social and governance (ESG) investments. In this context, MIRA has developed an ESG methodology to mitigate the risks facing the companies in which they invest.
"Certain structural changes anticipate a need for investment in infrastructure that is highly relevant and has global reach in the coming years. We want to take advantage of the opportunity to participate in this sector with one of the world leaders and to do so in a socially responsible fashion," says José Luis Jiménez, MAPFRE's Group Chief Investment Officer.
MAPFRE continues to make progress in diversifying its portfolio against other types of financial assets and gradually increasing its exposure to alternative investments, with the aim of safeguarding profitability in an environment of low interest rates. At the end of June, together with Abante and in alliance with Altamar, MAPFRE made its debut in the Private Equity segment with a fund of funds of up to EUR250 million.