Affiliate title Infrastructure Investor was told in a June interview with Ben Way, Macquarie Asset Management’s group head, that it would be “evaluating new opportunities that might have a different risk-return profile” for the Green Investment Group.
No sooner said than done – in comes Macquarie GIG Energy Transition Solutions, the newest investment vehicle from the unit, targeting $2 billion. Fitting within that “different risk-return profile”, MGETS is targeting a net IRR of 13 percent to 15 percent, according to documents seen by Infrastructure Investor. As is de rigueur these days, the new fund will go beyond wind and solar and towards the next phase of the energy transition. Such investments will be “more nascent and earlier stage but have infrastructure merits,” the documents state.
Seed assets could include MAM’s May investment in Inspiration Mobility Holdings, a company focused on EV infrastructure management, and last December’s deal for hydrogen firm HyCC, which the GIG did together with Nobian, Infrastructure Investor understands.