Morrison & Co, a specialist alternative asset manager, announced that it has reached the third and final close of Morrison & Co Growth Infrastructure Fund (MGIF), a close-ended infrastructure fund that invests in businesses delivering essential services that support future economic activity.
According to a statement, MGIF, which attracted both new and existing investors, reached a total fund size of approximately A$580 million ($414.5 million).
MGIF takes a long-term perspective of investments, focusing on the fundamental value of essential infrastructure services, and targets gross returns of 13-15 per cent per annum. The fund will focus on water, energy and sustainable agricultural assets.
“We are delighted to have achieved this successful outcome, and to have introduced new investors to the experience and calibre of our high performing team. We had a good mix of capital raised from both new and existing Morrison & Co investors, highlighting our ability to build positive long-term relationships with our partners,” said Nicole Walker, Morrison & Co’s Chief Commercial Officer.
MGIF is a closed-ended unlisted infrastructure fund investing in businesses that have long-term growth profiles. The fund has an allocation commitment of at least 75 per cent in Australia.
Its current assets include a South Australian integrated energy, water, and greenhouse facility; a community-based water and electricity infrastructure network provider in eastern Australia; and a recently formed Europe-headquartered renewable energy platform focused on wind, solar, and photovoltaic energy solutions.
Morrison & Co is an alternative asset manager investing in infrastructure and property through both private and listed markets. It manages multiple client mandates with total funds under management of approximately A$15 billion ($10.7 billion) as of 30 June 2020.