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Oct 31, 2017

Closing of Meridiam North America Fund III

Meridiam has raised $1.2 billion for a fund dedicated to long-term investments in North American public infrastructure projects.

The fund, a successor to Meridiam Infrastructure North America Fund II, the investment period of which ended in December 2017, is seeking to invest in a range of infrastructure projects, with a focus on greenfield long term contracted infrastructure projects in North America.

The 25-year fund will invest in sustainable and climate resilient assets in accordance with Meridiam’s environmental, social and governance (“ESG”) policy, with the aim of benefitting local communities.

The fund received strong support from US pension funds and insurance companies who confirmed their interest in a developing infrastructure asset class in response to the country’s critical need and represent two thirds of the commitments to the fund.

Meridiam has closed 13 projects in the Americas since 2009, including a number of pioneering projects:

  • Port of Miami Tunnel in Florida, the first availability payment P3 in the United States[1]
  • Long Beach Courthouse, the first social infrastructure P3 in the US[2];
  • LaGuardia Central Terminal, the first greenfield airport P3 in the US[3];
  • Purple Line Light Rail, Maryland, one of the largest US availability-based P3s to date[4]; and
  • Presidio Parkway, California, the first transportation P3 in California[5]

Meridiam is also working on a pioneering investment in congestion relief managed lanes projects that include North Tarrant Expressway and LBJ in Texas as well as the recently awarded I-66 in Virginia. Meridiam now manages a total of USD 6.8 billion.

“The P3 market is growing and is increasingly diversified, P3s are being applied to new sectors and are carried out not only at a state level but also at city level.
Meridiam’s team has developed an attractive pipeline of opportunities and will continue to execute its strategy of investing into greenfield P3 projects.” said Jane Garvey, Chairman, Meridiam North America.
“North American institutional investors showed strong appetite for the type of stable, long-term investment returns that we believe infrastructure can deliver while helping local communities develop” stated Thierry Déau, Founder and CEO of Meridiam.

[1]           World Highways “How Florida paved the way for availability payments in the US”, 2014
[2]           Prof. Jonathan Gifford: Public-Private Partnership Policy Casebook; 2016
New York State Governor Press Release: “Governor Cuomo, Joined by Vice President Joe Biden, Announces Groundbreaking on New LaGuardia Airport”; 2016
[4]           Washington Post: Maryland board approves $5.6 billion Purple Line contract; 2016
[5]           US Department of Transportation: Case Study: Presidio Parkway, San Francisco, CA; 2014

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