Macquarie Infrastructure and Real Assets (MIRA) has announced the first and final close of its latest infrastructure fund, the Macquarie European Infrastructure Fund 5 (MEIF5).

The fund has accrued more than €4bn ($4.5bn) in commitments over the last eight months and represents the latest in a series of large fund launches in the last five years. Since 2011, the firm has raised more than $29bn and returned more than $21bn to its investors in the form of capital and distributions. It now manages 130 portfolio businesses globally, with €92bn ($104bn) of assets under management.

“MIRA has successfully deployed capital in a highly competitive market, focusing on proprietary opportunities, often seeing opportunity in more complex situations,” said Martin Stanley, MIRA’s global head and winner of Global Investor/ISF’s CEO of the Year award for 2016. “The new fund has a well-developed pipeline of prospective investments and expects to commence deployment of capital in the near term.”

The investment strategy for the fund mimics that of its predecessor European infrastructure funds, focussing on utilities, transportation, communications infrastructure and renewable energy throughout the region.