Macquarie Asset Management (MAM) is expected to launch its next European infrastructure fund towards the end of this year at the earliest, according to two sources familiar with the process.

The manager’s Macquarie European Infrastructure Fund (MEIF) VIII, is expected to target “around the same” amount as MEIF VII, one of the sources said.

Around 55%-60% of MEIF 7 had been deployed as of last December, one source said, while the fund has since made a further investment in Last Mile Infrastructure, in April, according to Infralogic data.

The launch could slip into 2027 as Macquarie prioritises disposals from older European funds before formally launching MEIF VIII, one source added, pointing to INEA, the Polish fibre operator focused on Poland. Macquarie is exploring a sale with Nomura and Trigon appointed to lead the process, according to previous Infralogic reporting.

The expected MEIF VIII launch comes as Macquarie is also raising Macquarie Infrastructure Partners VII, its core infrastructure fund, which has raised USD 1bn towards a USD 7bn target.

The manager is also raising Asia-Pacific Infrastructure Fund 4, which is targeting USD 5bn and began making investments in February 2026.

The 2022-vintage, 12-year MEIF VII, which follows the same strategy as Macquarie’s previous dedicated European infrastructure vehicles and targets operational infrastructure assets across transport, utilities, communications and renewable energy, closed on EUR 8bn in December 2023.

MEIF VII followed MEIF VI, which closed on EUR 6bn in 2019, and MEIF V, which closed on EUR 4bn in 2016.

MEIF VII has backed assets including Renewi, a waste-to-product and recycling business focused on the Benelux region, and ZITON, a Denmark-based offshore wind operations and maintenance provider.

It has also invested in UK airports, including Birmingham Airport and Bristol Airport, according to Infralogic data.

Macquarie’s seventh fund reached financial close on the acquisition of a significant minority stake in VIRTUS Data Centres, a UK colocation data centre operator, in 2022, according to previous Infralogic reporting. VIRTUS recently launched a debt raise of up to GBP 2.5bn to refinance existing UK facilities and fund further expansion.

Some LPs in MEIF VII include Taiwanese life insurer Fubon Life Insurance which committed EUR 200m and the Italian doctors’ and dentists’ pension fund Fondazione Enpam, which committed EUR 100m, according to Infralogic data.

MEIF VII targets a net IRR of 10%-12%. The fund has a geographic remit that covers EU countries as well as Norway, Iceland and Switzerland.

Macquarie Asset Management declined to comment.