Meridiam is raising two continuation vehicles for some of its landmark investments in Europe and the US, sources said, in the first such process by the French infrastructure manager.

It involves raising two separate continuation vehicles, of which the European one, called Meridiam Europe Core Fund, is expected to reach final close by year end, the sources said.

This vehicle will mainly include assets currently held in the EUR 1bn Meridiam Infrastructure Europe II fund, according to the sources.

The assets of the 2009-vintage fund that are part of the continuation scope include the Nimes Montpelier high-speed rail PPP, the Calais Port concession and the L2 Marseille Bypass PPP in France; and Germany’s A4 Bypass PPP, among others.

Some of the assets that were jointly owned by this fund and by Meridiam’s first European infrastructure fund, including shares in the R1 expressway in Slovakia and in the A2 motorway PPP in Poland, are also set to be in the continuation vehicle, according to the sources.

Most of the LPs in Meridiam Infrastructure Europe II fund are expected to roll a portion of their commitments and sell another portion, according to the sources.

A major undisclosed anchor investor, which was also an existing LP in the Meridiam Infrastructure Europe II fund, has already been secured, according to the sources.

A similar process is also being run for some of Meridiam’s oldest US assets, those held in the USD 1bn Meridiam Infrastructure North America II (MINA II) fund, a 2010 fund vintage.

The process to raise a US continuation vehicle that will take over assets from this fund is around three months behind the European one and is expected to hit close in the first half of 2026, according to the sources.

Assets that will be part of this new US vehicle are said by sources to include Meridiam’s shares in the La Guardia Airport Terminal P3 project, the North Tarrant Expressway in Texas, the Long Beach Corthouse P3, and the Maryland Purple Line project.

Around 60% of MINA II’s LPs were US investors, with many of them expected to stay in the new vehicle, according to the sources.

The process to set up continuation vehicles began before the summer, with Campbell Lutyens retained as placement agent, according to the sources.

It is the first continuation vehicle strategy for Meridiam, with one source saying that the manager is unlikely to consider continuation funds in the future.

Both Meridiam Infrastructure Europe II and MINA II had a 25-year duration, meaning that they had around five years left before maturity, while many of the assets in their portfolios have a longer duration, as they include concessions of up to 50 years.

The two initial funds also did not contemplate an option to extend maturity for another 15 years which instead is a possibility in Meridiam’s newer funds, so the manager through this process is effectively giving existing LPs an opportunity to exit and new LPs an opportunity to join, according to the sources.

According to one of the sources, the quality of the portfolio has allowed a transaction at NAV.

The two funds have according to sources been yielding over 10% per year. Last year, Meridiam distributed to its LPs EUR 1bn across its various funds, including these two.

Meridiam declined to comment. Campbell Lutyens did not respond to requests for comment.