New Zealand-based global infra investor Morrison raised USD 600m for its Value Add II fund at its first close, which occurred around May or June, two sources said.

Infralogic reported in January the fund manager was hoping to get to USD 1bn by then for the fund and is seeking to raise USD 2bn in total.

Much of the commitments so far have come from Australian and New Zealand investors, with some from Europe, the sources added.

A third source said the USD 600m raised was for its “foundation close”, meaning the fund received initial backing from investors to enable the fund to do deals ahead of a first close. First close is expected in 1Q 2026, they added.

In January, Infralogic reported that Morrison was expecting to establish “anchor investor” commitments for about a third of the USD 2bn total within a month.

The fund is targeting equity investments of about USD 300- USD 500m, as reported.

Morrison Value Add II SCSp was registered with the Luxembourg Registre de Commerce et des Societes in December 2023 but officially launched in early 2025.

The fund is called Value Add II as it is modelled on Morrison’s Trans-Tasman listed infrastructure company, Infratil, the sources said. However, Value Add II is a 10-year, closed ended, unlisted fund that will target slightly smaller deals than Infratil, as reported.

A spokesperson for Morrison did not respond to a request for comment.

[Editor’s note: This article has been updated to include additional information about the fund’s foundation close and expected first close timing.]