The Adviser was formed in June 2009. The Adviser is wholly owned by
Meridiam SAS (France). As of December 31, 2023, the Adviser had
approximately $7.7 billion of regulatory assets under management, all
of which are managed on a discretionary basis.
The Adviser provides investment advisory services to various private
funds, parallel funds and alternative investment vehicles, including (i)
the Meridiam Infrastructure North America Fund II (Domestic), LP (“MNII
Domestic Fund”) and Meridiam Infrastructure North America Fund II, LP
(“MNII Offshore Fund” and, together with MNII Domestic Fund, “MNII
Fund”), (ii) Meridiam Infrastructure North America Fund III, LP (“MNIII
Offshore Fund”) and Meridiam Infrastructure North America Fund III
(Domestic), LP (“MNIII Domestic Fund” and, together with MNIII Offshore
Fund, “MNIII Fund”), (iii) Meridiam Infrastructure North America Fund IV,
LP (“MNIV Offshore Fund”) and Meridiam Infrastructure North America
Fund IV (Domestic), LP (“MNIV Domestic Fund” and, together with MNIV
Offshore Fund, “MNIV Fund”) (iv) various parallel and alternative investment
vehicles associated with each of MNII, MNIII and MNIV (collectively, the
“Parallel, and Alternative Investment Vehicles” and, together with MNII
Fund, MNIII Fund and MNIV Fund, the “Main Funds”). In addition, the
Adviser advises certain co-investment vehicles, which are set up to
accommodate various types of investors in the Main Funds who have
expressed an interest in participating in co-investment opportunities.
The Adviser generally provides such co-investment advisory services
based on the Adviser’s ability to generate co-investment opportunities
alongside certain investments. The co-investment vehicles advised by
the Adviser are collectively referred to herein as the “Co-Investment
Vehicles.” The Main Funds and the Co-Investment Vehicles are
collectively referred to herein as the “Funds.”
The Funds target investments in a range of infrastructure transactions
with a predominant focus on primary Public-Private Partnership (“PPP”)
projects in the key sectors of sustainable mobility (including roads, rails,
ports, and airports), innovative low-carbon solutions (including water
and waste facilities and energy efficiency projects), and critical public
services (including healthcare, schools, public buildings, and digital
infrastructure). The principal geographic focus of the Funds’
investments is the
United States and Canada. In general, each of the
Funds has a 25-year term, and its underlying investment philosophy is
to target long-term income from its investments and to target yields
that represent a substantial premium over risk-free instruments and
are attractive relative to the risk profile of the assets.
In providing advisory services to the Funds, the Adviser directs and
advises the development of the investments, makes the investment
and divestment decisions, manages the Funds’ assets, and provides
reports to the Funds’ investors. The Adviser also has the ability, in most
cases, to influence the hiring of key individuals to run project
companies. The aforementioned services are performed in
accordance with the investment strategies, restrictions, risks
associated with an investment and terms of the advisory agreement
between each Fund and the Adviser, and the limited partnership
agreements private placement memorandum (“PPM”) and other
governing documents for each Fund (the “Fund Governing
Documents”).
The Adviser does not tailor its investment advisory services to the needs
of individual investors in the Funds. However, in accordance with
common industry practice, a Fund or its general partner may from time
to time, enter into a “side letter” or similar agreement with an investor
pursuant to which the Fund or its general partner grants the investor
specific rights, benefits or privileges that are not generally made
available to all investors. The arrangements may have the effect of
establishing rights under, or supplementing or modifying the terms of,
the relevant Fund Governing Documents with respect to the investor
and may include rights or terms necessary to address specific legal,
regulatory, investment or public policy restrictions of an investor. The
Funds may also enter into side letter agreements with investors that
establish rights under, or alter or supplement the terms of, the relevant
Fund Governing Documents in a manner that may be more favorable
to such investors than those applicable to other investors. Subject to
the terms of the relevant Fund Governing Documents, limited partners
which have negotiated for most favored nation provisions in side
letters may become beneficiaries of more favorable side letter terms
granted to other investors. Such agreements may include more
favorable fees, carried interest or expenses, among other provisions.