Macquarie Infrastructure and Real Assets (MIRA), part of Macquarie Group, has completed a $625 million first and final close of the Philippine Investment Alliance for Infrastructure (PINAI), a fund dedicated to investment in the Philippines.

MIRA manages PINAI and invests in the fund alongside the Government Service Insurance System (the largest pension fund in the Philippines), Dutch pension fund asset manager APG and the Asian Development Bank.

PINAI will invest equity and equity-like instruments directly in infrastructure businesses and projects in the Philippines, including both brownfield and greenfield projects in transport, power, renewable energy, water and telecommunication infrastructure.