Meridiam has closed its North America Core Fund, an approximately $4.5 billion vehicle comprising 15 high-quality operating infrastructure assets across North America. Total investor demand exceeded $7 billion, the Paris-based manager announced October 6.
The portfolio was assembled from transportation and social infrastructure investments held by the first two generations of Meridiam funds. The transaction extends the initial MINA II fund to a 45-year life, approximately the average remaining life of the underlying assets. Meridiam said the assets offer stable, predictable long-term returns with inflation protection through contractual mechanisms, plus additional value creation through active lifecycle management, operational optimization and sustainability initiatives.
Existing investors get an efficient liquidity option while those who want to stay retain exposure; new investors gain a seasoned portfolio of fully operational assets with established cash flows. The deal underscores the structural role of GP-led secondaries in infrastructure, where holding periods now stretch to match asset lives rather than fund terms.
Gibson Dunn advised Meridiam on formation, M&A, financing, tax, antitrust, CFIUS and ERISA aspects, a roster that reflects the complexity of moving 15 assets across three jurisdictions into a new vehicle.