Macquarie Asset Management to acquire additional stake in Last Mile Infrastructure
Funds managed by Macquarie Asset Management (MAM) have entered into a binding agreement to acquire an additional 50 per cent stake in Last Mile Infrastructure from Infracapital, the infrastructure private equity investment arm of M&G. This additional investment will result in MAM-managed funds owning 100 per cent of Last Mile Infrastructure.
Founded in Scotland in 2002 and employing 800 people, Last Mile Infrastructure installs, owns and operates last-mile utility connections across the UK, supporting the Government’s target to build 1.5 million new homes by 2029, as well as connections for industrial and commercial properties.
Since MAM and Infracapital’s initial agreement in 2023, Last Mile Infrastructure has invested to increase the number of connections it owns and operates across the UK from 675,000 to 930,000.
Will Price, Head of Utilities and Networks in EMEA for Macquarie Asset Management, said: “Funds managed by Macquarie Asset Management acquired a 50 per cent stake in Last Mile Infrastructure in 2024, attracted by its proven capability to build and operate essential infrastructure relied upon daily by almost one million households and businesses, as well as the thematic tailwinds of demographics and electrification. Under our joint ownership, Last Mile Infrastructure has continued to mature, expanding its portfolio of operating assets and investing in its platform to support sustained future growth.”
Mark Chladek, Deputy CIO at Infracapital, said: “Since Infracapital first invested in 2018, Last Mile has grown from a regional electricity and gas connections provider into a UK-wide multi-utility business, quadrupling its live connections base. We are proud of the progress achieved both under our ownership and in partnership with MAM, leaving Last Mile well positioned for its next phase and marking another successful investment in the energy transition, an area where we have been creating value for more than two decades.”
Macquarie Group has operated in the UK for more than 35 years and has invested and arranged more than £65 billion in UK infrastructure since 1999. Funds managed by Macquarie Asset Management are also invested in energy network infrastructure in the UK, namely stakes in National Gas, the gas transmission system owner and operator in Great Britain, and Cadent Gas, Britain’s largest gas distribution network. MAM is also invested in renewable energy infrastructure through UK solar power and battery storage developer, Island Green Power, and global battery storage developer-operator, Eku Energy.
The transaction is expected to reach financial close during 2026, following the satisfaction of customary closing conditions and regulatory approvals.
Media enquiries
Macquarie Asset Management
Verriin Kaur
verriin.kaur@macquarie.com
+44 7345 481528
About Macquarie Asset Management
Macquarie Asset Management is a leading global asset manager, trusted by institutions, individuals and communities to responsibly manage [$A720/$US477/€406/£354] billion in assets. MAM provides clients with a diverse range of investment solutions that seek to deliver superior risk-adjusted returns.
Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, finance, banking, advisory, and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie Group employs over 19,000 people in 34 markets and is listed on the Australian Securities Exchange.
All figures as at 31 September 2025, excluding assets acquired by Nomura on 1 December 2025.
Infracapital via Teneo
Tom Murray
Oscar Burnett
E: Infracapital@teneo.com
T: +44 20 7260 2700
About Infracapital
Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 60 companies around Europe and has raised and managed over €9 billion of client capital across seven funds. Infracapital is part of M&G Plc, an international savings and investments business, managing money for around 4.5 million retail customers and more than 900 institutional clients in 39 offices worldwide. Total assets under management are £354.6 billion (as at 30 June 2025).