Macquarie Asset buys stake in Maple InVIT from La Caisse, infuses $450 mn

Mumbai: Macquarie Asset Management (MAM) has acquired a stake in Maple Infrastructure Trust, which owns and operates toll roads across India, from global investment group La Caisse, the companies said in a statement on Monday.

Macquarie has invested about $450 million, including a $150 million of additional equity earmarked for Maple’s future acquisitions, through its fourth Asia-Pacific Infrastructure Fund, while La Caisse has infused about $150 million to support its growth ambitions. The companies did not disclose the exact shareholding and valuation of the deal.

Following the transaction on 11 September, MAM and La Caisse will jointly own controlling stakes in the Infrastructure Investment Trust’s investment manager and project manager.

This comes against the backdrop of India emerging as one of the world’s largest and most diverse transport networks, with a road network extending around six million kilometres. As the country’s middle class expands, rising vehicle ownership and growing mobility needs are driving increased demand for high-quality transport infrastructure, including toll roads and electrification solutions.

The partnership combines MAM’s infrastructure investment and active asset management experience in India with La Caisse’s experience in developing, scaling, and managing infrastructure platforms globally, the statement said.

“India remains a key market for Macquarie, and Maple reflects our conviction in the country’s long-term infrastructure opportunity,” said Verena Lim, co-head of Asia-Pacific Infrastructure for Macquarie Asset Management and Asia CEO for Macquarie Group. “Drawing on our experienced local team and long-standing presence in the market and sector, we look forward to partnering with La Caisse to support Maple’s next phase of growth, building on the platform’s strong foundations through our operational expertise and active asset management approach.”

Established in 2021 and sponsored by Canada’s La Caisse, Maple owns and operates seven toll roads across six states in eastern, northern and southern India through long-term concession frameworks. The road network has an aggregate length of about 3,328 lane kilometres.

"Five years ago, we entered India's roads sector with a single asset and a conviction in the market's long-term potential. Since then, Maple has grown into one of the country's leading road platforms,” said Emmanuel Jaclot, executive vice-president and head of Infrastructure and Sustainability at La Caisse.

La Caisse, a global investment firm based in Quebec, is active in the major financial markets, private equity, infrastructure, real estate, and private credit. As of June 30, 2026, it held CAD 552 billion in net assets.

MAM, part of Macquarie Group, manages $498 billion in assets and has a diversified global financial service group operating in asset management, retail and business banking, wealth management, as well as advisory, and risk and capital solutions across debt, equity, financial markets and commodities.