La Caisse Sells Big Stake in India's Maple Highways to MAM
Australian asset manager Macquarie has sealed a $450-million (about Rs 4,300 crore) transaction to buy a significant stake in Maple Infrastructure Trust from Canadian pension fund La Caisse (formerly CDPQ).
Macquarie Asset Management, through its Macquarie Asia-Pacific Infrastructure Fund 4 (MAIF4), has acquired 37.5% of the units in the infrastructure investment trust (InvIT) that owns the Maple Highways platform from La Caisse. The sale cuts La Caisse’s holding in the trust to 37.5% from 75%.
The Australian firm has also bought a 42.5% stake in the InvIT’s investment manager and a 40% stake in the project manager, with La Caisse retaining a 42.5% holding in the investment manager but ceding control to Macquarie.
According to a joint statement from the two investors, Macquarie has committed $450 million in total to Maple, including $150 million of fresh equity earmarked for future acquisitions. La Caisse, for its part, has also pledged an additional $150 million to back the platform's next phase of growth.
Separately, a stock-exchange filing showed that the value of the 37.5% units that Macquarie bought was Rs 2,702.54 crore (around $282.5 million).
The announcement comes almost six months after VCCircle reported in March that Macquarie was set to acquire 37.5% of the InvIT's units.
Verena Lim, co-head of Asia-Pacific infrastructure for Macquarie Asset Management and Asia CEO for Macquarie Group, said that India remains “a key market” for the firm and that Maple reflects its conviction in the country's long-term infrastructure potential.
The Maple transaction comes even as Macquarie moves to exit its separate India toll-roads platform, Safeway Concessions Pvt Ltd, which it had acquired from the National Highways Authority of India roughly eight years ago. The parallel moves underline Macquarie's repositioning in India's roads sector—entering a modern InvIT platform even as it exits older toll-operate-transfer assets.
Macquarie inked a deal in March to sell Safeway to French infrastructure group Vinci, through its Vinci Highways unit, at an enterprise value of around Rs 15,000 crore (roughly $1.6-1.7 billion). The sale marked Vinci's first entry into India's roads sector and ranked among the country's largest toll-road divestments to date.
Founded in 2021, Maple InvIT owns and operates seven toll road assets across six states in eastern, northern and southern India, spanning an aggregate 3,328 lane kilometres, held through special-purpose vehicles under long-term government concessions. Several of these were acquired from the NHAI and form sections of key corridors, including the Golden Quadrilateral, the East-West Corridor and the Eastern Peripheral Expressway around New Delhi. The portfolio includes five toll road projects the InvIT bought from Ashoka Concessions last year for Rs 1,814 crore.
In FY25, the InvIT reported operating income of Rs 795 crore, up from Rs 730 crore a year earlier, while its net loss narrowed to Rs 120 crore from Rs 210 crore.
On Monday, la Caisse and Macquarie Asset Management issued a joint press release stating they have partnered with to support Maple’s growth ambitions:
Macquarie Asset Management (“MAM”), via Macquarie Asia-Pacific Infrastructure Fund 4 (“MAIF4” or the “Fund”), announces that it has completed the acquisition of units from global investment group La Caisse in Maple Infrastructure Trust (“Maple”) on 11 September 2026, an Infrastructure Investment Trust (“InvIT”) that owns and operates toll roads across India.
Following completion of the transaction, MAM and La Caisse jointly own controlling stakes in Maple’s investment manager and project manager. 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.
As part of the transaction, MAIF4 has committed $US450 million, which includes $US150 million of additional equity earmarked for future acquisitions by Maple. La Caisse has also committed $US150 million to support future growth.
Established in 2021, 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 approximately 3,328 lane kilometres.
Verena Lim, Co-Head of Asia-Pacific Infrastructure for Macquarie Asset Management and Asia CEO for Macquarie Group, said: “India remains a key market for Macquarie, and Maple reflects our conviction in the country’s long-term infrastructure opportunity. 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.”
Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability, La Caisse, said: “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. Our partnership with Macquarie Asset Management is a strong vote of confidence in what we've built and the growth opportunities ahead. Maple's story is still being written, and this partnership marks an important new chapter.”
India has 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.
ABOUT MACQUARIE ASSET MANAGEMENT
Macquarie Asset Management (MAM) is a leading global asset manager, trusted by institutions, individuals and communities to responsibly manage $US498 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 global financial services 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. Founded in 1969, Macquarie Group employs over 19,100 people in 30 markets and is listed on the Australian Securities Exchange.
All figures as at 31 March 2026.
ABOUT LA CAISSE
La Caisse has invested for over 60 years with a dual mandate: generate optimal long-term returns for its 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.
As a global investment group, La Caisse is active in the major financial markets, private equity, infrastructure, real estate and private credit. As at June 30, 2026, it held CAD 552 billion in net assets. For more information, visit LaCaisse.com, LinkedIn or Instagram.
La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.
Before I share my views, in August, Verena Lim, Asia CEO at Macquarie Group and co-head of Asia-Pacific MAM, and Prateek Jhawar, head of Real Assets, India, Macquarie Asset Management were quoted in The Economic Times of India as saying, 'Macquarie's done the full investment cycle in India. It's time to invest again' (both featured at the top of my post):
Macquarie Asset Management (MAM) invested more than $US4 billion in India in its two-decade-long presence in the country. While continuing its core focus on roads and renewable energy, the firm-among the earliest infrastructure investors in India-is actively evaluating opportunities in digital infrastructure such as data centres, fibre, and telecom towers, as well as social infrastructure such as healthcare, education, logistics and cold storage.
Verena Lim, Asia CEO at Macquarie Group and co-head of Asia-Pacific MAM, and Prateek Jhawar, head of Real Assets, India, Macquarie Asset Management, speak to The Economic Times on their strategies.
With global long-term investors deploying increasing capital in the country, do you believe Macquarie has kept pace with the opportunity?
Lim: India has remained a core market for Macquarie Asset Management since it entered the country more than two decades ago through its infrastructure fund with SBI. The firm's investment strategy later evolved from country-specific funds to regional Asia-Pacific funds, with India continuing to be a key allocation. Between 2018 and 2022, Macquarie focused on managing and scaling its existing portfolio rather than deploying fresh capital, drawing lessons from its early investments, while creating value from assets. That strategy is now paying off, with the sale of Safeway Concessions to VINCI Highways-our first toll road investment in India-and the acquisition of the Maple Infrastructure Trust platform as evidence of Macquarie's continued commitment. We are now actively evaluating new opportunities in renewable energy, digital infrastructure, and social infrastructure, while maintaining sufficient capital for India. We've been going through the full investment cycle in India-from investing and building platforms to existing assets-and now it's time to invest again.
Did moving to a regional Asia-Pacific fund dilute capital flows to India, given that you had the flexibility to invest across multiple markets?
Lim: No. The shift to a regional fund was not intended to reduce investment in India. In fact, our latest Asia-Pacific Infrastructure Fund is a $US4 billion vehicle-significantly larger than our original $US1 billion India-focused fund-and we also have access to substantial co-investment capital. The regional strategy simply gives us greater flexibility to allocate capital where we see the best risk-adjusted returns. India remains one of the most compelling investment destinations in Asia-Pacific, and there is no reason why capital deployment here should be lower because of the regional mandate.
Which infrastructure sectors in India are you most bullish on today? Where do you see the next wave of opportunities?
Jhawar: We've had strong experience in roads and mixed outcomes in renewables, reflecting broader market dynamics. For us, success is less about choosing a particular sector and more about investment discipline-buying at the right valuation, partnering with the right management teams, actively managing assets, and exiting at the right time. India offers compelling opportunities across roads, renewables, digital and social infrastructure, and we'll continue investing where we see the best long-term risk-adjusted returns.
What makes India one of Macquarie's most attractive infrastructure markets today?
Lim: Macquarie believes India has entered the next phase of its infrastructure growth, supported by strong demographics, policy continuity and a mature investment ecosystem. Having invested in the country for nearly three decades, the firm has witnessed the sector evolve from government ownership to privatisation and institutional capital participation, giving it deep local expertise across economic and political cycles. The recent exits, including the sale of Safeway Concessions, demonstrate Macquarie's ability to create value and return capital to investors-an important factor in today's cautious fundraising environment.
Beyond roads and renewables, are there any new sectors in India that Macquarie is actively evaluating?
Jhawar: Digital infrastructure is not yet part of our India portfolio, though it is a significant focus globally across fibre, data centres, and communication towers. We also see growing opportunities in infrastructure adjacencies such as healthcare, education, logistics, and cold storage. In healthcare, infrastructure investors can fund hospital assets while operators focus on care delivery, helping expand capacity to meet rising demand.
Do you have a capital allocation in mind for these emerging infrastructure sectors?
Lim: We do not have any specific capital allocation targets for these sectors. Our priority is to build conviction around opportunities that meet our risk-return expectations.
Excellent interview with Verena Lim and Prateek Jhawar of Macquarie Asset Management (MAM), explaining why they remain committed to India's infrastructure despite selling Safeway Concessions to VINCI Highways for roughly US$1.7 billion.
Why is La Caisse realizing on a significant stake in Maple Infrastructure Trust? All sorts of theories out there but the truth is it did a great job nurturing this platform and found a top strategic partner to manage it with and decided to sell a stake in the business to MAM.
MAM has a proven track record for adding value to its toll roads in India and will continue to do so with this asset as they prepare it for its next growth phase.
La Caisse will use proceeds to invest elsewhere in India or in its massive infrastructure portfolio.
Again, read what Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability, La Caisse, said:
“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. Our partnership with Macquarie Asset Management is a strong vote of confidence in what we've built and the growth opportunities ahead. Maple's story is still being written, and this partnership marks an important new chapter.”
I also note this part of the press release:
India has 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.
Lastly, worth noting that this is the second big deal announced in India for La Caisse with a top partner. Earlier this month, La Caisse invested alongside Brookfield in Altius, India’s largest independent telecom tower platform (see my comment here).
Below, Verena Lim, CEO, Macquarie Group Asia and Co-head of Infrastructure Asia-Pacific MAM, appeared in a Milken Institute International panel discussion on bridging the gap in global infrastructure financing back in 2024.
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