(Bloomberg) -- Macquarie Group Ltd. is discussing raising a new fund focused on infrastructure debt, according to people familiar with the matter.

Most Read from Bloomberg

Iran’s Attack on Israel Sparks Race to Avert a Full-Blown War Beyond the Ivies: Surprise Winners in the List of Colleges With the Highest ROI S&P 500 Breaks Below 5,100 as Big Tech Sells Off: Markets Wrap Trump Media’s $5.3 Billion Selloff Deepens as 270% Rally Fizzles Israel Versus Iran — What All-Out War Could Look Like

The Australian asset manager has held preliminary talks with potential investors about the vehicle, known as Macquarie Specialised Infrastructure Global Debt Fund, for which it’s targeting more than $1.5 billion, said some of the people, who requested anonymity because the matter is private.

The fund, which is the third of its strategy, will seek to take 15 to 20 positions though bilateral transactions and aim to deliver returns of 8% to 10% net of fees, according to one of the people. Macquarie plans to formally launch fundraising in coming months, the people said. Terms, including the size of the fund, haven’t been finalized and could change.

A Macquarie spokesman declined to comment.

Sydney-based Macquarie is among one of the world’s largest investors in infrastructure assets such as toll roads, airports and data centers. It’s previously owned UK utility Thames Water, which is now struggling under the weight of its debt, as well as Sydney Airport.

Read more: Macquarie Had Lent £130 Million to UK Utility Thames Water

Most Read from Bloomberg Businessweek

A Resilient Global Economy Masks Growing Debt and Inequality How a Pioneering Blackjack Master Beats the Odds of Aging Top Takeaways From Businessweek’s Investigation of Teenage Sextortion Race for AI Supremacy in Middle East Is Measured in Data Centers Cocoa’s Surge Is Drawing Africa’s Farmers Back to the Bean

©2024 Bloomberg L.P.