Macquarie buys stake in Maple InvIT from Canada's La Caisse, commits $450 million
September 14, 2026
Macquarie and La Caisse will jointly control Maple’s investment and project managers, while committing a combined $300 million to fund acquisitions by the roads platform
Macquarie Asset Management has acquired units in Maple Infrastructure Trust from Canadian investment group La Caisse, formerly CDPQ, for $300 million, marking its entry into the InvIT that owns and operates seven toll roads in India.
Macquarie and La Caisse will jointly hold controlling interests in Maple’s investment and project managers, the companies said in a statement on September 14, without disclosing the exact size of the stake.
was the first to write about the talks between Macquarie and La Caisse on March 17.
Macquarie has committed $450 million as part of the transaction. This includes $150 million in additional equity earmarked for future acquisitions by Maple. Separately, La Caisse committed $150 million to fund the platform’s growth.
Established in 2021, Maple owns and operates seven toll roads with an aggregate length of about 3,328 lane kilometres. The roads are operated under long-term concession agreements and include stretches of the Golden Quadrilateral, the East-West Corridor and the Eastern Peripheral Expressway.
Five of Maple’s seven road assets were acquired from Ashoka Concessions Ltd and its associated companies in November 2025. The transaction expanded Maple’s portfolio from two assets spanning 1,212 lane kilometres to seven roads covering 3,328 lane
The five acquired projects are toll roads in West Bengal, Karnataka, Maharashtra, Chhattisgarh and Odisha. Maple’s other assets include the Eastern Peripheral Expressway around the National Capital Region and the Shree Jagannath Expressways project in Odisha.
“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 at Macquarie Asset Management and Asia CEO of Macquarie Group.
Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse, said the investor had built Maple from a single road asset over the past five years and that the partnership with Macquarie would support its next phase of growth.