Bell Potter writes in a note that Macquarie Infrastructure and Real Assets (MIRA) is consistently the largest source of performance fees for Macquarie Group [MQG] since the GFC.

"MIRA is considered the world's largest infrastructure asset manager with $148bn AUM. The AUM is spread across 51 funds (five public, 46 private including sub-funds), co-investments, partnerships and separately managed accounts. MIRA AUM may be only 29 per cent of the Group total (invested in 120+ businesses, ~300 properties and 3.6m ha of farmland spanning 26 countries) but the division contributes to around 96 per cent of Group performance fees.