African Infrastructure Investment Managers (AIIM), one of Africa’s largest infrastructure-focused private equity fund managers, has successfully completed a capital increase of ZAR5.5 billion (about $370 million) for its flagship southern African infrastructure fund, the IDEAS Managed Fund.

The fundraise exceeds the initial ZAR4.5 billion ($301 million) target by 20%, taking the size of the open-ended fund to more than ZAR22 billion ($1.475 billion).

IDEAS will deploy the capi...