African Infrastructure Investment Managers closes fund at $748m
African Infrastructure Investment Managers closes fund at $748m
AIIF4’s fundraising exceeded the target by 50%.
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African Infrastructure Investment Managers (AIIM) has announced the final close of its fourth pan-African infrastructure fund, African Infrastructure Investment Fund 4 (AIIF4).
The fund achieved its hard cap, with $748 million raised from a diverse investor base across Africa, Europe, Canada, US, Middle East and Asia with an additional $206 million approved for co-investments alongside the fund.
AIIF4’s fundraising exceeded the target by 50%, achieving strong support from AIIM’s existing investor base as well as new commitments from a select and diverse group of global investors. Over half the capital came from new investors, many of whom made their first allocations to the African infrastructure sector through their commitments to AIIF4.
Commitments were raised from 29 investors in total, with around 25% of funds raised from institutional investors in Africa, 42% from EU countries and the UK, 14% from Canada and the US, and 17% from the Middle East and Asia. The investors include pension funds, insurance companies, sovereign wealth funds, asset managers and family offices with 50% of commitments from DFI investors.
Olusola Lawson, AIIM's managing director and co-CEO said: “In developing the strategy we have focused on key themes which provide investors with long-term growth driven by structural deficits and secular tailwinds rather than volatile macro-economic cycles. This includes digital infrastructure, to capitalise on the surge in data consumption across the continent; energy transition, to address the chronic shortage of affordable power and the associated productivity losses for Africa’s corporates; and transport, ports and logistics, to meet the demands for moving goods and people through the world’s most rapidly urbanising cities.”
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