African Infrastructure Investment Managers (AIIM) has raised $320m (€288m) for its third mid-market infrastructure investment fund.
The African Infrastructure Investment Fund 3 (AIIF3) received the capital commitment from a diverse investor base across Africa, Europe and Asia, the manager said.
AIIM said limited partners in AIIF3 include existing AIIF2 investors as well as new commitments from diverse and global investor base demonstrating the ongoing attractiveness of Africa as an investment destination.
AIIF3 targets opportunities across the power, transport and midstream energy sectors in Sub-Saharan Africa.
The manager said five of the assets in the AIIF3 portfolio are already operational and delivering against their original investment thesis.
Paul Frankish, head of strategic initiatives at AIIM, said Africa-focused alternatives funds have concluded fundraisings of $2.5bn, on average, per year over the last five years with final closes for Africa-focused infrastructure funds over this period averaging $233m.
”The success of AIIM’s fundraising against this backdrop demonstrates the confidence our deeply experienced investors feel in both our team and the potential of Africa.”
Jurie Swart, CEO of AIIM said: “This fund epitomises AIIM’s broader investment thesis of building out domestic infrastructure in Africa and driving sustainable economic growth across the region.
”AIIM’s 2,100MW renewable energy portfolio generated a total of 1,795GWh of clean power last year, offsetting nearly 1m tonnes of Co2 equivalents and at full generation, AIIM projects will generate around 10% of Nigeria’s on-grid generation, 27% of Mali’s on-grid generation and 17% of Ghana’s on-grid capacity.”