African infrastructure fund manager Harith General Partners is seeking to raise $200m (€167.9m) for a top-up fund.
The manager has launched PAIDF 2 Infrastructure Top Up Fund, a follow-up fund to its Pan African Infrastructure Development Fund (PAIDF) 2 fund. The PAIDF 2 Infrastructure Top Up Fund is a shorter-term vehicle with a 5-to-6 year life span.
Harith said the new fund has been created to take advantage of very near-term expansion opportunities in “some of the best performing PAIDF 2 portfolio companies and realise a mature pipeline of high-quality infrastructure opportunities for investors”.
The capital raised will be invested in existing PAIDF portfolio company expansion opportunities as well as in selected key new pipeline deals and strategic infrastructure investment opportunities, the manager said, adding that these opportunities are both pre-determined and existing.
Harith’s PAIDF 1 and PAIDF 2 funds’ portfolio companies include independent power provider Aldwych Holdings, South African telecommunications infrastructure group CIVH; undersea cable company MainOn, Lanseria International Airport and Beitbridge Border Post.
Sipho Makhubela, CEO Harith General Partners said: “Rather than just investing in potential future projects, our PAIDF 2 Top-Up Fund provides investors with immediate exposure to established, world-class assets that are generating returns today.”
Makhubela said the PAIDF 2 Top-Up fund will further invest in up to eight core strategic transactions that will “strengthen capacity to leverage large-scale future projects and allow Harith to scale up its existing position in some of the best portfolio companies in the PAIDF portfolios.”
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