This archive report was first published on 6 August 2019.
On August 6, 2019, African Infrastructure Investment Managers (AIIM), a private equity fund manager, secured $320 million from investors across Africa, Europe, and Asia to invest in big-ticket power, transport, and energy projects in Africa.
AIIM has already made significant investments in the region, including a recent investment in BBOXX New Generation Utility in Kenya and a shortlisting for the Nairobi-Nakuru Highway PPP. The company's latest fund, AIIF3, has cumulatively committed $2.2 billion across seven funds and executed over 56 transactions in target pan-African markets.
According to Jurie Swart, CEO of AIIM, "We are delighted that our investors share our vision for the African infrastructure opportunity and we are grateful to them for placing their trust in our proposition."
AIIM focuses on mid-market opportunities in the power, transport, and energy sectors, which are less competitive and carry less execution risk than larger deals. The company aims to gain exposure to opportunities in countries with high growth prospects but lacking the scale to support mega deals.
AIIM has made investments across 12 African countries, including the thermal power, renewable energy, ports, and logistics sectors. The company has also closed successful exits from previous funds, including the Azura-Edo Power Plant in Nigeria and Kipeto Energy Limited in Kenya.
Olusola Lawson, Head of West Africa at AIIM, stated, "We continue to believe that the energy sector in Nigeria holds great potential, and this is evidenced by our recent growth equity investment into Starsight Power Utility, and our commitment to invest in the Uquo Integrated Gas project."
Lawson added that the successful sale of AIIM's shareholding in Azura-Edo to existing shareholders indicates their confidence in the country's prospects and the future of the power sector.
AIIM's investment thesis is centered around building out domestic infrastructure in Africa and driving sustainable economic growth across the region. The company's 2,100MW renewable energy portfolio generated 1,795GWh of clean power last year, offsetting nearly 1 million tonnes of CO2 equivalents.
AIIM has also announced the appointment of Wanjiku Mugane as a Senior Advisor in Kenya. Based in Nairobi, Wanjiku will be working closely with the AIIM investment team, delivering market insights and supporting the deal pipeline.
