In what could prove to be a change from its usual strategy of developing greenfield energy assets through platform companies, Actis is considering launching an infrastructure vehicle targeting operating power assets in developing countries, according to a source with knowledge of the process.
The source said the emerging markets investor is in the early stages of any potential fundraise, which could result in a fund launch later this year. Actis’ new vehicle would still target the markets it has been active in for its previous energy funds, including Latin America, Africa, Asia and India, according to the source.
Actis declined to comment for this story.
In March, the firm closed Actis Energy 4 at $2.75 billion, with the bulk of commitments coming from US institutional investors.
Since closing its fourth energy fund, Actis has pledged around 60 percent of its capital to projects in Africa and Latin America. It has also launched two renewable energy platforms in Latin America: a vehicle operating 578MW of solar projects and 1GW of early-stage developments; and a Brazil-focused wind platform seeded with two projects generating a combined 346MW.
In 2009, the firm closed Actis Infrastructure 2 on $750 million, but that fund still had an energy and power focus and is considered a predecessor to Actis Energy 3, which closed on $1 billion in 2013.
Actis was founded in 2004 and has since raised $13 billion, making over 200 investments and deploying $7.8 billion.