Actis to close Energy Fund 5 near $5bn – exclusive

Final commitments to the firm’s latest energy fund will put the fundraising total above a $4bn target and at or near its hard-cap.

Actis is preparing to hold a final close in the coming weeks for its fifth emerging markets-focused energy fund on a total of between $4.5 billion to $5 billion, according to a source familiar with the fundraise.

Actis Energy 5 – which the London-based firm began raising in Q1 of 2020 – has beat its $4 billion fundraising target and is set to officially close in the early part of Q2, the source told Infrastructure Investor. Actis is planning to start committing and deploying capital in line with the firm’s previous strategies, which have built platform companies managing power generation and electricity distribution assets across Latin America, Africa and South-East Asia.

The fundraise is ending as Actis solidifies its pivot away from private equity and towards opportunities focused squarely on real assets in emerging markets. In a statement released this week, Actis announced that its financial services team left the firm to join to Apis Partners.

The manager has now invested more than $5 billion through its series of energy vehicles, raised $1.23 billion for its Actis Long Life Infrastructure Fund and also manages a dedicated real estate investment business.

Actis’ previous energy fund closed in March 2017 on $2.75 billion. In March 2019, the fund was generating an 18.6 percent net return, according to a document published by the NYC Fire Department pension. The vehicle is fully invested, including capital used to build Atlas Renewable Energy, a company that builds and manages solar and wind projects in Latin America, and a wind-focused business called Echoenergia in Brazil.

Actis declined to comment for this story.