Fundraising

AP Moller targets summer close for $1bn Africa fund

The Danish firm is $135m shy of its target, having held a second close for its maiden vehicle on $865m last month.

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AP Moller Capital, a Denmark-based fund manager focusing on emerging markets, expects to reach final close on its Africa Infrastructure Fund no later than August, a spokesman for the firm told Infrastructure Investor.

The fund manager is just $135 million shy of its $1 billion target after receiving $215 million in commitments from Danica Pension, Danske Invest, SEB Pensionsforsikring and SEB Pension och Försäkring that led to a second close on $865 million in February.

PensionDanmark and Laegernes Pension had seeded the vehicle with $550 million last August when the fund was launched. PFA, Denmark’s largest commercial pension fund, committed an additional $100 million a month later.

“The Africa Infrastructure Fund targets projects within transport, logistics and energy as well as power,” AP Moller Capital’s spokesman said, adding that its mandate covers all countries in Africa.

Last month, the firm teamed up with CDC Group, the UK’s development finance institution, to acquire an 80 percent stake in Zambian utility Copperbelt Energy Corporation. CDC would be the majority shareholder with a 59 percent interest, while AP Moller Capital – through the Africa Infrastructure Fund – would own 21 percent.

It is unclear whether the offer has been accepted or whether the transaction has closed. AP Moller Capital’s spokesman declined to comment.