Macquarie raises $320m for African infra fund

Macquarie Capital and South Africa’s Old Mutual Investment Group have reached first close for their African Infrastructure Investment Fund 2 (AIF 2), managed by joint-venture African Infrastructure Investment Managers (AIIM).

The fund has raised $320 million in “unconditional commitments”, according to a Macquarie statement. It will target investments in sub-Saharan African spanning several infrastructure sectors including roads, airports, power, telecommunications, rail, ports, social infrastructure and related investments, the statement read.

World Bank subsidiary IFC, the African Development Bank, Dutch development agency FMO, French development finance institution PROPARCO, Macquarie and South Africa’s Old Mutual Life Assurance Company and the Development Bank of Southern Africa were some of the investors that contributed to the fund’s first close.

AIF 2 will continue to raise funds over the next 12 to 18 months, Macquarie said.

AIIM was formed in 2000 and has managed and advised three African infrastructure equity funds. These include the South Africa Infrastructure Fund, the African Infrastructure Investment Fund and the Kagiso Infrastructure Empowerment Fund. Together, the three funds have raised more than $370 million.