French infrastructure manager Meridiam has concluded the new round of fundraising for its Meridiam Africa Infrastructure Fund, closing on €546 million.
The reopening of the 2015-vintage vehicle saw the group receive a further €339 million on top of the €207 million raised when the fund was initially launched, despite initially targeting proceeds of €300 million. Infrastructure Investor reported in November that Meridiam was looking to grow the fund to over €500 million.
The latest fundraising saw a re-up from 50 percent of its existing investors – largely development finance institutions and multilaterals – as well as new commitments from private investors such as European insurance companies and pension plans. The fund is now 70 percent supported by private investors, the fund manager said in a statement.
“The reopening of the fund was quite relevant for private capital because the fund already included a portfolio of assets which reduces the risk of deployment and the risk of these specific assets,” Mathieu Peller, Meridiam’s chief operating officer for Africa, told Infrastructure Investor.
The initial fundraising is fully invested into 14 projects worth around €3 billion across the energy and transport space. The fund has largely invested in greenfield projects with majority or significant minority stakes. All of the projects are certified by the UN’s Sustainable Development Goals.
Merdiam’s Africa operations consist of 20 employees in 2 offices in Senegal and Ethiopia.