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AIIM holds one of largest capital raises for an African fund during pandemic
Fundraising - DECEMBER 2, 2020

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AIIM holds one of largest capital raises for an African fund during pandemic

by Kali Persall

African Infrastructure Investment Managers (AIIM) has raised an additional $80 million for its flagship pan-African infrastructure fund, AIIF3.

The capital increase brings AIIF3’s total commitments to $400 million and marks one of the largest capital raises closed for an African fund since the onset of the COVID-19 pandemic.

The fund was backed by some of the most experienced African fund investors, according to Paul Frankish, investment director at AIIM. AIIF3 held its first close in May 2017 with four subsequent closes concluded before its final close in May 2019.

Following the fund strategy of its predecessor AIIF2, AIIF3 targets infrastructure investments in the power, transport, digital infrastructure and midstream energy sectors across sub-Saharan Africa. AIIF3 focuses on mid-market opportunities, executing deals in the $20 million to $60 million range, which AIIM believes is a less competitive space and carries less execution risk than some of the large

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