African Infrastructure Investment Managers (AIIM) has closed its flagship pan-African infrastructure fund, African Infrastructure Investment Fund 3 (AIIF3), with $320 million in capital commitments.
The fund targets a diversified portfolio of core and coreplus, significant investments across the power, transport and midstream energy sectors in Sub-Saharan Africa, areas with the biggest disconnect between demand for critical infrastructure and supply of available capital, according to AIIM. The fund’s high-quality, diverse and global investor base includes repeat investors who committed capital to the previous fund in the series, AIIF2.
The fund focuses on mid-market opportunities in these sectors gaining exposure to opportunities in countries with high growth prospects but lacking the scale to support mega deals. It will aim to continue implementing a rigorous and ambitious ESG strategy.
AIIM has already established a diversified portfolio of assets for AIIF3, with nine investments across thermal power, renewable energy, ports and logistics and airport sectors. Five of the assets are already operational.
Since its inception, AIIM has raised cumulative commitments of $2.2 billion over seven funds and executed more than 56 transactions in target pan-African markets.