Harith General Partners, one of the largest investors in African Infrastructure, has announced a US$200 million capital raise in a follow-up fund to its Pan African Infrastructure Development Fund (PAIDF) 2, which is open to existing and new investors.
The PAIDF 2 Infrastructure Top-Up Fund is a shorter-term vehicle (5-to-6 years) that is being established to take advantage of very near-term expansion opportunities in some of the best performing PAIDF 2 portfolio companies and realise a mature pipeline of high-quality infrastructure opportunities for investors.
Harith’s PAIDF 1 & PAIDF 2 portfolio companies include Aldwych Holdings Limited, one of the largest Independent Power Provider’s on the continent; leading South African telecommunications infrastructure group CIVH; MainOne, an undersea cable company and leading provider of innovative telecom services and network solutions for businesses in West; Lanseria International Airport, South Africa’s only privately owned international airport; the busiest border post in Southern Africa, Beitbridge Border Post, among others.
The capital raised will be invested in existing PAIDF portfolio company expansion opportunities as well as in selected key new pipeline deals and strategic infrastructure investment opportunities. These opportunities are both pre-determined and existing.
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Since 2007, PAIDF 1 has recorded a 36% increase in the USD amount invested. The fund had a Portfolio Valuation of US$742,9 million at 31 December 2020. PAIDF 2 has recorded an 84% increase in the USD amount invested and had a portfolio valuation of US$471,8 million at 31 December 2020.
Sipho Makhubela, CEO Harith General Partners said: “Rather than just investing in potential future projects, our PAIDF 2 Top-Up Fund provides investors with immediate exposure to established, world-class assets that are generating returns today and an experienced management team that has been together for more than a decade, making investments in some of the most difficult environments on the continent.
“Harith is therefore uniquely positioned to capitalise upon the critical infrastructure requirements presented by the African Continental Free Trade Area (AfCFTA). The PAIDF 2 Top-Up fund will further invest in up to eight-core strategic transactions that will strengthen capacity to leverage large-scale future projects and allow Harith to scale up its existing position in some of the best portfolio companies in the PAIDF Portfolios.”
