Investment firm Harith General Partners, one of the largest investors in African Infrastructure, has injected a Ksh. 21.4 billion ($200 million) capital raise in a follow-up fund to its Pan African Infrastructure Development Fund (PAIDF) 2.
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.
The PAIDF 2 Infrastructure Top Up Fund is a shorter term vehicle (5-6 years) that is being established to take advantage of very near-term expansion opportunities in some of the best performing portfolio companies.
Harith’s PAIDF 1 and PAIDF 2 portfolio companies include;
- Aldwych Holdings – an Independent Power Providers in Africa
- CIVH – a South African telecom infrastructure group
- MainOne – an undersea cable company
- Lanseria International Airport – a South African privately owned international airport
- Beitbridge Border Post in Southern Africa
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. Our highly experienced management team 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).”