Africa50 Group, a pan-African infrastructure investment platform, has announced the successful first close of its Infrastructure Acceleration Fund (Africa50-IAF), amassing $222.5 million in commitments.
The achievement is marked by an African first, with participation from 16 African institutional investors such as sovereign wealth funds, pension funds, social security funds, insurance companies, banks, and Development Finance Institutions, showcasing the commitment of regional stakeholders to drive transformative change across the continent.
In a press statement available on its website, the organisation said among the noteworthy first close investors are the African Development Bank and the International Finance Corporation.
The 12-year closed-ended infrastructure private equity fund, Africa50-IAF, aims to invest in life-changing infrastructure assets that will create jobs and speed up Africa’s green industrial revolution.
Africa50-IAF also seeks to mobilise large-scale and long-term institutional capital from both African and international investors, focusing on diversified and sustainable infrastructure sectors across the continent.
“The first close of the Fund marks a significant step towards capitalising on Africa’s infrastructure opportunities and fostering sustainable development across the continent,” the statement said.
It said the fund has secured a total of $222.5 million from a diverse group of African institutional investors, plus a global investor.
“Backed by several prominent African institutions, the first close showcases a strong commitment to the continent’s self-reliance and the Africa50-IAF’s potential to catalyse infrastructure investment and drive economic growth on the continen.”