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Investec wins $670mln EAIF mandate

Beating out more than 30 rivals, Investec Asset Management has emerged as the winner of the mandate to manage the $670 million Emerging Africa Infrastructure Fund, a public-private partnership anchored by several European governments. The fund, an initiative of the donor-finance Private Infrastructure Development Group, was established in 2002 to mobilize capital into private sector infrastructure projects across Sub-Saharan Africa since when it has committed over $1.2 billion to projects in the region.

Commenting on the announcement, David White, Chair of EAIF said “We were impressed with Investec Asset Management’s determination and agility, its commitment to our core mission and its belief in a successful future for Africa. Their appointment as the Fund’s manager means that we now have the final element in place to power our growth strategy.”

The fund’s strategy aims to satisfy three main objectives—acting as an infrastructure development catalyst by providing long term debt and mezzanine finance, investing in sustainable businesses run by skilled management teams and delivering investment and development returns.

Investec’s Co-Head of Africa Fixed Income, Nazmeera Moola will head up EAIF’s operations. It’s anticipated that both the fund and its existing team will be integrated into Investec’s African investment platform, from which the management of the entire investment process from project sourcing to loan application evaluation, due diligence and transaction execution will be managed.

 

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