South Africa’s Infra Impact Investment Managers has closed its debut fund on 2.15 billion rand ($115 million; €110 million) – putting it among the largest impact funds focused on a single emerging market. The fund will make equity and mezzanine investments in South Africa along themes such as water, waste, energy and telecommunications sectors. Projects will address UN Sustainable Development Goals such as reducing of carbon emissions, increasing access to clean water, sanitation, energy and telecommunications.
“The market opportunity remains unprecedented, but trillions of rands of investment are still required to develop sustainable infrastructure across South Africa,” a press release from the firm stated.
Infra Impact has 14 LPs, according to the release. It has not disclosed its LPs’ names, but describes them as “local funds of funds, university foundations, insurers, banks, pension funds, and an esteemed development finance institution”.
The firm had initially targeted 1.5 billion rand.