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Harith launches $200m top up fund

Anna Lyudvig
April 13, 2021, 10:59 p.m.
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Harith General Partners, one of the largest investors in African Infrastructure, has announced a $200m capital raise in a follow-up fund to its Pan African Infrastructure Development Fund (PAIDF) 2, that is open to existing and new investors.

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Harith General Partners, one of the largest investors in African Infrastructure, has announced a $200m capital raise in a follow-up fund to its Pan African Infrastructure Development Fund (PAIDF) 2, that 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 Providers 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 Africa; Lanseria International Airport, South Africa’s only privately owned international airport; Beitbridge Border Post, the busiest border post in Southern Africa, and 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.

Since 2007, PAIDF 1 has recorded a 36% increase in the USD amount invested.

The fund had a Portfolio Valuation of $742.9m at December 31, 2020.

PAIDF 2 has recorded an 84% increase in the USD amount invested and had a portfolio valuation of $471.8m at December 31, 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). 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.”

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