Pembani Remgro Infrastructure Fund raises $245 Million to Power Africa

Johannesburg, South Africa (Capital Markets in Africa):- The Pembani Remgro Infrastructure Fund, announced today that it has achieved a successful first closing of $245 million. In addition, the Fund has received a further commitment equal to 20% of the fund size, capped at $100 million, from the Overseas Private Investment Corporation (OPIC).

The formal fundraising process commenced in May 2014, with the aim of achieving final close during 2015 at a target fund size of USD 500 million. Apart from initial seed capital commitments made by Remgro and Phuthuma Nhleko as cornerstone investors, the Fund has been anchored by a significant investment from CDC Group plc and received commitments from other development finance institutions (including OFID and Germany’s DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH) as well as private pension funds, family offices and investment companies.

“We are very pleased with the level of the Fund’s first closing and look forward to working with our investors as long term partners on the African continent” said Herc van Wyk, CEO of Pembani Remgro Infrastructure Managers, which houses the investment team. “We currently have a strong pipeline and expect to invest additional capital during this year.”

Paola Tarazi, Partner of BerchWood Partners, the global placement agent responsible for the fundraise, said: “The high calibre of investors the Fund has attracted confirms the team’s positioning as one of Africa’s leading infrastructure investors with an unparalleled ability to source, structure and complete infrastructure investments on the continent.”