AIIM closes $370m financing for IDEAS Managed Fund – plans to keep investing in renewable energy

African Infrastructure Investment Managers (AIIM) has announced it has successfully completed a capital increase of ZAR 5.5 bn (about $370m) for its IDEAS Managed Fund (IDEAS) dedicated to infrastructure financing in the Southern African Development Community (SADC) region.

“The new commitments were secured from 19 key South African institutional and pension fund investors, with two thirds of the capital being committed by new investors to the Fund,” AIIM said in a statement.

The fundraise notably exceeded the company’s initial ZAR4.5bn ($301m) target by 20% and has taken the size of the open-ended fund to over ZAR 22 bn ($1.475bn). IDEAS has already been a critical investor in some of Southern Africa’s most famous sustainable infrastructure projects, and has allocated 75% of its capital so far to the renewable energy space.

Such investments have notably seen the fund invest in several solar PV plants under South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).

Freshly raised capital will support the expansion of IDEAS’ portfolio in additional sustainable infrastructure assets, with additional investment likely to be made into South Africa’s new renewable energy projects currently at the procurement stage.

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