Afrigather Common Atlantic, the New York-based development fairness agency with $83 billion in belongings below administration (AUM), has agreed to accumulate Actis, a London-based power infrastructure investor with investments in Africa, to deepen its funding in sustainable infrastructure.
The deal, anticipated to shut within the second quarter of 2024, will create a diversified international platform with a mixed $96 billion in AUM, the businesses mentioned in a joint assertion on Tuesday. Monetary phrases weren’t disclosed, however the Common Atlantic’s belongings will now reduce throughout sustainable infrastructure, actual property, development fairness, and credit score.
“The acquisition of Actis extends our international footprint and diversifies our providing with an skilled investing workforce that has constructed a enterprise on core tenets that align with ours,” mentioned Gabriel Caillaux, Co-President, Head of EMEA, and Head of Local weather of Common Atlantic.
Actis, which manages $12.5 billion in belongings throughout 17 nations, is an investor in infrastructure tasks in Africa, notably Accra Mall, Ikeja Metropolis Mall, Rack Centre, and Azura Power Mission. Actis has invested over $2 billion in power infrastructure in Africa in utility-scale renewable tasks, industrial and industrial photo voltaic crops, and energy era with pure gasoline up to now twenty years.
Michael Harrington, Chief Funding Officer of Actis, mentioned the partnership with Common Atlantic will “improve our providing by means of our mixed experience, networks, and geographical scope.” The acquisition will see Actis turn out to be the sustainable infrastructure arm inside Common Atlantic’s funding platform. Actis will proceed to be led by its Chairman and Senior Accomplice, Torbjorn Caesar, and can retain independence over its funding selections and processes with its funds working below the prevailing Actis model.
The deal comes amid rising curiosity in infrastructure investments as international buyers have more and more seen alternatives in power transition tasks and knowledge facilities. Renewable power is a rising section of the worldwide economic system that’s anticipated to require an annual funding of roughly $2.4 trillion by 2030. Final week, BlackRock Inc. the world’s largest cash supervisor, agreed to purchase Global Infrastructure Partners (GIP) for about $12.5 billion. GIP, which manages $100 billion, is owned by Nigerian banker-turned-investor Adebayo Ogunlesi.
