London-listed investment manager Ninety One has pulled in $404m for the final close of its third emerging markets private credit fund, Africa Credit Opportunities Fund 3 (ACO3).
ACO3 focuses on providing senior-secured financing to businesses and critical infrastructure projects across Africa, Latin America, Asia, and CEEMEA, according to its website. The fund has already made 30 investments totalling $260m in sectors such as communications, consumer, financials, healthcare, industrials, and materials, said portfolio manager and MD Kobi Sam.
“These sectors also play into key thematics we’re seeing: a young and growing population that are consuming more, rapid urbanisation, the need for sustainable infrastructure, and the focus on developing critical minerals to power growth,” Sam added.
Investors in ACO3 include DFIs, pensions and family offices from Africa, Canada, Europe, the UK, and the US.
Ninety One, founded in South Africa in 1991 as Investec Asset Management, runs £184bn in proprietary capital and client assets. The EM alternative credit team, led by Alper Kilic, has deployed $16bn since 2008.
Last month, Kilic told 9fin that stresses in developed market private credit could be an “inflection point” for LPs to diversify their portfolios with more under-represented geographies.
“We see it every single...
