Ninety One Africa Credit Opportunities Fund (Investec)

Ethiopia, Tanzania, Rwanda, Mozambique, Nigeria, Uganda, Kenya, Zimbabwe, South Africa Financial services, Food and agriculture, Other consumer services, Construction and real estate, Manufacturing, Infrastructure, Communications and IT Services, Others

Investec Asset Management (IAM) is an international investment manager, specialising in emerging markets. The South African and UK-based firm, founded in 1991, invests across a range of asset classes including public equity, fixed income, currencies, and private equity across the globe.

The Investec Africa Credit Opportunities Fund 1 (IACO), sub-Saharan Africa’s first corporate debt fund, will provide long-term capital to businesses of different sizes and sectors across a wide range of countries in the region (excluding South Africa).

The fund aims to kick-start the development of African debt capital markets and to invest in sustainable businesses.

Our investment

In 2012, CDC invested $30 million in the Africa Credit fund. The fund is also supported by Dutch development bank, FMO. The Investec Asset Management team is aiming to raise up to $350 million for the fund from commercial investors both in Africa and beyond to provide much-needed capital to African businesses.

Expected impact

There is a shortage of credit in sub-Saharan Africa for private sector businesses.

The fund aims to bring in other institutional investors and ensure that their money will be used to provide debt capital to companies across sub-Saharan Africa.

The Investec Fund will typically provide capital to businesses and projects which already support local employment, enabling access to longer term funding.

The finance may be used as working capital or to fund expansion, enabling the creation of jobs.

Environmental and social aspects

We worked closely with the fund manager to contribute to the development and implementation of an Environmental and Social Management System (ESMS).

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
Africa
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

:
Communications and IT Services, Construction and real estate, Financial services, Food and agriculture, Infrastructure, Manufacturing, Other consumer services, Others
Website:
https://www.investec.com/en_gb.html
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Intermediated investment
Fund manager:
Investec Asset Management
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
December 2012
Amount

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.

:
$30m
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
Guernsey

Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Gruppo Limited (Ikeja Mall)

Gruppo Investment Nigeria Limited is a Nigerian-domiciled company with plans to develop a mixed-use retail and office complex located in Ikeja, Lagos,

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Nigeria Africa, West Africa Construction and real estate December 2014 Active
IHS Nigeria

IHS, which was founded in 2001, is a company specialising in building towers and managing sites for mobile network operations.

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Nigeria Africa, West Africa Communications and IT Services December 2014 Active
IHS Zambia Ltd

IHS Zambia Limited is the sole and leading independent tower operator in Zambia – owning and operating over 1,700 telecommunications towers. It is a wholly owned subsidiary of the IHS Towers Group – the largest independent tower operator in Africa – which has a presence in Nigeria, Cameroon, Cote d’Ivoire, Rwanda and Zambia.

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Zambia Africa, East Africa Communications and IT Services December 2014 Active
FBC Holdings Limited

FBC Holdings Limited is a diversified financial services group with interest in commercial banking, stock broking, mortgage and reinsurance services based in Harare, Zimbabwe and listed on the Zimbabwe Stock Exchange.

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Zimbabwe Africa, East Africa Financial services December 2014 Exited
First Bank Nigeria

First Bank of Nigeria is a multinational bank and financial services company in Nigeria.

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Nigeria Africa, West Africa Financial services December 2014 Exited
Globeleq Africa Holdings

Globeleq develops, owns and operates thermal and renewable independent power plants in Africa.

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Africa Infrastructure December 2014 Exited
GTB

Guaranty Trust Bank is a Nigerian financial institution with business outlays across Anglophone and Francophone West Africa and East Africa.

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Nigeria Africa, West Africa Financial services December 2014 Exited
Intrepid Aviation

Intrepid Aviation is a privately held commercial aircraft lessor which owns and manages commercial aircraft leased to airline operators worldwide.

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Namibia Africa, Southern Africa Manufacturing December 2014 Exited
Kosmos Energy

Kosmos Energy is an international oil and gas exploration and production company. It has identified the Tano Basin offshore Ghana as a potential hydrocarbon system. Its first major discovery in 2007 was the Jubilee Field.

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Ghana Africa, West Africa Others December 2014 Exited
Helios Towers Nigeria Ltd

Helios Towers is the sole provider of tower sites on a leased basis in Nigeria and in all of Africa.

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Nigeria Africa, West Africa Infrastructure December 2014 Exited
Zenith Bank Plc

Zenith Bank is a commercial bank listed on the Nigerian Stock Exchange

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Nigeria Africa, West Africa Financial services March 2015 Active
Trade Development Bank

The Eastern and Southern Africa Trade and Development Bank – TDB Bank – is a regional development bank headquartered in Burundi. It has offices in Nairobi, Harare, and Ebene. Its aim is to facilitate economic growth, trade and regional integration through its role as a financial intermediary providing trade and project finance in 17 countries across East and Southern Africa. It invests in a range of sectors, including agriculture, trade, industry, infrastructure, energy and tourism and provides a range of financial products and services across both the private and public sectors.

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Africa, East Africa Financial services June 2015 Active
Persianas Limited

The Persianas Group was founded in 1990 and is involved in the construction and management of real estate developments across Nigeria, particularly in the retail sector.

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Nigeria Africa, West Africa Construction and real estate June 2015 Active
Letshego Holdings

Letshego is a regional consumer financial services provider in sub-Saharan Africa, providing unsecured loans to employees of government and quasi government organisations utilising a payroll deduction business model.

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Botswana Africa, Southern Africa Financial services June 2015 Exited
Karadeniz Powerships

Karadeniz Powerships is part of the energy wing of Turkey-based Karadeniz Holding. The powership is expected to generate approximate 225MW of electricity to augment Ghana's energy needs.

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Ghana Africa, West Africa Infrastructure March 2016 Active
MTN Mauritius

MTN International is an investment holding company offering telecommunication services through its subsidiary.

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Mauritius Africa, East Africa Communications and IT Services June 2016 Active
Liquid Telecommunications Holding Limited

Liquid Telecom is a leading technology and digital solutions provider in eastern, central and southern Africa. Liquid Telecom is the largest independent fibre and cloud provider in Africa. It has built Africa’s largest independent fibre network. It also operates state-of-the-art data centres in Johannesburg, Cape Town and Nairobi, and is a leading provider of cloud-based services across Africa.

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Zimbabwe Africa, East Africa Communications and IT Services December 2016 Active
Africa Finance Corporation

AFC is an international finance organization established by a treaty between sovereign states.

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Tanzania Africa, East Africa Financial services December 2016 Active
Afrexim Bank Trade Finance MRPA Africa Financial services June 2017 Active
Centum Investment Limited Africa Financial services September 2017 Active
Bayport Management

Bayport Management is a leading provider of unsecured credit and financial solutions to the formally employed large markets in Africa, including Zambia, Ghana, Uganda, Tanzania, Botswana, South Africa and Mozambique and Latin America.

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Africa Financial services September 2017 Exited
Seacom Limited Africa Communications and IT Services December 2017 Active
Mozaza Logistics (J&J Trucking) Mozambique Africa, East Africa Manufacturing June 2018 Active
Ecobank (Formerly Oceanic Bank of Nigeria)

Ecobank is a commercial bank in Nigeria listed on the Nigerian Stock Exchange.

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Nigeria Africa, West Africa Financial services December 2018 Active
Equity Bank (Kenya) Limited

Equity Bank was established in 1982 as a building society to serve the unbanked and to provide products and services that economically empower its customers. Its products include a diverse range and are targeted to specific needs including SME loans, microfinance and agribusiness loans

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Kenya, Uganda Africa, East Africa Financial services December 2018 Active
FirstRand Bank Limited South Africa Africa, Southern Africa Financial services December 2018 Active
United Bank for Africa Africa Financial services December 2018 Active
Baía Mall (formerly RaceGame)

RaceGame is a project to develop an A-Grade shopping centre. The retail development will be on 6ha of land in an excellent location in Maputo, Mozambique.

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Mozambique Africa, East Africa Construction and real estate December 2018 Active
Air Rwanda

RwandAir Limited is the flag carrier airline of Rwanda. It operates domestic and international services to East Africa, Central Africa, West Africa, Southern Africa, Europe, the Middle East and Asia, from its main base at Kigali International Airport.

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Rwanda Africa, East Africa Other consumer services December 2019 Active
Dangote Industries Limited

Dangote Industries Limited is a diversified and fully integrated conglomerate with operations in Nigeria and Africa across a wide range of sectors including cement, sugar, salt, condiments, packaging, energy, port operations, fertilizer, and petrochemicals.

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Nigeria Africa, West Africa Manufacturing December 2019 Active
Helios Investors III

Helios Investors III is a fund focused on investing in diversified platform companies, operating in the core economic sectors of the key African countries, with an emphasis on portfolio operations as a creator of value.

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Africa Financial services December 2019 Active
Ghana Home Loans

Ghana Home Loans is a full service mortgage finance house. Its five main products are First Time Buyers, Buy To Let, Equity Release, Refinance and Home Completion.

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Ghana Africa, West Africa Financial services December 2019 Active
Afri Flowers Holding B.V. (Afriflora)/Flamingo Horticulture Ltd (Flamingo)

Afriflora cultivates, produces, and sells sustainably-grown roses, at three rose farms. The farms have a total surface area of around 650 hectares, which is the equivalent of 1,300 football pitches, and grow over 65 different types of roses. Cutting, planting, harvesting, processing and transport are all carried out by local employees.

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Ethiopia Africa, East Africa Food and agriculture March 2020 Active
Grain Bulk Handlers Ltd

Grain Bulk Handlers Ltd provides efficient and cost effective handling solutions for grain cargo transported within East and Central Africa including Great Lakes, Southern Sudan and Somalia.

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Kenya Africa, East Africa Infrastructure March 2020 Active
Helios Towers PLC (formerly Helios Towers Africa)

Helios Towers Africa Limited is a holding company under which sit country-specific operating companies that buy, build and maintain telecommunications towers and lease space on those towers to wireless telecommunications services providers across Africa.

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Ghana Africa, West Africa Infrastructure June 2020 Active
Millicom Tanzania

Millicom Tanzania was the first cellular operator in Tanzania, having commenced operations in 1993.

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Tanzania Africa, East Africa Communications and IT Services August 2020 Active
Netis Holdings

Netis is a group of telecommunications companies working in Africa. The business has offices in nine countries and employs around 1,000 people.

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Africa Infrastructure December 2020 Active

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