Pembani Remgro Infrastructure Mauritius Fund I LP

Africa Food and agriculture, Financial services, Infrastructure, Communications and IT Services

Pembani Rengro is a South African private equity investment firm that specialises in infrastructure investments in Africa.

The Pembani Remgro Infrastructure Fund I focuses on making late-stage greenfield and brownfield infrastructure investments in Africa.  

It looks to invest in infrastructure projects and associated infrastructure support service companies, covering power, energy, transport and logistics.

Our investment

In 2015, CDC invested $75 million into Pembani Remgro, alongside investments from other DFIs, including the OPEC Fund for International Development (OFID) and Germany's DEG. The fund closed at a total fund size of $305 million. Our investment supports the development of infrastructure projects in key regions across sub-Saharan Africa.

Expected impact

Many African countries, including the two biggest economies, Nigeria and South Africa, are plagued by poor, underinvested infrastructure and frequent power shortages that disrupt production. This limits wider economic growth.  

Our investment will enable the fund manager to boost the region’s power supply and build its transport and logistics network. 

The fund manager has already used seed capital to finance a minority stake in ETG, an agriculture logistics and infrastructure supply chain business which operates across several countries in sub-Saharan Africa; it also established GPR Leasing Africa, a joint venture for leasing rail rolling stock.

Environmental and social aspects

We are working closely with the fund manager to support the implementation of its 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
Countries

For funds, the countries listed here are those the fund has invested in so far.

:
Nigeria, South Africa, Tanzania
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, Financial services, Food and agriculture, Infrastructure
Investment type

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

:
Intermediated investment
Fund manager:
Pembani Remgro MU GP Limited
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

:
May 2015
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.

:
$75m
Domicile

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

:
Mauritius

Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
ETG – Export Trading Group

ETG is an African agribusiness with operations in crop buying, warehousing, distribution and merchandising that employs over 7,000 people and reaches hundreds of thousands of small-scale farmers. Founded in 1967, the company owns and manages a vertically-integrated agriculture supply chain with operations in procurement, processing, warehousing, transport, distribution and merchandising.

View investment details

Tanzania Africa, East Africa Food and agriculture November 2012 Active
GPR Leasing Africa

GPR Leasing Africa is a joint venture between Grindrod and PRIF, created with the aim of meeting the asset financing requirements of the burgeoning rail market on the African continent. It provides key rail stakeholders, including existing and new mining projects, shippers as well as private and public rail operators with access to tailored, competitively priced and expandable roll stock leasing solutions.

View investment details

Africa Financial services February 2014 Active
Octotel (Pty) Ltd

Octotel (Pty) Ltd (“Octotel”) was established in 2015 to undertake the roll out of open access fibre-to-the home infrastructure in Cape Town and surrounding areas. Octotel builds, owns and operates an open access network which enables internet service providers (“ISPs”) to deliver services to the end user.

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South Africa Africa, Southern Africa Communications and IT Services October 2016 Active
Nova Lumos Netherlands Holding B.V. (Lumos)

Nova Lumos Netherlands Holding B.V. (“Lumos”) sells residential off-grid rooftop solar electricity generation systems, which are capable of powering lights and a range of DC appliances including phone chargers, small televisions and fans.

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Nigeria Africa, West Africa Infrastructure November 2016 Active
RSAWeb (Pty) Ltd

RSAWeb (Pty) Ltd is an Internet Service Provider company established in 2001 providing custom-built hosting and connectivity solutions to businesses and individuals. The company offers a wide range of hosting services, including cloud solutions, dedicated servers and server colocation. Connectivity solutions include mobile connectivity, ADSL and highspeed fibre to businesses and homes in Cape Town, Durban and Johannesburg.

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South Africa Africa, Southern Africa Communications and IT Services January 2017 Active
Solar Saver February 2018 Active