In an African first, Africa50-IAF secured participation from 16 African institutional investors, including sovereign wealth funds, pension funds, social security funds, insurance companies, banks and Development Finance Institutions (DFIs), underlining the commitment of regional stakeholders to drive transformative change on the continent. First close investors include notable names such as the African Development Bank (AfDB) and the International Finance Corporation (IFC).

Africa50-IAF is a 12-year closed-ended infrastructure private equity fund established to invest in infrastructure assets that unlock transformative impact, create jobs, and accelerate Africa's green industrial revolution. Mobilising large-scale and long-term institutional capital from African and international investors, Africa50-IAF seeks to deliver long-term growth and attractive risk-adjusted returns by investing in diversified and sustainable infrastructure sectors across Africa.

The first close of the Fund, marks a significant step towards capitalising on Africa's infrastructure opportunities, and fostering sustainable development across the continent.

Key highlights of the first close:

• The fund has secured a total of $222.5 million from a diverse group of African institutional investors, plus a global investor.

• Backed by several prominent African institutions, the first close showcases a strong commitment to the continent's self-reliance and the Africa50-IAF's potential to catalyze infrastructure investment and drive economic growth on the continent.

• The participation of a leading international institutional investor reflects the global recognition of African infrastructure as a rising asset class.

• The capital raised will be deployed into a pipeline of transformative infrastructure projects spanning power and energy, transportation and logistics, water and sanitation, and digital and social infrastructure. The fund is led by Vincent Le Guennou, supported by a team of talented private equity practitioners with extensive Africa and international exposure.

Alain Ebobissé, CEO of Africa50 Group, expressed enthusiasm about the first close, stating, "We are thrilled to see such strong support from African institutional investors for the Africa50 Infrastructure Acceleration Fund. This achievement is a testament to the increasing role that African institutional investors are playing in financing the real economy and being at the forefront of unlocking Africa's potential. The Africa50-IAF is the first of a suite of new investment vehicles and instruments that the Africa50 Group plans to raise as we seek to mobilize further private sector capital from within Africa and globally into African infrastructure."

Vincent Le Guennou, CEO of Africa50 Infrastructure Acceleration Fund, added, "The successful first close is a significant milestone, and we are grateful for the trust and commitment of our investors. The fund is well-positioned to make a lasting impact, accelerating the development of key infrastructure projects that will benefit communities and economies across Africa."

The Africa50 Infrastructure Acceleration Fund will play a vital role in addressing Africa's infrastructure deficit and promoting inclusive and sustainable development. The fund's target final close is $500m.