‘AIIM’ing high?

(9.8.04) African Infrastructure Investment Managers (AIIM), a joint venture between Macquarie Africa and Old Mutual Asset Managers, announced that it has secured a further R645m in capital commitments on behalf of the recently established African Infrastr

Second close investors include Public Investment Commissioners, Nedbank Capital, Capital Alliance Life, the IDEAS Fund, Cape Joint Pension Fund and a further commitment from Old Mutual Life Assurance company.

AIIF has now achieved total final commitments of R1,320m. Consistent with its intentions at the time of AIIF's establishment in January 2004, the Fund will now be closed to new investors as it reached its intended target size of more than R1,000m.

The anchor investors of AIIF were Old Mutual Life Assurance Company and Standard Bank.

Other investors at the first closing included Metropolitan Life, Eskom Pension and Provident Fund and Stanlib Asset Management.

The AIIM joint venture also manages the South Africa Infrastructure Fund (SAIF). SAIF's investments include interests in three privately funded highway projects in South Africa.

Through AIIF and SAIF, AIIM presently manages infrastructure investment commitments of approximately R2.25bn.

AIIF was established to satisfy investor demand for further exposure to the unique investment characteristics of the infrastructure sector.

There are a number of exciting infrastructure projects in development in Africa, and particularly in South Africa, which the Fund is following closely.

The Fund has already closed its first investment, a 6% stake in Trans African Concessions, with a second in progress over which it has secured an exclusive position.

The AIIM-managed AIIF invests predominantly in South African infrastructure projects, including roads, airports, power, telecommunications, rail, ports, water and social infrastructure.