African infrastructure funds

South Africa Infrastructure Fund (SAIF)

SAIF is an unlisted infrastructure fund targeting equity investments in sub-Saharan Africa.

SAIF was established in 1996.  In mid 2000 the management of the Fund was awarded to  a joint venture between Macquarie Group and Old Mutual Asset Managers in South Africa.  The Fund fully invested its committed capital in mid 2003.

Investors in SAIF include major South African institutional investors including Standard Bank, Old Mutual, Futuregrowth, Liberty Life Assurance Company, Metropolitan Life, Public Investment Commissioners and Transnet Pension Fund.  The African Development Bank is the only non South African investor.

Assets

SAIF focuses on private sector investment in infrastructure projects in southern Africa.

SAIF has interests in three major 30 year toll road concessions:

• 25% stake in Bakwena Platinum Corridor Concessionaire, owner of the R3.0 billion, 380 km Pretoria to Lobatse, N4 toll road concession. 
• 46.5% stake in Trans African Concessions, owner of the R2.0 billion, 503 km Witbank to Maputo, N4 cross border toll road concession.
• 29% stake in N3 Toll Concessions, owner of the R2.7 billion, 420 km Cedara to Heidelberg, N3 toll road concession. 

In addition to the above, SAIF has interests in a number of other projects in the rail, airports and telco sectors in southern Africa.

African Infrastructure Investment Fund (AIIF)

AIIF is an unlisted infrastructure fund investing predominantly in South African infrastructure projects, including roads, airports, power, telecommunications, rail, ports, water and social infrastructure. Current investments include a 6% stake in Trans African Concessions (Pty) Limited, and a 10.2% stake in N3 Toll Concessions.

AIIF was established in early 2004 as a joint venture between Macquarie Group and Old Mutual Asset Managers of South Africa. In August 2004, AIIF had raised R1,320 million (A$298 million) from a range of leading South African institutional investors, including the Old Mutual Life Assurance Company (South Africa) Limited and Standard Corporate and Merchant Bank. Other investors include Cape Joint Pension Fund, Capital Alliance Life Limited, Eskom Pension and Provident Fund, the IDEAS Fund, Metropolitan Life Limited, Nedbank, Public Investment Commissioners and Stanlib Asset Management Limited.

The Fund is a 15 year closed end fund and is closed to new investors.

Contact

Phone: (27 21) 670 1234