PE Firm Harith Leads $360M Buyout of African Infrastructure Fund
TLDR
- South African consortium led by Harith General Partners acquires infrastructure fund with key assets like Lanseria Airport and Kelvin Power Station for 6.5 billion rand.
- Pan African Infrastructure Development Fund investors, including Government Employees Pension Fund, Absa Bank, and Old Mutual, exit with this deal.
- Harith CEO highlights consortium's role in Africa's energy transition amid a $170 billion annual funding gap for critical projects.
A consortium led by South African private equity firm Harith General Partners has acquired an infrastructure fund with stakes in key assets, including Lanseria International Airport and Kelvin Power Station, for 6.5 billion rand ($360 million). The fund, launched in 2007, also holds stakes in Anergi, which operates Johannesburg’s Kelvin power plant, and fiber assets through Remgro CIVH.
The deal provides an exit for investors in the Pan African Infrastructure Development Fund, which includes South Africa’s Government Employees Pension Fund, Absa Bank, and Old Mutual. Harith is partnering with Mergence Investment Managers and Zungu Investments.
The acquisition occurs amid subdued private equity activity in Africa. Harith CEO Sipho Makhubela emphasized the consortium’s role in Africa’s energy transition and infrastructure development. Africa faces an annual funding gap of $170 billion for critical projects, according to the African Development Bank.
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Key Takeaways
The buyout reflects Africa’s growing need for private capital to bridge infrastructure gaps as governments face financial constraints. Harith's portfolio expansion underscores private equity's critical role in addressing the continent's infrastructure and energy challenges. By investing in transportation, energy, and telecom assets, the consortium strengthens its position as a key player in Africa’s infrastructure and sustainable energy transition efforts.
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