A.P Moller Capital has fully invested its maiden Africa-focused vehicle allocating the capital across nine deals, with the capital spread across 16 assets.
The vehicle, Africa Infrastructure Fund I was closed on target at $1 billion in 2019, with capital from a significant number of pension funds.
LPs include Lærernes Pension, a Denmark-based pension fund for school teachers in the country and a number of undisclosed smaller investors.
Sweden’s Danica Pension, SEB Pensionsforsikring and SEB Pension och Försäkring are also in the fund.
Other LPs include PKA, PensionDanmark, Lægernes Pension and PFA Pension – all of which are based in Denmark.
The vehicle is anchored by Denmark-based A.P. Moller Holdings, the investment arm of A.P. Moller Foundation, and the parent company of A.P. Moller.
Recent deals from the fund include the acquisition of a stake in KEG Holdings, a Kenya-based energy distribution company focused on the oil & gas space – sealed in 2022.
Also in 2022, the investor had sealed a buyout deal, wholly acquiring Thika Power, a Kenya-based energy production company.
This followed three deals in 2021 including backing the setup of Lumika Renewables, a South Africa-based energy producer.
In 2021, A.P. Moller also acquired a stake in Cabeolica, a Cape Verde-based renewable energy producer, acquiring a 44% stake from the Africa Finance Corporation (AFC)
A.P. Moller in the year also signed a deal to back Eranove, an Africa focused holding company which manages a number of electricity and water utilities companies across West Africa.
This followed another three deals in 2020, including backing ARISE Ports & Logistics (ARISE P&L), a Gabon-based infrastructure development company.
In the same year A.P. Moller bought a 49% stake in Mass Céréales al Maghreb, a Morocco-based logistics company that operates grain storage infrastructure.
Meanwhile, the investor also invested in Iberafrica Power, a Kenya-based energy production company – another 2020 deal.
A.P. Moller’s first deal from the fund was an investment in Impala Energy Holdings, an Africa-focused energy development company based in UK – sealed in 2019.
Kim Fejfer is managing partner at A.P. Moller Capital.
Bruun & Hjejle provided legal advisory services on fund formation.
The investor did not use a placement agent on the fundraising.
