Fund manager (General Partner), AVCA member, dedicated to African infrastructure. Assets under management: ≈ USD 3.8bn.
At a glance
Based on observed investment behaviour: 6 recorded deals
- Investor type
- Private equity or venture capital fund (inferred, not verified)
- Capital type
- Infrastructure fund (inferred from deals)
- Observed ticket
- 31 M$ – 180 M$, median 71.5 M$ (4 disclosed amounts)
- Stated ticket : 20 M$ – 100 M$
- Countries
- Kenya (3), South Africa (3)
- Activities
- Ports, airports and rail (2), Commercial & industrial energy (1), Off-grid solar and solar kits (1)
- Instruments
- Equity (6)
- Stages
- Growth (6)
- Recent activity
- 0 deal in 12 months, latest Nov 2025
Stated thesis versus observed behaviour
- Sectors: 50% of its deals within its stated thesis
- Countries: 50% of its deals within its stated thesis
- Ticket: 75% of its deals within its stated thesis
Does this fund fit your project?
Describe your need: the target list shows, for each source of capital, why it fits and which deals prove it.
Criteria published by the fund, recorded and checked by Invest Matching.
- Investment ticket
- 20 M$ – 100 M$
- Instruments
- Equity
- Preferred sectors
- Infrastructure (all), Energy, Logistics, Water & environment*, Real estate*, Telecoms & digital infrastructure*, Transport & civil engineering*
- Target geographies
- Nigeria, Ghana, Côte d'Ivoire, Kenya, Uganda, Cameroon, South Africa*
* added from its deals
- Stages (stated by the fund and from its deals)
- Growth
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Recent public deals: they say better than a thesis what the fund actually signs.
Port Elizabeth Cold Storage
November 2025 · South AfricaGrowthUndisclosed amountEquityLogisticsLead
Activity : Warehousing and cold chain
Instrument : 70% acquisition through the Commercial Cold Holdings platform; Investec acquisition debt · Vehicle : African Infrastructure Investment Fund 4 et IDEAS Managed Fund
Acquisition of 70% by Commercial Cold Holdings, AIIM's cold-storage platform: about 15,000 pallet positions in the Coega Industrial Development Zone (Eastern Cape), 200,000+ citrus export pallets a year (≈ 8% of South Africa's total).
Why they invested
- Consolidate Africa's largest cold-storage platform (+10% capacity)
- Access to the USD-linked citrus export chain
- Strategic port location; renewable energy roll-out
Advisers
- ENS — juridique, buyer side
- PwC — financier, buyer side
- ALG — commercial, buyer side
- Investec — financement de l'acquisition, buyer side
Team
- Paul Gibbons — CEO, Commercial Cold Holdings
Source : aiimafrica.comN1 · Primary source
NOA Group Holdings
2025 · South AfricaGrowth180 M$EquityEnergyCo-Invest
Activity : Commercial & industrial energy
Instrument : total equity commitment · Vehicle : IDEAS Fund et AIIF4
NOA develops, finances and operates renewable-energy assets serving mainly commercial and industrial customers.
Why they invested
- Accelerate development of renewable-energy sites
- Meet demand from commercial and industrial customers
- Build a large-scale renewable-energy generation platform
Source : aiimafrica.comN1 · Primary source
Incorp Ltd / Bulkstream
December 2024 · KenyaGrowthUndisclosed amountEquityTransport & civil engineeringCo-Invest
Activity : Ports, airports and rail
Instrument : significant minority interest · Vehicle : AIIF4
Incorp is an integrated logistics business with port and storage assets in Kenya and Uganda. Its subsidiary Bulkstream operates a dry-bulk terminal at the Port of Mombasa.
Why they invested
- Enter the East African ports and logistics market
- Finance an integrated ports and storage platform
- Support regional import-export markets and food security
Advisers
- Latham & Watkins — conseil juridique, fund side
- MMAN — conseil juridique local Kenya, fund side
- ENS — conseil juridique local Ouganda et Maurice, fund side
- Rothschild — conseil financier, fund side
- MTBS — conseil commercial et technique, fund side
- IBIS — conseil ESG, fund side
- KPMG — conseil finance et fiscalité, fund side
Co-investors Silk Road Fund
Source : aiimafrica.comN1 · Primary source
Infraconnect 15 & 18
November 2022 · KenyaGrowth34 M$EquityTransport & civil engineeringLead
Activity : Roads, bridges and concessions
Instrument : 74% stake in Lots 15 and 18 of Kenya's Road Annuity Programme · Vehicle : AIIF4
Infraconnect 15 & 18 holds and finances two lots of Kenya's Road Annuity Programme to upgrade and maintain the road network.
Why they invested
- Upgrade roads and connect rural communities to markets
- Reduce travel times and vehicle operating costs
- Improve road-network resilience to flooding
Advisers
- MIGA — garantie, fund side
Co-investors Mota-Engil
Source : aiimafrica.comN1 · Primary source
The Logistics Group
March 2022 · South AfricaGrowth109 M$EquityTransport & civil engineeringCo-Invest
Activity : Ports, airports and rail
Instrument : 74% stake financed through a mix of equity and debt · Vehicle : IDEAS Fund et AIIF4
The Logistics Group provides port, rail, warehousing and digital transport logistics services in Southern Africa.
Why they invested
- Address logistics capacity shortfalls in Southern Africa
- Improve port-to-inland transport corridor efficiency
- Support regional economic activity
Co-investors Mokobela-Shataki Consortium
Source : aiimafrica.comN1 · Primary source
Growth31 M$EquityEnergyCo-Invest
Activity : Off-grid solar and solar kits
Instrument : minority stake as part of a USD31 million investment plan · Vehicle : AIIF3
BBOXX provides off-grid solar home systems and energy services through a pay-as-you-go model.
Why they invested
- Increase access to electricity in Africa
- Deploy affordable off-grid solar solutions
- Support expansion in Rwanda, Kenya and the DRC
Source : aiimafrica.comN1 · Primary source
AIIM (African Infrastructure Investment Managers) invests tickets ranging from 20 M$ to 100 M$, across the following sectors: Infrastructure (all), Energy, Logistics, Water & environment, Real estate, Telecoms & digital infrastructure, and Transport & civil engineering, in the following areas: Nigeria, Ghana, Côte d'Ivoire, Kenya, Uganda, Cameroon, and South Africa. Check in 30 seconds whether your company fits these criteria.
