ARM-Harith

Public data, unclaimed profile

Fund manager (General Partner), AVCA member, infrastructure in West Africa. Assets under management: ≈ USD 200m.

At a glance

Based on observed investment behaviour: 4 recorded deals

Investor type: Private equity or venture capital fund (inferred, not verified)
Capital type: Infrastructure fund (inferred from deals)
Observed ticket: 7 M$ – 134 M$, median 70.5 M$ (2 disclosed amounts); Stated ticket : 10 M$ – 40 M$
Countries: Ghana (2), Nigeria (2)
Activities: Power generation (utility-scale) (2), Mini-grids and rural electrification (1), Ports, airports and rail (1)
Instruments: Equity (3), Quasi-equity (1)
Stages: Growth (4)
Recent activity: 0 deal in 12 months, latest Nov 2023

Stated thesis versus observed behaviour

Sectors: 75% of its deals within its stated thesis
Countries: 100% of its deals within its stated thesis
Ticket: 0% of its deals within its stated thesis

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Investment thesis

Criteria published by the fund, recorded and checked by Invest Matching.

Investment ticket: 10 M$ – 40 M$
Instruments: Equity, Mezzanine
Preferred sectors: Infrastructure (all), Energy, Water & environment*, Real estate*, Telecoms & digital infrastructure*, Transport & civil engineering*
Target geographies: Nigeria, Ghana, Côte d'Ivoire
Stages (stated by the fund and from its deals): Growth
Website: https://armharith.com

Reference deals

Recent public deals: they say better than a thesis what the fund actually signs.

AD Power HoldCo

November 2023 · Nigeria

Growth7 M$Quasi-equityEnergyCo-Invest

Activity : Mini-grids and rural electrification

Instrument : Equity and quasi-equity instruments; allocations of up to US$7 million in two SPVs · Vehicle : ARM-Harith Infrastructure Fund

AD Power HoldCo is an aggregator of distributed renewable-energy assets, including mini-grids and commercial and industrial projects in Nigeria.

Why they invested

Increase energy access in Nigeria
Finance mini-grids and distributed renewable-energy projects
Mobilize long-term local-currency financing
Support the energy transition

Source : guardian.ng

Prime Meridian Docks / PMD AssetCo

June 2023 · Ghana

GrowthUndisclosed amountEquityTransport & civil engineeringCo-Invest

Activity : Ports, airports and rail

Instrument : Financement en fonds propres aux côtés de PMD et d'autres investisseurs · Vehicle : ARM-Harith Infrastructure Fund

Prime Meridian Docks is developing a floating dock for ship and oil-rig repair and maintenance at Takoradi Port.

Why they invested

Develop strategic maritime infrastructure in West Africa
Support intra-African trade
Leverage Takoradi Port's strategic position
Contribute to AfCFTA objectives

Advisers

Rigmar Services Ltd — Partenaire technique, company side
Liquid Africa — Conseil financier, company side

Co-investors Prime Meridian Docks

Source : armharith.comN1 · Primary source

Amandi Energy Power Plant

December 2016 · Ghana

Growth134 M$EquityEnergyCo-Invest

Activity : Power generation (utility-scale)

Instrument : Participation au financement en fonds propres du projet · Vehicle : ARM-Harith Infrastructure Fund

Amandi Energy is a 200 MW combined-cycle, dual-fuel power plant located at Aboadze near Takoradi.

Why they invested

Address Ghana's growing electricity demand
Participate in the development of a combined-cycle power plant
Strengthen ARM-Harith's presence in West African energy infrastructure

Co-investors Aldwych International, Endeavor Energy, Pan African Infrastructure Development Fund 2

Source : armharith.comN1 · Primary source

Azura-Edo

December 2015 · Nigeria

GrowthUndisclosed amountEquityEnergyCo-Invest

Activity : Power generation (utility-scale)

Instrument : Participation de 6 % dans Azura-Edo Limited · Vehicle : ARM-Harith Infrastructure Fund

Azura-Edo is a gas-fired independent power plant in Edo State with a capacity of 461 MW according to ARM-Harith's current portfolio.

Why they invested

Develop large-scale private power infrastructure in Nigeria
Increase electricity supply security
Participate in a pioneering privately developed project-financed power plant

Advisers

Clifford Chance — Conseil juridique des prêteurs seniors, fund side
Allen & Overy — Conseil juridique des prêteurs mezzanine, fund side
Olaniwun Ajayi — Conseil juridique local, fund side
Lummus — Conseil technique et gaz, fund side
Royal Haskoning — Conseil environnemental, fund side
INDECS — Conseil assurance, fund side

Co-investors Africa Infrastructure Investment Fund 2 Power Holdings, Aldwych International, Amaya Capital, American Capital Energy & Infrastructure, Pan-African Infrastructure Development Fund 2

Source : armharith.comN1 · Primary source

In short

ARM-Harith invests tickets ranging from 10 M$ to 40 M$, across the following sectors: Infrastructure (all), Energy, Water & environment, Real estate, Telecoms & digital infrastructure, and Transport & civil engineering, in the following areas: Nigeria, Ghana, and Côte d'Ivoire. Check in 30 seconds whether your company fits these criteria.

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