Incorporated in 2013, the Fund achieved its first close on 16th January 2015, with total commitments of circa US$91 million. ARM, the main investor in ARMHIF, committed US$25 million to the Fund and Harith, the co-sponsor, together with investors from its pool, committed a matching US$25 million.
The African Development Bank (“AfDB”), playing a key role as catalyst for investment by the limited partners in the Fund, committed US$20 million. Nigerian Pension Funds also made commitments to the Fund, which we understand are the first infrastructure investments made by Nigerian Pension Funds via the private equity route. The Fund also raised commitments from commercial investors, HNIs, and the Fund Management Team.
ARM is a leading indigenously-managed Nigerian financial services firm, with interests in traditional asset management, and alternative asset classes such as real estate and infrastructure through its private funds business. Established in 1994, ARM’s operations in asset management (currently the equivalent of circa US$3 billion of funds under management) and real estate development are rated amongst the best in Nigeria. Over the past 10 years in particular, ARM has developed competence in the area of infrastructure finance, development, and investment, a sector with huge potential in Nigeria and throughout the West African Sub-region. ARM has a long history and track record in infrastructure, including as sponsor of Lekki Concession Company Ltd, the concessionaire responsible for Nigeria’s first-ever PPP Toll Road Concession.
Harith are fund managers of the South African-based US$630M Pan African Infrastructure Development Fund (PAIDF1), and achieved first close in 2014 for a new US$1.2 billion fund (PAIDF2). Harith also owns UK-based Frontier Markets Fund Managers Ltd, managers of the Emerging Africa Infrastructure Fund and Guarantco, both funds contributing a further US$1.2 billion of assets under management to the Harith portfolio. Harith has a solid track record and history in infrastructure with investments in several sectors across Africa covering ICT, airports, tolled bridges, petrochemicals, and submarine cables, amongst others. PAIDF1’s infrastructure investments include the Main One Cable Company, owner of Nigeria’s first privately-financed submarine cable system, which runs down the coast of West Africa.