Ninety One, the global investment manager, has raised $404 million, including leverage, at the final close of its third Africa Credit Opportunities Fund, strengthening its push into private credit and infrastructure financing across Africa and other emerging markets.

The Africa Credit Opportunities Fund 3 (ACO3) attracted commitments from institutional investors, including development finance institutions, pension funds and family offices across Africa, Europe, the U.K., the U.S. and Canada.

The fund is the third vintage in Ninety One’s Emerging Market Senior Credit series. It focuses mainly on senior secured private credit, using conservative financial leverage and structural protections designed to manage downside risk.

Fund targets businesses and infrastructure

ACO3 provides flexible financing to market-leading companies and critical infrastructure projects across Africa and other emerging markets. Its mandate is to generate attractive risk-adjusted returns while promoting environmental and social characteristics and supporting long-term economic development.

The fund is managed by Steven Loubser and Kobina (Kobi) Sam, managing directors in Ninety One’s Emerging Market Alternative Credit team. They bring an 18-year track record of managing private and alternative credit funds across emerging markets.

The fund also applies Ninety One’s proprietary sustainability framework, which is designed to support positive outcomes for people, the environment and economic productivity.

Nathaniel Micklem, co-head of Emerging Market Alternative Credit, said the fundraising reflects continued investor confidence in private credit opportunities across Africa and emerging markets.

He said the region still has a significant financing gap for high-quality businesses and infrastructure projects, creating opportunities for lenders with local origination capabilities and market expertise.

Portfolio spans six major sectors

ACO3 has already built a diversified portfolio of more than 30 investments across Africa, Latin America, Asia and Central and Eastern Europe.

Its exposure spans communications, consumer businesses, financial services, healthcare, industrials and materials. Ninety One said several successful exits have already been completed, while its investment pipeline remains strong.

Ninety One expands emerging-market credit

Ninety One is a global active investment manager founded in South Africa in 1991 as Investec Asset Management. The business separated from the Investec Group in 2020 and became an independent, dual-listed company on the Johannesburg Stock Exchange and London Stock Exchange.

The firm manages capital for institutional, adviser and individual investors globally and has expanded its private credit and infrastructure financing activities as demand grows for alternative sources of capital.

The $404 million ACO3 close gives Ninety One another vehicle to finance companies and infrastructure projects while pursuing its broader strategy of combining active investment, sustainability and long-term economic development.