PE firm Actis likely to close debut $1.5b infrastructure fund by July-end

Emerging markets specialist Actis expects to hold the final close of its debut infrastructure vehicle at over $1.5 billion, including co-investments from its limited partners (LP), an industry executive aware of the development told DealStreetAsia.

The vehicle, Actis Long Life Infrastructure Fund, will invest in emerging markets, including Asia, Africa and Latin America. Its final close primarily depends on how soon a couple of LPs can close capital commitments or co-investments, the executive said.

The infrastructure fund, which will have a 15-year life instead of a typical buyout fund life of 10 years, will invest in energy assets, including renewable power, electricity, natural gas and others.

When contacted, an Actis spokesperson declined to comment for this story.

An established energy investor, Actis is currently investing out of its fourth energy vehicle that closed at $2.75 billion in 2017.

The PE firm started raising its inaugural infrastructure fund almost a year and a half ago with a target to gather $2 billion. It is understood that the target corpus was reduced to provide LPs with more opportunities for co-investments.

Actis is witnessing healthy demand for co-investments for the infrastructure vehicle, which makes the firm confident of gathering over $1.5 billion in total investable capital, said another executive.

The firm’s LP base for the fund includes a large number of non-Asian investors and a few prestigious Asian investors. Last month, it was reported that the South Carolina Retirement System had approved a commitment of $75 million to the fund.

Early last year, the infrastructure fund completed an investment in El Pelicano Solar Company SpA, a renewable energy producer owning a 110-megawatt (DC) solar plant in Chile.

The fund is currently exploring potential investments in Asia. It is learnt that Actis is particularly looking at deals in India, a country where it has already made several investments out of its fourth energy fund.

Other investments from its energy fund include those in Latin American firm Atlas Renewable Energy, pan-African energy player Azura, India-based SPRNG Energy, Saavi Energia in Mexico and Echoenergia in Brazil.

Actis is also an investor in real estate and technology, apart from energy and infrastructure. Formerly part of CDC, the UK government’s development arm, Actis is a global platform offering a multi-asset strategy through private equity, energy, infrastructure, and real estate. It has raised $15 billion in total capital and invested $7.8 billion so far.

The firm is also preparing to launch its second Asia-focused real estate vehicle, which follows Actis Asia Real Estate I, a $750-million vehicle that was closed in July 2018. It was raised largely to acquire the principal finance real estate business of Standard Chartered’s private equity arm.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.