Actis closes third energy fund at $1.15bn
Global emerging markets investment firm Actis has closed its third energy fund, Actis Energy 3, after having raised $1.15-billion, exceeding its original target of $750-million by 50%.
Actis Energy 3’s investor base included pension funds, sovereign wealth funds and families from the US, Europe and Asia. Discre-tionary co-investment capital worth $262-million was also available to the fund.
“This successful fundraising is a sign of confidence from our investors in our focused strategy. Electricity in the emerging markets faces high demand growth but remains a scarce commodity in Latin America, Asia and Africa. We provide access to the resulting investment opportunity with a proven approach. Such is the demand, especially in the renewables space, that the team has already put half of the new fund to work,” Actis energy co-head Torbjorn Caesar said.
To date, $560-million worth of investments had been committed.
During the course of 2013, Actis Energy 3 announced that it would support Brazilian renewable- energy company Atlantic Energias Renovaveis and Chile-based wind and solar electricity provider Aela Energía.
Subject to regulatory approval, Actis Energy 3 would also own a majority stake in Cameroon’s national grid and, in March, signed an agreement to acquire Morocco’s water, wastewater and electricity services.
“Over the last decade, we have deployed over $1-billion in the energy space. Over the coming years, Actis looks forward to continuing to contribute to the energy mix of the fast-growing nations we serve,” Actis senior partner Paul Fletcher said.
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