A.P. Moller Capital

A.P. Moller Capital successfully closed their “Africa Infrastructure Fund I” with total commitment of USD 1bn.

A.P. Moller Capital was established in 2017 with A.P. Moller Holding as the largest shareholder with the purpose of managing stand-alone capital funds. A.P. Moller Capital is headquartered in Denmark and is regulated by the Danish Financial Supervisory Authority (FSA).

In August 2018, A.P. Moller Capital reached financial close of its first fund, The Africa Infrastructure Fund I (AIF I), with a total commitment of USD 982m. The fund aims to build/acquire and operate infrastructure opportunities in Africa, targeting projects within transportation and energy such as rail, roads, ports and warehousing as well as power plants, transmission, pipelines and distribution.

STRATEGY REVIEW The investment thesis for AIF I is strong. With the population of Africa estimated to double by 2050, and an already existing infrastructure gap, the need for enhancing infrastructure in Africa is clear. The investments to be done by AIF I are critical to build a foundation for job creation and prosperity in Africa. A.P. Moller related companies have more than a century of history and engagement in Africa. Their global mindset, long experience and local knowledge will support the continued development in Africa.

RECENT DEVELOPMENTS The final close constitutes USD 982m in commitments from a list of institutional investors including the anchor investors PFA Pension, PKA, PensionDanmark, Lægernes Pension as well as A.P. Moller Holding.

2018 marked the end of the first full year for A.P. Moller Capital and AIF I. With the final close in 2018, the fund has now entered its four year investment period and the fund manager is focused on maturing the acquisition and construction opportunities in Africa, developed over the last year.

In 2018, A.P. Moller Capital continued to build the organisation in order to have the best capabilities for investments in transportation and energy sectors in Africa. The four partners forming the executive leadership team have over a century of combined industry and investment experience and are personally invested in the fund.

The fund manager employs 25 employees across its headquarter in Copenhagen and operating office in Dubai. The team has many years of project and operational management experience, private equity experience and a substantial network in Africa. Therefore, the team is well positioned to collaborate with its network of advisors and partners across Africa. A.P. Moller Capital has also had focus on implementation of structures and systems to secure a solid base for future investments. Especially structures and systems for risk assessments have been in focus. READY FOR OPPORTUNITIES A.P. Moller Capital is interested in exploring a range of opportunities related to its target sectors. The team is looking into opportunities, and the investment pipeline is building up within various sectors.

The fund has an initial target of ten to fifteen investments and a fund duration of ten years.

EXECUTIVE LEADERSHIP • Kim Fejfer (Managing Partner and CEO) • Lars Reno Jakobsen (Senior Partner) • Joe N. Nielsen (Partner and CFO) • Jens Thomassen (Partner)

BOARD OF DIRECTORS • Robert M. Uggla (Chairman) • Lars–Erik Brenøe • Martin N. Larsen • Jan T. Nielsen