A.P. MØLLER HOLDING A/S ANNUAL REPORT 2019 · MANAGEMENT REVIEW
A.P. Moller Capital A.P. Moller Capital was established in 2017 with A.P. Moller Holding as the largest shareholder and 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).
EXECUTIVE BOARD • Kim Fejfer (Managing Partner and CEO) • Lars Reno Jakobsen (Senior Partner) • Jens Thomassen (Partner) • Joe N. Nielsen (Partner and CFO) BOARD OF DIRECTORS • Robert M. Uggla (Chairman) • Jan T. Nielsen • Martin N. Larsen
A.P. Moller Capital has reached financial close on its first fund, the Africa Infrastructure Fund I (AIF), with a total commitment of USD 992m. The fund aims to build/acquire and operate infrastructure opportunities in Africa, targeting projects mainly within transportation and energy such as rail, roads, ports and warehousing as well as power plants, transmission, pipelines and distribution. The company aims to create a positive social impact through job creation and industrial growth, while delivering an acceptable return to its investors.
STRATEGY REVIEW The investment thesis for AIF 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 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.
The main investors of AIF are PKA, PensionDanmark, Lægernes Pension (The Medical Doctors’ Pension Fund), PFA, Danica, Lærernes Pension (The Teachers’ Pension Fund) as well as A.P. Moller Holding.
RECENT DEVELOPMENTS AIF committed its first investment during 2019. AIF acquired 90% of Impala Energy Holdings (Impala) which holds comprehensive experience and capabilities within the capital power projects. The remaining 10% ownership share is held by Pegasus Capital LLC. Impala’s core strategy is to deliver clean and reliable power to both the commercial and industrial power markets in Nigeria and potentially other countries.
THE YEAR IN BRIEF 2019 marked the year where the first investments were committed by AIF. In total, A.P. Moller Capital has now committed more than 1/3 of the capital to three projects including the port and logistics investment announced in early 2020.
In Q4 2019, AIF signed an agreement to acquire 100% of the shares in a thermal power plant in Kenya. The investment is
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