Preqin special report africa infrastructure august 2016 by Salma ZARRAF

Content Includes:

Fundraising

Preqin Special Report: The Infrastructure Market in Africa August 2016

Managers based outside Africa have secured half of aggregate capital commitments for Africafocused funds since 2007.

Deal Flow Since 2007, 282 infrastructure deals have been completed in Africa, worth an estimated $108bn.

Source of Allocation The majority of Africabased institutional investors in infrastructure have a dedicated allocation to the asset class.

Investorsâ&#x20AC;&#x2122; Plans A look at Africa-based institutional investorsâ&#x20AC;&#x2122; infrastructure investment plans in the next 12 months.

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Preqin Special Report: The Infrastructure Market in Africa

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Foreword Insufficient infrastructure is widely recognized as one of the key challenges facing Africa and one of the major obstacles to the continent’s economic development. Addressing the funding gap for infrastructure projects has become a priority of governments and international organizations in recent years; institutional investors and fund managers have also come to play an important role in providing finance for new infrastructure projects. Preqin’s Infrastructure Online database tracks 282 infrastructure deals completed in African countries since 2007, representing $108bn in estimated aggregate deal value. The unlisted fundraising segment focused on making infrastructure investments primarily in Africa is relatively small, with only 24 funds reaching a final close since 2007, raising $4.6bn collectively from institutional investors. While fundraising solely targeting Africa is small, unlisted infrastructure fundraising is bolstered by significant sums of capital from fund managers that include Africa as part of a wider geographic focus. Africa has also become an increasingly important centre for institutional investment in infrastructure: Preqin tracks 57 Africa-based institutional investors in infrastructure, over half of which have a separate allocation to the asset class. Fund managers seeking capital for Africa-focused opportunities can also look to a greater number of investors globally that have a preference for the region, representing a considerable $11tn in combined assets under management. Preqin’s Infrastructure Online is the leading source of intelligence on the infrastructure industry. We hope you find this report useful and welcome any feedback you may have. To find out more about Infrastructure Online and Preqin’s other services please visit www.preqin.com or contact info@preqin.com.

Key Facts

60%

$4.6bn

$108bn

Number of Africa-based infrastructure investors tracked by Preqin’s Infrastructure Online.

Aggregate capital raised by the 24 unlisted Africa-focused infrastructure funds closed since 2007.

Proportion of African infrastructure deals completed since 2013 directed towards energy infrastructure.

Estimated aggregate deal value of the 282 African infrastructure deals completed since 2007.

Contents Deal Flow

Africa-Focused Fundraising

Global Funds Investing in Africa

Africa-Based Investors

Global Investors Targeting Africa

All rights reserved. The entire contents of Preqin Special Report: The Infrastructure Market in Africa, August 2016 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Special Report: The Infrastructure Market in Africa, August 2016 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent financial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin Special Report: The Infrastructure Market in Africa, August 2016. While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confirm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Special Report: The Infrastructure Market in Africa, August 2016 are accurate, reliable, up-to-date or complete. Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin Special Report: The Infrastructure Market in Africa, August 2016 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication.

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Preqin Special Report: The Infrastructure Market in Africa

Deal Flow Preqin’s Infrastructure Online database features information on over 14,200 completed infrastructure deals, including 282 deals completed in Africa since 2007. Deal flow reached its highest level in 2012, with 50 deals completed for an estimated $16.4bn; despite deal flow dropping off into 2013, aggregate deal value continued to rise, reaching a record $20bn in the same year (Fig. 1). Fourteen transactions have been completed in 2016 so far, with an estimated aggregate deal value of $8.6bn. This includes the successful €1bn bid by Enel Green Power, Nareva Holding and Siemens Wind Power to construct and operate 850 MW of wind farms across five sites in Morocco.

Since 2013, African infrastructure deals have been concentrated in Southern (30%) and Western (27%) Africa, with fewer deals in the Eastern (20%), Northern (16%) and Central (7%) regions (Fig. 2). Due to shortfalls in existing infrastructure in many African countries, a much larger proportion of these deals are in new projects compared with more developed regions: 70% of African infrastructure deals completed since 2013 have been for greenfield projects, 24% for secondary stage and 6% for brownfield projects (Fig. 3). In contrast, 65% of UK deals since 2013 have been for secondary stage projects and only 27% for greenfield (for more information, please see Preqin’s factsheet The UK Infrastructure Market - May 2016).

Fig. 1: Number and Aggregate Value of Completed African Infrastructure Deals, 2006 - 2016 YTD (As at 7 July 2016) 60

25 20 39

30 22

10 14 5

10 0

Aggregate Deal Value ($bn)

No. of Deals

Approximately two-thirds of deals completed since 2013 have been valued at under $500mn, with 22% between $500mn and $1bn and 11% at least $1bn in size (Fig. 5).

Fig. 2: Completed African Infrastructure Deals by SubRegion, 2013 - 2016 YTD (As at 7 July 2016)

The majority (60%) of African deals since 2013 have been for energy infrastructure (Fig. 4). Of these, the largest proportion have been for renewable energy assets, particularly solar (51% of energy deals) and wind power (23%). Outside the energy sector, the largest proportions of deals have been for utilities and transport assets (21% and 11% respectively).

0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD No. of Deals Reported Aggregate Deal Value ($bn) Estimated Aggregate Deal Value ($bn)

Source: Preqin Infrastructure Online

Northern Africa 16%

Western Africa 27% Central Africa 7%

Eastern Africa 20%

Fig. 3: Completed African Infrastructure Deals by Project Stage, 2013 - 2016 YTD (As at 7 July 2016)

24% Greenfield

Southern Africa 30%

Brownfield

Secondary Stage

Source: Preqin Infrastructure Online

70%

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Preqin Special Report: The Infrastructure Market in Africa

Fig. 4: Completed African Infrastructure Deals by Industry, 2013 - 2016 YTD (As at 7 July 2016) 2% 1%

Fig. 5: Completed African Infrastructure Deals by Transaction Value, 2013 - 2016 YTD (As at 7 July 2016)

Energy

11%

25%

23%

51%

Less than $100mn

60% 11%

21%

22%

$100-499mn

5% 8%

$500-999mn

2% Energy Utilities Transport Telecoms Social Other

Solar Power Wind Power Hydropower Energy (Excl. Renewable) Diversified Renewable Energy Biomass/Biofuel Facility

$1bn or More

42%

Source: Preqin Infrastructure Online

Fig. 6: 10 Notable African Infrastructure Deals Completed, 2013 - 2016 YTD (As at 7 July 2016) Location

Investor(s)

Deal Date

Industry

Deal Size (mn)

Batoka Gorge Hydroelectric Project

Zambia

African Development Bank, Unidentified Investor(s)

Jun-13

Hydropower

2,800 USD

Safi Coal-fired Power Plant

Morocco

Engie, Mitsui & Co - Corporate Development Business Unit, Unidentified Investor(s)

Sep-13

Power Plants

2,600 USD

South Africa

Actis, Mainstream Renewable Power

Feb-15

Renewable Energy

1,900 USD

Zimbabwe

PER Lusulu Power

Jul-15

Power Plants

1,100 USD

Morocco

Enel, NAREVA Holding, Siemens AG

Mar-16

Wind Power

1,000 EUR

Cameroon

EDF Group, International Finance Corporation (IFC), Unidentified Investor(s)

Nov-15

Hydropower

1,000 USD

South Africa

Abengoa, Industrial Development Corporation, Public Investment Corporation, Unidentified Investor(s)

Jun-14

Solar Power

908 USD

Lake Turkana Wind Power Project

Kenya

Aldwych International, Finnfund, IFU, KP&P Africa, Netherlands Development Finance Company (FMO), Vestas Wind Systems

Mar-14

Wind Power

870 USD

Laúca Hydroelectric Transmission Line

Angola

Odebrecht

Nov-15

Power Distribution

797 USD

Nigeria

African Infrastructure Investment Managers, Aldwych International, Amaya Capital Partners, American Capital Energy & Infrastructure, ARMHarith Infrastructure Investments, Unidentified Investor(s)

Mar-14

Power Plants

750 USD

Asset

Lekela Power Lusulu Power Plant 850MW Morocco Wind Power Project Nachtigal Falls Hydroelectric Dam Xina Solar Power Plant

Azura-Edo IPP

Source: Preqin Infrastructure Online

Data Source: Preqin’s Infrastructure Online contains detailed information on more than 14,200 completed infrastructure deals including investors, fund managers, asset type, industry and much more. For more information, or to arrange a demonstration, please visit: www.preqin.com/infrastructure

Download the data pack: www.preqin.com/INFAF16

Preqin Special Report: The Infrastructure Market in Africa

Africa-Focused Fundraising Twenty-four funds with a primary geographic focus on Africa* have closed since 2007, raising a combined $4.6bn in institutional capital commitments (Fig. 7). Two-thirds of these funds are managed by Africa-based firms, including 42% that are managed by South Africaheadquartered firms (Fig. 8). However, despite representing only a third of the

overall number of funds closed, nonAfrica-based managers account for approximately half of aggregate capital raised during this period. Recent Africa-focused fund closures include Meridiam Infrastructure Africa Fund, which has raised €300mn to invest in public-private partnership

Fig. 8: Africa-Focused* Unlisted Infrastructure Fundraising by Fund Manager Headquarters, 2007 - 2016 YTD (As at 7 July 2016)

Fig. 7: Annual Africa-Focused* Unlisted Infrastructure Fundraising, 2007 - 2016 YTD (As at 7 July 2016)

100%

8 7

90% 80%

6 No. of Funds Closed

Proportion of Total

opportunities across economic and social infrastructure, and Berkeley Energy’s African Renewable Energy Fund, which will invest $200mn in grid-connected development stage renewable energy projects across Sub-Saharan Africa (Fig. 9).

4 Aggregate Capital Raised ($bn)

3 2

1.4

0.9

0.6

0.9

42%

South AfricaBased Managers

60% 8%

50%

25%

40% 30%

50%

20%

0.8

42%

70%

Rest of AfricaBased Managers Non-AfricaBased Managers

33%

10%

2007-2008 2009-2010 2011-2012 2013-2014 2015-2016 YTD

No. of Funds Closed

Year of Final Close

Source: Preqin Infrastructure Online

Aggregate Capital Raised

Source: Preqin Infrastructure Online

Fig. 9: Five Notable Africa-Focused* Unlisted Infrastructure Funds Closed, 2013 - 2016 YTD (As at 7 July 2016) Fund InfraMed Infrastructure Meridiam Infrastructure Africa Fund Vantage GreenX Debt Fund African Renewable Energy Fund Convergence Partners Communications Infrastructure Fund

Firm

Headquarters

Final Close Date

Fund Size (mn)

InfraMed Management

France

May-13

385 EUR

Meridiam

France

Oct-15

300 EUR

Vantage Risk Capital

South Africa

Nov-13

2,160 ZAR

Berkeley Energy

Sep-15

200 USD

Convergence Partners

South Africa

Jun-15

200 USD

Source: Preqin Infrastructure Online

Fig. 10: Five Notable Africa-Focused* Unlisted Infrastructure Funds in Market (As at 7 July 2016) Fund COMESA Infrastructure Fund Pan African Infrastructure Development Fund II

Firm

Headquarters

Target Size (mn)

PTA Bank

Burundi

1,000 USD

Harith

South Africa

1,000 USD

Pembani Remgro Infrastructure Managers

South Africa

400 USD

ARM-Harith Infrastructure Fund

ARM-Harith Infrastructure Investments

Nigeria

250 USD

New Sparta Africa Power Fund

New Sparta Asset Management

250 USD

Pembani Remgro Infrastructure Fund

Source: Preqin Infrastructure Online *Funds with a primary geographic focus on or substantial investment in Africa (excl. geographically diversified funds with exposure to African infrastructure).

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Preqin Special Report: The Infrastructure Market in Africa

Global Funds Investing in Africa The unlisted infrastructure fundraising environment focused exclusively on Africa is relatively small (see page 5); however, there are many infrastructure funds closed that operate with a globally diversified investment remit that may include Africa as part of a wider geographic focus.

raised that could target investment in Africa. Solely Africa-focused funds represent on average 17% of funds closed since 2007 and only 6% of the aggregate capital raised. In total, 115 vehicles have reached a final close since 2007 that have a global investment remit, securing $102bn in capital commitments, with the greatest levels of capital raised in 2013 and 2016 so far (Fig. 12). Large and experienced infrastructure firms are able to attract vast sums of capital

As can be seen in Fig. 11, these global funds account for the vast majority of the funds closed and aggregate capital

Fig. 11: Global Unlisted Infrastructure Fundraising as a Proportion of All Fundraising* Targeting Investments in Africa, 2007 - 2016 YTD (As at 21 July 2016) 100% 90%

97% 88%

89% 83%

Proportion of Total

80%

96%

98%

20 16

75%

60%

50%

40%

30%

20%

10%

0% 2009-2010

2011-2012

2013-2014

19 18.4

70%

2007-2008

There are currently 44 unlisted funds on the road with a globally diversified focus, collectively targeting $35.7bn in capital, including Global Infrastructure Partners III, which is seeking $12.5bn (Fig. 14).

Fig. 12: Annual Global-Focused Unlisted Infrastructure Fundraising*, 2007 - 2016 YTD (As at 21 July 2016)

84% 77%

for their global funds, with Brookfield Asset Managementâ&#x20AC;&#x2122;s vehicles major contributors to these totals, securing $7bn and $14bn for Fund II and III respectively (Fig. 13).

15 13.9

12.0

12.7 11

10 8.3

8 7.6

3.7

3.2

2009

2010

4.0

2015-2016 YTD

2007

2008

Year of Final Close No. of Funds Closed

18.4

2011

2012

2013

2014

2015

Year of Final Close

Aggregate Capital Raised ($bn)

No. of Funds Closed

2016 YTD

Aggregate Capital Raised ($bn)

Source: Preqin Infrastructure Online

Fig. 13: Five Notable Global Unlisted Infrastructure Funds* Closed, 2013 - 2016 YTD (As at 21 July 2016) Firm

Headquarters

Fund Size (mn)

Brookfield Infrastructure Fund III

Brookfield Asset Management

Canada

14,000 USD

Jul-16

Brookfield Infrastructure Fund II

Brookfield Asset Management

Canada

7,000 USD

Oct-13

EIG Global Energy Partners

6,000 USD

Dec-13

Westbourne Capital

Australia

4,800 AUD

Feb-15

Morgan Stanley Infrastructure

3,600 USD

Mar-16

Fund

EIG Energy Fund XVI Westbourne Capital Infrastructure Debt Fund Program 1 North Haven Infrastructure Partners II

Final Close Date

Source: Preqin Infrastructure Online

Fig. 14: Five Notable Global-Focused Unlisted Infrastructure Funds* in Market (As at 21 July 2016) Fund Global Infrastructure Partners III Carlyle Energy Mezzanine Opportunities Fund II

Firm

Headquarters

Target Size (mn)

Global Infrastructure Partners

12,500 USD

Carlyle Group

2,500 USD

Global Infrastructure Partners Capital Solutions Fund

Global Infrastructure Partners

2,500 USD

Bastion Infrastructure Fund I

Bastion Infrastructure Group

Canada

2,000 USD

ASMA Capital Partners

Bahrain

2,000 USD

IDB Infrastructure Fund II *Includes funds that may have exposure to Africa.

Source: Preqin Infrastructure Online

ÂŠ 2016 Preqin Ltd. / www.preqin.com

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Preqin Special Report: The Infrastructure Market in Africa

Africa-Based Investors (Fig. 15). Furthermore, over half (53%) of these institutions have less than $5bn in assets under management, with 10% holding $50bn or more (Fig. 16). The majority (53%) of Africa-based institutional investors in infrastructure have a separate allocation to the asset class (Fig. 17). A further 23% invest in the asset class from their private equity

Fig. 15: Africa-Based Institutional Investors in Infrastructure by Type

5% 19%

Bank/Investment Bank

30%

Investment Company

25%

Insurance Company

Private Sector Pension Fund

Public Pension Fund 19%

Asset Manager

11%

12%

allocation, while 10% allocate from their general alternatives allocation. The largest proportion (69%) of investors make direct investments in infrastructure assets, while a significant proportion (63%) make use of unlisted funds; only 6% of investors invest in listed funds (Fig. 18).

Fig. 16: Africa-Based Institutional Investors in Infrastructure by Assets under Management

Proportion of Investors

Preqinâ&#x20AC;&#x2122;s Infrastructure Online currently tracks 57 Africa-based institutional infrastructure investors. Of these banks/ investment banks and investment companies together comprise the majority, each accounting for 19% of Africa-based investors, while public and private sector pension funds make up a smaller proportion of the investor pool than is typical in more developed markets

29% 24%

24%

20% 14%

15%

10%

Sovereign Wealth Fund

Wealth Manager

0% Less than $1bn

Other

$1-4.9bn

$5-9.9bn

$10-49.9bn

$50bn or More

Assets under Management

Source: Preqin Infrastructure Online

Fig. 17: Africa-Based Institutional Investors by Source of Infrastructure Allocation

Source: Preqin Infrastructure Online

Fig. 18: Africa-Based Institutional Investors in Infrastructure by Preferred Route to Market 80%

General Alternatives Allocation Part of Private Equity Allocation

23%

53%

10%

Part of Real Assets Allocation Part of Opportunistic Allocation Other

70% Proportion of Investors

Separate Infrastructure Allocation

69% 63%

60% 50% 40% 30% 20% 10%

0% Unlisted Funds

Direct Investment

Listed Funds

Route to Market

Source: Preqin Infrastructure Online

ÂŠ 2016 Preqin Ltd. / www.preqin.com

Source: Preqin Infrastructure Online

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Preqin Special Report: The Infrastructure Market in Africa

Fig 19: Sample Africa-Based Institutional Investors Targeting Unlisted Infrastructure Funds in the Next 12 Months Investor Eskom Pension & Provident Fund Government Institutions Pension Funds - Namibia Kenya Pipeline Company Retirements Benefit Scheme

Location

Type

Investment Plans in the Next 12 Months

South Africa

Private Sector Pension Fund

Planning to invest ZAR 200-400mn in the form of debt and equity across two funds via its South African development allocation. One fund will focus on the renewable energy sector and the second commitment will be to a healthcare- and education-focused social development fund.

Namibia

Public Pension Fund

Looking to invest in further Africa-focused unlisted infrastructure funds in order to reach its 2.5% target allocation to the asset class.

Kenya

Private Sector Pension Fund

Will be investing in domestic unlisted infrastructure funds as part of its general alternative assets allocation. Source: Preqin Infrastructure Online

Data Source: Preqinâ&#x20AC;&#x2122;s Infrastructure Online currently tracks 57 institutional investors based in Africa, as well as 124 institutional investors outside the region that have a preference for Africa-focused opportunities. This includes detailed investor profiles, including current and target allocation to infrastructure, strategy and geographic preferences, future investment plans, previous infrastructure fund commitments and much more. For more information, or to arrange a demonstration, please visit: www.preqin.com/infrastructure

Source new investors for funds or deals Identify new investment opportunities Conduct competitor and market analysis Search for potential deal partners Develop new business

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Preqin Special Report: The Infrastructure Market in Africa

Global Investors Targeting Africa The unlisted infrastructure market in Africa is still developing, with significant amounts of capital directed to the continent from more geographically diverse funds based in other regions (see page 8). Preqinâ&#x20AC;&#x2122;s Infrastructure Online contains detailed information on 124 institutional investors globally that have a preference for infrastructure investments in Africa, with the largest proportion (38%) located in the US (Fig. 20). Investors based in United Arab Emirates, China and the UK also make up notable proportions of the investor pool. When looking at infrastructure investors with a preference for more developed regions, it is typically public pension funds, endowment plans, foundations and private wealth investors that dominate the population; however, due to an unfamiliarity of local markets in Africa, the make-up of investors interested in the region changes. Of the investors with a preference for Africa-focused investment, government agencies represent the largest proportion (17%) of investors, most likely as many are set up with the mandate to invest on the continent (Fig. 21). Private sector pension funds (13%), investment companies (12%) and banks (11%)

Fig. 20: Global Infrastructure Investors with a Preference for Africa by Location US United Arab Emirates 26%

China 38%

UK France Denmark

4% 4%

Japan

4% 5%

Switzerland

7% 6%

Other

Source: Preqin Infrastructure Online

also make up notable proportions of institutions with a preference for Africafocused infrastructure investment. These investors represent a significant pool of capital available to fund managers targeting Africa-focused investments, with the combined assets under management (AUM) of investors with appetite for Africa reaching $11tn. This is due to some of the largest

Fig. 21: Global Infrastructure Investors with a Preference for Africa by Type

institutional investors in the world seeking exposure to Africa-focused infrastructure opportunities: half of investors seeking exposure to Africa have over $10bn in AUM, with the largest proportion (30%) holding $50bn or more in total assets (Fig. 22).

Fig. 22: Global Infrastructure Investors with a Preference for Africa by Assets under Management 35%

Government Agency Private Sector Pension Fund

17%

Investment Company 6%

Bank/Investment Bank 13%

Public Pension Fund Corporate Investor

7% 12% 11%

11%

Sovereign Wealth Fund Family Office Other

Proportion of Investors

16%

30%

30% 25%

22%

20%

19%

20% 15% 10%

5% 0% Less than $1bn

$1-4.9bn

$5-9.9bn

$10.49.9bn

$50bn or More

Assets under Management

Source: Preqin Infrastructure Online

ÂŠ 2016 Preqin Ltd. / www.preqin.com

Source: Preqin Infrastructure Online

Preqin Special Report: The Infrastructure Market in Africa August 2016

Preqin: Global Data and Intelligence With global coverage and detailed information on all aspects of the infrastructure asset class, Preqin’s industry-leading Infrastructure Online service keeps you up-to-date on all the latest developments in the infrastructure universe. Examine infrastructure investment trends Search detailed information on over 16,000 infrastructure transactions and bids historically, including buyers and sellers, equity invested, debt provided and the percentage stake acquired. Identify key geographical regions and sectors that are attracting infrastructure investment. Track infrastructure assets Analyze ownership information, and past transaction history for more than 9,200 infrastructure assets across the globe, including asset location, project stage and industry. Find firms investing in infrastructure Search for firms actively targeting infrastructure projects and assets, with detailed profiles on fund managers, institutional investors and trade buyers from around the world, including background, key contacts and past deal activity. Identify service providers Track over 1,100 debt providers, law firms, financial advisors and other service providers working on infrastructure transactions. View service providers working on specific deals. Source new investors for funds and co-investments Find the most relevant investors, with access to detailed profiles for over 2,600 institutional investors actively investing in infrastructure, including insurance companies, pension funds, family offices, foundations, wealth managers, endowment plans, banks and more. Benchmark performance Identify which fund managers have the best track records with performance benchmarks for infrastructure funds and view performance details for over 220 individual named funds.

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