By Semafor Africa
Photos: Wikimedia Commons
Asset management firm Gemcorp Capital is working with Angola’s sovereign wealth fund to launch a $500-million Africa-focused infrastructure fund in Abu Dhabi.
The aim is to make investments across Africa to inject private-sector cash into critical minerals, water, food security, and clean energy. Infrastructure development in these areas could provide a “transformative” boost to economic growth, Tom Hughes, Gemcorp’s marketing director, told Semafor.
London-based Gemcorp, which focuses on emerging markets, said it will contribute up to $50 million to the fund and manage the projects.
Angolan sovereign wealth fund Fundo Soberano de Angola said it will make an initial $50-million investment, which could increase to $200 million. The firms plan to secure the remaining capital from global investors.
The Pan-African Infrastructure Fund will tap into growing investments the Gulf region has made into Africa in the last few years.
The Gulf has developed an ecosystem of advisers and banks to facilitate investment into the continent, many of whom have gathered at this week’s annual Abu Dhabi Finance Week event, which seeks to position the emirate as a global hub for capital.
