South African Infrastructure Fund (SAIF)

FUND MATURITY

June 2016

FUND STATUS

Fully realised

FUND SIZE

ZAR1 855 million

FUND CLOSE

Main Fund - May 1996 Sub Fund 1 - May 2010 Sub Fund 2 - Oct 2010 Sub Fund 3 - Jun 2011 Sub Fund 4 - Dec 2013

DESCRIPTION

SAIF was the first 20-year infrastructure fund in South Africa. On appointment as the fund manager in 2000, AIIM exited the underperforming portfolio and developed a portfolio of toll road concessions with operations and governance on a par with those seen in developed markets.

AIIM established a series of Sub-Funds to allow investors to participate in follow-on opportunities as co-investments alongside the Main Fund.

The Fund successfully exited its mature toll road investments in 2016 having managed them through the full investment life cycle. The exit represented the largest private equity realisation for toll road infrastructure in Africa to date.

REALISED INVESTMENTS

Bakwena, South Africa (Exited 2016)
62% indirect interest in a 385km toll road

N3TC, South Africa (Exited 2016)
38% interest in a 415km toll road 

ICO Global Communications, USA (Exited 2012)
1% interest in a mobile communications provider

Ucingo, South Africa (Exited 2016)
8% interest in a 415km toll road 

TRAC, South Africa & Mozambique (Exited 2016)
50% interest in a 570km toll road 

API Holdings, Mozambique and Namibia (Exited 2003)
34% interest in a port and logistics terminals 

TARC, Tanzania (Exited 2004)
48% interest in a rail transportation development 

KADCO, Tanzania (Exited 2009)
30% interest in an international airport development 

Comazar, Democratic Republic of Congo, Tanzania, Cameroon, Cote d'Ivoire, Madagascar (Exited 2003)
31% interest in a commercial rail network