Infrastructure funds

ADCB Macquarie Infrastructure Fund (AMIF) was launched in 2008 to invest in infrastructure and infrastructure-like assets in the Middle East and North Africa, with a primary focus on the Gulf Cooperation Council countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates). AMIF is an unlisted 10-year closed-end fund.

AMIF has a $US1 billion targeted fund size and is co-sponsored by Macquarie and Abu Dhabi Commercial Bank (ADCB) - Macquarie’s joint venture partner in the UAE. Macquarie and ADCB have operated a successful investment banking joint venture since 2005, which has advised on numerous infrastructure-related transactions across the UAE.

Target assets
AMIF seeks to invest in greenfield (pre-operations stage) or brownfield (operations stage) assets in a range of infrastructure sectors, including but not limited to infrastructure for industrial and mixed-use developments, water and wastewater utilities, ports, airports, rail networks, communications infrastructure, electricity generation / transmission and distribution networks, gas transmission and distribution networks, district cooling, social infrastructure and other assets that fall within AMIF’s investment criteria.

Assets
AMIF has made one investment to date, a $US188 million investment which will support critical industrial infrastructure developments commissioned by ZonesCorp, an independent government authority owned by the Abu Dhabi Government through the Abu Dhabi Department of Planning and Economy.

ZonesCorp was established in 2004 and acts as a vehicle for the development of infrastructure in industrial zones located in the Emirate of Abu Dhabi.

African Infrastructure Investment Managers (AIIM)

AIIM was established in 2000 as a joint venture between Macquarie and the Old Mutual Investment Group (South Africa) (OMIGSA), to manage the South Africa Infrastructure Fund (SAIF). OMIGSA is recognized as a leading investor in infrastructure assets in Southern Africa. In addition, it is a prominent South African fund manager, managing life insurance and unit trust assets and linked products. AIIM has positioned itself as one of the leading unlisted infrastructure equity investment managers in the African market.

The AIIM team is one of the most experienced infrastructure transaction teams in Africa and has extensive experience in asset optimization and governance, including board management expertise in toll roads, airports, telecommunications companies and power assets.

AIIM is the manager of a group of niche funds designed to invest long-term institutional equity in African infrastructure projects.

South Africa Infrastructure Fund (SAIF)

African Infrastructure Investment Managers (AIIM) has successfully managed SAIF for more than 10 years. It has demonstrated a high level of expertise in the Southern African market across a range of activities including due diligence, acquisitions, divestments, and ongoing management and optimization.  

SAIF is fully invested and closed to new investors. The SAIF investment portfolio consists of significant investments in toll road infrastructure assets, including:

• Bakwena Platinum Corridor Concessionaire (Pty) Ltd (BPCC), a 30-year concession contract to design, construct, finance, operate and maintain a 95km section of the N1 from Pretoria northwards to Warmbaths and a 290km section of the N4 running from Pretoria westwards to the Botswana border
• N3 Toll Concession (Pty) Ltd (N3TC), a 30-year concession to operate a 420km toll road on the N3 between Cedara in Kwa Zulu Natal and Heidelberg in Gauteng
• Trans African Concessions (Pty) Ltd (TRAC), a 30-year concession to operate a 580km toll road on the N4 between Witbank in South Africa and Maputo in Mozambique, the key route of the Maputo development corridor.

African Infrastructure Investment Fund (AIIF) 

AIIF was established as a successor fund to SAIF, targeting assets in Africa with a bias towards South African investments. AIIF was established in 2004, with total investor commitments of ZAR1.32 billion. The fund is closed to new investors and was fully committed in January 2009.

AIIF has largely focused on transport assets in South Africa and Nigeria, but also has stakes in telecommunications and power assets. The AIIF investment portfolio includes:

• N3 Toll Concession (Pty) Ltd (N3TC), a 30-year concession to operate a 420km toll road on the N3 between Cedara in Kwa Zulu Natal and Heidelberg in Gauteng
• Trans African Concessions (Pty) Ltd (TRAC), a 30-year concession to operate a 580km toll road on the N4 between Witbank in South Africa and Maputo in Mozambique, the key route of the Maputo development corridor
• Kelvin Power (Pty) Ltd, a 600MW coal-fired power plant located in Johannesburg, South Africa. The plant is one of the few privately owned power plants in the country
• Neotel (Pty) Ltd, a telecommunications infrastructure service provider and the holder of the second fixed line network license in South Africa
• Lekki Concession Company Ltd (Lekki), the holder of a 30-year concession to build, finance and operate a 50km commuter toll road in the city of Lagos, Nigeria
• Umoya Energy (Pty) Ltd, the developer of a 100MW wind farm in the Western Cape, South Africa.

Kagiso Infrastructure Empowerment Fund (KIEF)

KIEF was established in 2006. Its principal objective is to achieve attractive medium- to long-term returns through equity investments in infrastructure projects within South Africa, whilst actively seeking to further the Black Economic Empowerment aspirations of both government and investors.

KIEF has committed capital of ZAR649 million and is closed to new investors. AIIF and KIEF enjoy a co-investment arrangement. The KIEF investment portfolio consists of investments in power, roads and telecommunications assets including:

• Kelvin Power (Pty) Ltd, a 600MW coal-fired power plant located in Johannesburg, South Africa. The plant is one of the few privately owned power plants in the country
• Neotel (Pty) Ltd, a telecommunications infrastructure service provider and the holder of the second fixed line network license in South Africa
• Trans African Concessions (Pty) Ltd, a 30-year concession to operate a 580km toll road on the N4 between Witbank in South Africa and Maputo in Mozambique, the key route of the Maputo development corridor
• Bakwena Platinum Corridor Concessionaire (Pty) Ltd, a 30-year concession contract to design, construct, finance, operate, and maintain the 95km section of the N1 from Pretoria northwards to Warmbaths and a 290km section of the N4 running from Pretoria westwards to the Botswana border
• Umoya Energy (Pty) Ltd, the developer of a 100MW wind farm in the Western Cape, South Africa.

DUET Group (ASX code DUE) is an investment fund principally investing in Australian and New Zealand utility and energy assets.

Website: www.duet.net.au

Global Infrastructure Fund (GIF) is a 10-year closed-end fund focusing on infrastructure and infrastructure-like investments in OECD countries.

Website: www.macquarie.com.au/gif

Macquarie Atlas Roads (ASX code MQA) is a global toll road developer and operator.

Website: www.macquarie.com/mgl/com/mqa

Macquarie Infrastructure Company (NYSE code MIC) owns, operates and invests in a diversified group of infrastructure businesses which provide basic, everyday services in the United States.

Website: www.macquarie.com/mic

Macquarie International Infrastructure Fund (SGX code M41) has been formed to own, operate and invest in a diversified group of infrastructure businesses around the world.

Website: www.macquarie.com/miif

Macquarie Korea Infrastructure Fund (KRX code 088980, LSE code MKIF) is an investment company providing Korean institutional investors with diversified exposure to local infrastructure assets.

Website: www.macquarie.com/mkif

ZonesCorp Infrastructure Fund (ZIF) was launched in April 2006 to invest in infrastructure and related assets in industrial and commercial zones predominantly located in the United Arab Emirates (UAE).

Objective
ZonesCorp is an independent entity owned by the Abu Dhabi Government through the Department of Planning and Economy. ZonesCorp was established in 2004 to promote investments in the Emirate of Abu Dhabi.

ZIF invests in ZonesCorp-commissioned infrastructure projects in the UAE as part of an integrated approach to the delivery of industrial infrastructure in the Emirate of Abu Dhabi, and helps facilitate attracting local and foreign businesses to the region. This includes the development of world-class infrastructure for industrial zones, such as road and irrigation networks, wastewater utilities and electricity transmission and distribution networks.

Assets
ZIF currently has interests in four projects:

• ICAD II Limited LLC, the company granted the concession from ZonesCorp to design, build and finance the infrastructure of the Industrial City of Abu Dhabi – Extension Phase I (ICAD II). The concession term is 30 years following the completion of the construction period in October 2007.
• AAIC Project LLC, the company granted the concession from ZonesCorp to design, build and finance the infrastructure of the Al Ain Industrial City. The concession term is 30 years following the completion of the construction period in February 2008.
• ICAD III Limited LLC, the company granted the concession from ZonesCorp to design, build and finance the infrastructure of the Industrial City of Abu Dhabi - Extension Phase II, which is situated on a 12km² site adjoining the ICAD II. The concession term is 30 years following the 18 month construction period.
• ICAD Industrial Waste Treatment Services LLC, the company granted the concession from ZonesCorp to design, build, finance and operate for an initial period of five years, an industrial effluent treatment plant to service the ICAD projects. The design-build-finance component of the concession is a term of 30 years following the 18 month construction period.