AFC Capital Partners (ACP), the asset management subsidiary of Africa Finance Corporation (AFC), has launched the Infrastructure Climate-Resilient Fund Nigeria (ICRF Nigeria), targeting $150 million to mobilise long-term domestic institutional capital for infrastructure projects.
The ICRF Nigeria, managed by ACP, has been registered with the Securities and Exchange Commission as a closed-end fund. It will channel domestic institutional capital into infrastructure projects in transport and logistics, renewable energy, digital infrastructure, and industrial development.
The Nigerian vehicle is part of ACP’s $750 million Infrastructure Climate-Resilient Fund, which has attracted capital from the Green Climate Fund (GCF), the European Investment Bank, the Development Bank of Southern Africa, Cassa Depositi e Prestiti, the Nigeria Sovereign Investment Authority, and African pension funds.
The wider fund has received a $253 million first-loss commitment from the GCF, its largest equity investment in Africa to date. ACP expects the broader vehicle to mobilise up to $3.7 billion and invest across 10 to 12 infrastructure projects in Africa.
The structure is designed to address a funding gap in infrastructure by combining institutional capital with concessional and commercial financing. The first-loss capital is intended to reduce investment risk and attract additional private capital into projects.
