The announcement made last year that a Harith-led consortium has acquired an infrastructure fund with stakes in assets including Lanseria International Airport and Kelvin Power Station for R6.5 billion earned Harith the much-sought-after Private Equity Deal of the Year award at the DealMakers Annual Gala Awards. This prestigious accolade cements Harith’s position as the leading Pan-African private equity infrastructure investment player on the continent.
This deal offers an exit opportunity for investors in the first Pan African Infrastructure Development Fund (PAIDF), which includes the continent’s largest pension fund — South Africa’s Government Employees Pension Fund (GEPF) — alongside Absa, Old Mutual and other key investors. Harith have partnered up with Mergence Investment Managers and Zungu Investments to drive the fund’s next phase of growth
Harith’s landmark R6.5 billion acquisition of the Pan-African Infrastructure Development Fund strengthens its position in key infrastructure assets, including Lanseria International Airport and Kelvin Power Station. The fund holds significant stakes in essential infrastructure across Africa, including 37.5% of Lanseria—South Africa’s only private airport, 37.92% of Anergi, which owns the Kelvin power plant in Johannesburg, and 15.3% of Remgro CIVH, a major player in fibre network assets.
What makes this landmark transaction particularly noteworthy is that it was successfully concluded despite a challenging private equity landscape, marked by sluggish fundraising and limited exit activity.
The acquired assets reinforce Harith’s strategic investments in transport, energy, and digital communications. Harith InfraCo Limited was advised on the acquisition by global law firm White & Case LLP. The transaction also involved raising equity capital from strategic investors and securing debt funding from a consortium of funders.
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I couldn’t be prouder of my team at Harith, our partners in Harith Infraco, Mergence Investment Managers and Zungu Investments, and our institutional investors! The acknowledgement of our industry peers is humbling. It spurs our commitment to putting our shoulder to the wheel to advance Africa’s socio-economic development and seek solutions that unlock the continent’s true potential. This transaction, more than anything else, attests to our commitment at Harith to be #PartnershipFocused. It’s also a moment for those of us who have traversed the journey of the past 17 years with the Pan African Infrastructure Development Fund (PAIDF) to, in the words of our country’s founding President, Nelson Mandela, “…steal a view from the glorious vista that surrounds [us], to look back on the distance [we] have come”. But in it all, always remember that we “…dare not linger, for [our] walk is not ended.” – Tshepo Mahloele, Co-Founder and Chairman of Harith.
