Actis plans to set up a new Middle East and North Africa (MENA)-focused international fund (Actis 5) of $4-$4.5 billion to invest in energy, infrastructure, and renewable energy projects, Sherif El Kholy, Partner and Head of MENA at Actis, told Hapi Journal.
The fund will concentrate its work on combined cycle power projects; wind power generation projects with build, own, operate (BOO) systems; and solar energy projects. Actis is also targeting investment in water desalination and treatment projects with its $1.2 billion infrastructure fund. The fund will be limited so that sovereign funds, major international pension funds, and major financial institutions will be the only organizations able to participate in the fund.
El-Kholy said that Actis is open for the Sovereign Fund of Egypt (SFE) to join their new fund, noting that both parties have previously signed a memorandum of understanding (MoU) for cooperation in multiple sectors. He continued saying, “we [Actis] have not previously discussed the idea of SFE subscribing to the fund, however, there is nothing to prevent its participation if there is a desire to do so.”
El-Kholy expects the fund to be up and running before the end of 2020, noting that they are currently completing the fund’s subscription.