Last updated 13 May 2020, by Impactyield.
ix:Africa is a private equity impact fund specialized in financing environmentally, socially and economically sustainable initiatives in renewable energy, environment and clean tech in Africa
ix:Africa will invest 80% of its funds on renewable energy infrastructure assets with attractive risk/return profile (power generation, power transportation, storage, etc.) in order to guarantee more predictable returns; and 20% in early stage projects (development phase) and emerging technologies (through their application at project level) or services to the sector.
ix:Africa will mainly invest in the development of renewable energy infrastructure assets with an attractive risk/return profile and which generate positive social, environmental or economic impacts as a consequence of the investments.
NextEnergy is a Luxemburg-domiciled asset manager with extensive track record in the renewable energy sector. NextEnergy's team managed the whole life-cycle of investments in the energy space: from development to construction, from management, monitoring, operating and revamping assets; from financing to asset sale and portfolio optimisation.
please visit www.nextenergycapital.com
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ix:Africa is a sub-fund of NextEnergy Capital SICAV-SIF, to be domiciled in Luxembourg and regulated by CSSF. NextEnergy Capital Ltd., a London-based FSA regulated entity of NEC Group shall be Advisor of the Fund. Investors can request allocation of a segregated account/a sub-fund for their own account
5 years investment term, including 3 years holding period. 2 years disinvestment period.
Socially and economically sustainable initiatives on renewable energy, environmental business and clean tech. Direct investments in equity and in mixed instruments of quasi-equity and loans, in companies and projects with measurable social returns and economic returns.
Diversification in the long run (except for intermediate closings):
80% of funds on clean power generation in order to guarantee more predictable returns. A 20% in early stage projects (development phase) and emerging technologies (on their application at project level).
No more than 25% on a single investment.
No more than 70% in any one Country. In the short term ix:Africa is focused on South Africa given government sponsored rebid scheme. In the longer term ix:Africa a cap of 70% investment in any one country, but targeting a broader country diversification to reduce country risk, maximize impact and open further channels for long term fund growth and investment
of track record
the year funded
Key performance indicators
Asset manager: NextEnergy Capital
Product track record: Fund has 11 years of track record
Target IRR: 25%
Committed Capital: 78,000,000 USD (US Dollar)
Target return category: Risk-adjusted market-rate of return
Fund domicile: Luxembourg
Product status: Open - committed capital
Inception year: 2012
Vintage year: n.a.
Target region: Africa, Emerging countries
Target close date: 01/09/2012
Product term: 10 years
Assets under management: 500,000,000 USD (US Dollar)
Investment size: Min: 0; Max: 0; Avg: 0
Co-investment policy: LPs have priority, With LPs and non-LPs
Currency of investments: USD (US Dollar)
Currency for fund / product figures: USD (US Dollar)
Fund investments to date: 0
Fund investments to date exited or repaid: 0
Management fee: n.a.
Carried interest: n.a.
Hurdle rate: n.a.
GIIN Investors' Council Investment: No
Limited Partners / Investors: n.a.
Limited Partner / Investor Type: Development Finance Institution (DFI), Endowments/Foundations, Family Office, Pension Funds, Other Institutional Investors
Phone number: 0044 7769 937026
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Stefano D.M. Sommadossi
Founding Partner & Co-CEO
Social, environmental, economic impacts are generated as a consequence of investments selection, ensuring that the fundamental impacts are cultivated along the asset life cycle and beyond.
Impact investing applied to renewable energy is a perfect match as:
- Renewables generate almost by definition positive environmental impacts;
- Renewables are the quickest answer to power generation need for emerging countries, boosting growth and social up-lift;
- Energy is also a basic need not accessible to all the population, positively impacting on daily lifestyle;
- Renewables can generate jobs and qualifications in an emerging sector that will requires hundreds of thousand jobs, letting new people to enter labour market.
Clean and cheap energy availability, alongside the generation of positive social, economic and environmental impacts (jobs, foreign and domestic investments, economic development programs, skills development, etc.) are the strategic goals of any governments that are incentivising renewables around the world (more than 70 countries, and counting, have an incentive scheme).
ix:Funds will also establish a Charitable Carried Interest to a dedicated foundation (ix:Trust) in a specific reserve dedicated to initiatives in the geography of the Sub-Fund. ix:Trust will take care of managing on a long term basis the impacts requested by the projects (i.e. local community relationship management etc.).