Launched to address South Africa’s critical infrastructure funding gap, Ninety One's SA Infrastructure Credit Fund has since grown to R2bn in assets under management.
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smec. The Lesotho Highlands Water Project (LHWP) comprises a system of several large dams and tunnels throughout Lesotho, which delivers water to the Gauteng region of South Africa via the Vaal River System. It is the largest water transfer scheme in Africa.
The key to its success? Investors motivated by real-world impact, combined with a strategy that spreads risk through high-quality infrastructure debt investments.
To this end, The fund invests primarily in senior debt instruments across sectors such as transportation, renewable energy, water, and digital connectivity. More than 80% of capital is directed to South African infrastructure projects, in both public and private sectors, helping to address national and local community challenges.
“The fund’s rapid growth to R2bn highlights its relevance and attractiveness in today’s market and coincides with the availability of investable infrastructure projects,” says Nathaniel Micklem, co-head of Emerging Market Alternative Credit at Ninety One.
“It’s clear that investors are responding to the opportunity to earn compelling risk-adjusted returns while supporting inclusive and sustainable growth in South Africa.”
Since inception, the fund has backed high-impact projects including:
- Lesotho Highlands Water Project and Vaal River Transfer Scheme, supporting water security for 33% of South Africa’s population.
- De Aar Wind Farm, which adds 100MW to the national grid and provides clean energy to 85,000 households annually.
- Teraco, the leading provider of data centres in South Africa.
- Funding businesses and projects where over 230,000 South Africans have been employed, 33.8 million passengers transported, and more than 1 million MWh of energy generated per year and powering on average 380,000 homes.
The fund is not only delivering financial returns but also supporting South Africa’s path to sustainable development.
The fund leverages off a long history of investing in infrastructure, drawing on a dedicated platform of over 40 professionals and a 17-year private credit track record. The open-ended structure offers quarterly liquidity – a rare feature in infrastructure investing – making it accessible and flexible for institutional investors.
Sechaba Mokhethi 16 Jul 2025 “Our focus on credit quality, sustainability, and deep origination partnerships has helped us build a diversified, resilient portfolio,” says Micklem. “We continue to see a robust pipeline of new deals and are excited about the role this fund plays in nation-building and in client portfolios.”
