ARM-Harith Raises $76M for Infrastructure Fund in Africa

ARM-Harith Infrastructure Investment Limited announced the successful first close of its climate transition successor fund, raising approximately $76 million. The fund aims for a final close of $200 million and is designed to mobilize capital for infrastructure projects across Sub-Saharan Africa.

It addresses the significant challenge of currency mismatch between hard currency investment vehicles and local currency revenue-generating infrastructure assets. The fund's structure encourages greater participation from domestic institutional investors, particularly pension funds, whose liabilities are often denominated in local currency.

The first close was anchored by a combined $20 million from catalytic capital from FSD Africa and the African Development Bank's Sustainable Energy Fund for Africa. Rachel Oshodi, Chief Executive Officer of ARM-Harith, stated that the fund builds on the firm’s track record of attracting domestic institutional capital for infrastructure investment.

The predecessor fund financed critical transport infrastructure and renewable energy projects, creating jobs and reducing carbon emissions.