Ninety One to Invest $1 Billion in African and Asian Infrastructure by 2028

South African asset manager Ninety One Ltd. has announced plans to deploy more than $1 billion into critical infrastructure projects across Africa and Asia by 2028 — a move that signals a growing investor appetite for development in high-growth regions.

The firm’s Emerging Africa & Asia Infrastructure Fund (EAAIF), which it manages, recently secured $325 million in its latest debt raise. This round, which closed in March 2025, was supported by heavyweight backers including Allianz Global Investors, Standard Bank Group, and Absa Group.

Combined with a previous $295 million commitment, the total raised stands at $620 million, according to Martijn Proos, co-head of emerging market alternative credit at Ninety One.

“We have well over a billion dollars worth of pipeline over the next two to three years,” said Proos. “Africa will be a very dominant factor in our growth and a key focus.”

Tackling Africa’s Infrastructure Gap

The fund’s push comes as Africa and parts of Asia continue to suffer from major infrastructure deficits — a challenge that stunts economic growth and job creation across emerging markets.

Ninety One is among a growing number of financiers, including Africa Finance Corporation and RMB Ventures, that are aggressively investing in key sectors like roads, ports, energy, and digital infrastructure.

Last year alone, EAAIF committed nearly $350 million across 13 projects — with 11 of those located in Africa and the remaining two in Asia.

The fund’s focus over the next three years includes renewable energy and digital infrastructure — areas considered vital for unlocking long-term growth.

South African Banks Step Up

Absa Group, one of South Africa’s largest financial institutions, invested $75 million in the latest debt round. The bank said the move reflects its broader commitment to supporting the continent’s infrastructure development — especially as Western funding sources become increasingly uncertain amid geopolitical tensions.

“Whether funds are directed from the US or not, as an African institution we have to play a big part in supporting the growth of infrastructure on the continent,” said Chetan Jeeva, Absa’s head of South Africa corporate lending.

“Poor infrastructure affects the greater economy of any country.”

Other global participants in the raise included Japan’s Sumitomo Mitsui Banking Corp. and Sweden’s Swedfund International AB, further demonstrating international support for the fund’s mission.

Why It Matters

This announcement is a major vote of confidence in Africa and Asia’s long-term economic prospects. As global capital becomes more selective, funds like EAAIF are stepping in to address some of the region’s most pressing development challenges.

With more than $1 billion in pipeline investments expected by 2028, the initiative by Ninety One not only underscores the scale of unmet infrastructure demand but also highlights the growing role of African institutions in financing their own future.

{Source: Financial Post}

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