Grace Ashiru
General Atlantic, a growth equity firm based in New York with assets under management (AUM) totaling $83 billion, has agreed to acquire Actis, a London-based investor specializing in energy infrastructure focusing on African investments. This acquisition is aimed at enhancing General Atlantic’s investments in sustainable infrastructure.
Expected to be finalized in the second quarter of 2024, this acquisition will merge the two companies into a global platform with a combined AUM of $96 billion, as stated in their joint announcement on Tuesday. While the deal’s financial details were not disclosed, this move will expand General Atlantic’s portfolio to include sustainable infrastructure, real estate, growth equity, and credit.
“Gabriel Caillaux, Co-President and Head of EMEA & Climate at General Atlantic, commented on the company’s acquisition of Actis. He highlighted that Actis’ core principles align with General Atlantic’s, enhancing its global presence and diversifying its portfolio. Actis, managing $12.5 billion in assets across 17 countries, is known for its significant involvement in African infrastructure projects. Notable investments include the Accra Mall, Ikeja City Mall, Rack Centre, and the Azura Energy Project. Over the last twenty years, Actis has directed more than $2 billion towards energy infrastructure in Africa, focusing on utility-scale renewable projects, commercial and industrial solar plants, and natural gas power generation.”
Actis, under the leadership of Chief Investment Officer Michael Harrington, has entered into a partnership with General Atlantic. This collaboration aims to enhance their services by leveraging both entities’ combined expertise, networks, and geographical reach. This move positions Actis as the dedicated sustainable infrastructure branch within the General Atlantic investment framework. Despite the acquisition, Actis will maintain its operational independence, remain headed by Chairman and Senior Partner Torbjorn Caesar, and keep its autonomy in investment decision-making. The firm’s funds will still operate under the Actis brand.
This development is part of a broader trend where global investors are increasingly drawn to infrastructure investments, particularly in energy transition projects and data centers. The renewable energy sector, a significant part of the worldwide economy, is expected to need an annual investment of about $2.4 trillion by 2030. In a related move, BlackRock Inc., the world’s largest money manager, recently announced its acquisition of Global Infrastructure Partners (GIP) for approximately $12.5 billion. GIP, with assets worth $100 billion, is owned by Adebayo Ogunlesi, a Nigerian banker and investor
