The Nigerian Exchange Limited said Africa Plus Partners and Capitaltrust Investments & Asset Management Limited have listed Africa Infra Plus Fund valued at N20.5bn on the local bourse.
In a statement made available on Tuesday, the Exchange said the carbon mitigation fund is a closed-end infrastructure fund.
A closed-end fund takes equity positions in the underlying assets with a predetermined subscription period, usually 12-18 months, and offers no redemption option.
The statement said, “Co-managed by Africa Plus Partners Plc, and Capitaltrust Investments & Asset Management Limited, AIPF 1 is Nigeria’s first Carbon+ (ESG-focused) naira-denominated infrastructure fund to be listed on the Exchange.
“AIPF 1’s structure is a pool of equity and quasi-equity investments in Carbon+ infrastructure projects that promote sustainable development including but not limited to roads, power, water supply, wastewater management, ports, and airports.
“The Fund also acquires the shares and other investment instruments issued by socially responsible entities carrying on infrastructure business or executing infrastructure projects exclusively.”
The Chief Executive Officer, NGX, Mr Temi Popoola, was said, “Today’s listing marks a significant milestone in our commitment to promoting sustainable investing and reducing the drivers and impact of climate change.
“We are proud to be at the forefront of this and look forward to more exploits as we drive growth in the capital market.”
The Chairman of Africa Plus Partners, Anhad Narula, said “This is a sustainable infrastructure fund that specialises in carbon mitigating infrastructure investments. The fund, whose investors include ordinary Nigerians via their pension fund administrators, is committed to investing in sustainable infrastructure businesses that align with the global energy transition and move towards cleaner sources of energy and efficiently run, sustainable infrastructure and utility services.”
Also, the Managing Director, Africa Plus Partners Plc, Mr Adeniran Ajakaiye, stated that, “With this listing, we aim to demonstrate the highest levels of good governance and transparency, as we continue to deliver active returns to shareholders, while addressing Nigeria’s ‘missing middle’ infrastructure gap.”
The Exchange believed the AIPF will address the imbalance between the need for infrastructure development and the concerns about environmental and social impact by investing in projects that meet strict ESG criteria.
NGX expressed plans to launch an impact board to provide visibility to sustainable financial instruments listed on the local bourse and to encourage more listings in the sustainable finance segment as part of its sustainability drive for the capital market.