LONDON, Aug 18 – Ninety One, the London and Johannesburg listed investment manager, has completed the final close of its Africa Credit Opportunities Fund 3 (ACO3), securing $404 million in commitments including leverage from institutional investors seeking exposure to private credit opportunities across Africa and other emerging markets.
The commitments came from development finance institutions, pension funds and family offices across Africa, Europe, the United Kingdom, the United States and Canada. The latest fund represents the third vehicle in Ninety One’s Emerging Market Senior Credit strategy, which focuses on private lending to businesses and infrastructure projects in emerging markets.
Ninety One, which had $244 billion in assets under management as of June 30, 2026, said the ACO3 Fund primarily targets senior secured private credit investments. These transactions are structured with relatively conservative leverage and protections designed to strengthen lenders’ positions.
The fund has already established a portfolio of more than 30 investments spanning Africa, Latin America, Asia and Central and Eastern Europe. Its exposure covers sectors including communications, consumer businesses, financial services, healthcare, industrials and materials. Several investments have already been exited, while the manager said its pipeline of potential transactions remains strong.
The fundraising comes as private credit markets across Africa and other emerging economies continue to attract institutional capital. Limited access to traditional bank financing and a growing requirement for funding among businesses and infrastructure developers have created opportunities for private lenders able to structure longer-term and flexible financing.
Ninety One said its strategy is also intended to support economic development through investments in infrastructure and financial inclusion. The ACO3 Fund applies the firm’s sustainability framework to seek environmental and social outcomes alongside financial returns.
The broader Emerging Market Senior Credit strategy has raised $815 million across three funds since inception and deployed more than $1.4 billion across more than 100 counterparties in more than 30 countries, including recycled capital.
Nathaniel Micklem, Co-Head of Emerging Market Alternative Credit at Ninety One, said, “The successful close of Africa Credit Opportunities Fund 3 reflects investors’ continued confidence in the attractive opportunities available in Africa and emerging markets private credit.”
He added that the firm continues to identify a “significant financing gap” among high-quality businesses and infrastructure projects across Africa and other emerging markets, creating opportunities for lenders with local market knowledge and origination capabilities.
The fund is managed by Steven Loubser and Kobina (Kobi) Sam, managing directors within Ninety One’s Emerging Market Alternative Credit team. The investment professionals have an 18-year track record of managing private and alternative credit strategies across emerging markets.
The latest fundraising highlights the increasing role of private credit in addressing Africa’s financing needs, particularly in sectors where conventional bank lending may not provide sufficient capital or flexibility. For institutional investors, the asset class also offers an avenue to diversify portfolios while gaining exposure to companies and projects linked to long-term economic growth.
