Meridiam on 28 March announced the closing of its Meridiam Infrastructure Africa Fund (MIAF) with a total of €546m, above its initial target of €510m, after the fund was reopened in November 2018. The fund was launched in 2015, with an initial size of €207m, and the initial vehicle was already fully invested two years before the end of the initial investment period. After its new closing, the fund is now 2.5 times larger than it had been originally. With this closing, “Meridiam reinforces its position as an investment platform of reference on the African continent for greenfield infrastructure projects with a positive impact on the climate, the environment, and communities,” a statement says. The MIAF fund is more than 70% supported by private investors, including leading pension funds and European investors, while development-oriented financial institutions represent the remaining 30%. The reopening of the fund was 50% subscribed by historic and existing partners. “This operation shows a strong demand and the confidence of the partners of Meridiam in this fund, the proposed projects, and significant prospects for development in Africa,” a statement says. The Africa fund becomes the first portfolio from Meridiam to systematically apply the United Nations Sustainable Development Goals (SDG) defined in 2015 to all of its projects. 100% of the projects engaged in by Meridiam have an SDG9 classification by UN standards. They aim to construct a resilient infrastructure, to promote sustainable industrialisation which benefits all, and to encourage innovation. Nearly half of its projects are also renewable energy projects on the continent (SDG 7). To support this engagement, Meridiam has also developed its own methodology, with clear principles and measurable indicators. The environmental, social and governance impact of all of its projects is measured according to their geographical and/or socio-economic context, technical design, and relationships with public authorities. Results and indicators are monitored, and evolve over the course of the project, in the interests of ongoing improvement. They are subject to ongoing reporting to investors. The fund has already financed and developed 14 major projects for Africa, for a total of over €3bn.
