Transaction Summary
African Infrastructure Investment Managers (AIIM), the private equity infrastructure investment arm of Old Mutual Alternative Investments (OMAI), has sold its 12.67% stake in Bakwena Platinum Corridor Concessionaire (Pty) Ltd (Bakwena) to Gaia Fund Managers (Gaia), a leading specialist secondary infrastructure investor in South Africa. Bakwena is a toll road concessionaire that constructs, manages, maintains, and upgrades the N1 and N4 roads for South African National Road Agency Limited (SANRAL). The sale continues AIIM’s divestment from Bakwena, following a fruitful relationship that began at the fund manager’s inception in 2000, after a consortium of investors purchased a majority stake in Bakwena from the AIIM-managed South Africa Infrastructure Fund (SAIF) in 2016. It is also the sixth successful exit for AIIM’s African Infrastructure Investment Fund 2 (AIIF2), with only two portfolio investments left. AIIF2 is a $562 million fund closed in 2011 with two parallel vehicles holding a stake in Bakwena: AIIF2
