General Atlantic, the New York-based growth equity firm with $83 billion in assets under management (AUM), has agreed to acquire Actis, a London-based energy infrastructure investor with investments in Africa, to deepen its investment in sustainable infrastructure.
The deal, expected to close in the second quarter of 2024, will create a diversified global platform with a combined $96 billion in AUM, the companies said in a joint statement on Tuesday. Financial terms weren’t disclosed, but the General Atlantic’s assets will now cut across sustainable infrastructure, real estate, growth equity, and credit.
“The acquisition of Actis extends our global footprint and diversifies our offering with an experienced investing team that has built a business on core tenets that align with ours,” said Gabriel Caillaux, Co-President, Head of EMEA, and Head of Climate of General Atlantic.
Actis, which manages $12.5 billion in assets across 17 countries, is an investor in infrastructure projects in Africa, notably Accra Mall, Ikeja City Mall, Rack Centre, and Azura Energy Project. Actis has invested over $2 billion in energy infrastructure in Africa in utility-scale renewable projects, commercial and industrial solar plants, and power generation with natural gas in the past two decades.
Michael Harrington, Chief Investment Officer of Actis, said the partnership with General Atlantic will “enhance our offering through our combined expertise, networks, and geographical scope.” The acquisition will see Actis become the sustainable infrastructure arm within General Atlantic’s investment platform. Actis will continue to be led by its Chairman and Senior Partner, Torbjorn Caesar, and will retain independence over its investment decisions and processes with its funds operating under the existing Actis brand.
The deal comes amid growing interest in infrastructure investments as global investors have increasingly seen opportunities in energy transition projects and data centers. Renewable energy is a growing segment of the global economy that is expected to require an annual investment of approximately $2.4 trillion by 2030. Last week, BlackRock Inc. the world’s biggest money manager, agreed to buy Global Infrastructure Partners (GIP) for about $12.5 billion. GIP, which manages $100 billion, is owned by Nigerian banker-turned-investor Adebayo Ogunlesi.
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