aaif fund

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    EMERGING MARKETS PARTNERSHIP
    AIG AFRICAN INFRASTRUCTURE FUND



    The AIG African Fund Infrastructure Fund L.L.C. (the "Fund") was established in March 2000 to invest in infrastructure and related industries in Africa. The Fund will either join with African and international companies to sponsor attractive new businesses, or will invest in established companies to fund growth and new operations. Emerging Markets Partnership is the Principal Adviser to the Fund, and The American International Group ("AIG") is the Principal Sponsor of the Fund.

    The Fund is a Mauritius limited life company formed to invest primarily for long-term capital appreciation through equity, quasi-equity and convertible debt instruments in infrastructure-related companies and projects in African countries. The Fund has US$407.6 million in commitments from investors. The Fund has a ten-year term, extendible for up to two years, and all investments must be made and liquidated within the Fund’s term. The Fund will focus in countries that are believed to have a positive investment climate for infrastructure.

    Fund Management
    Investment Policy
    Sector & Industry Focus
    Contact Information


    Fund Management

    His Excellency Nelson R. Mandela is the Chairman of the Fund’s Advisory Board.

    Donald Roth, Managing Partner of EMP, is the Chairman of the Fund’s Investment Committee.

    Edward Jaycox, a Managing Director of EMP, is the CEO of the Fund. Mr. Jaycox spent more than 30 years with the World Bank, serving as Vice President in charge of the Bank’s operations in Sub-Saharan Africa from 1984 to 1996.

    Thomas R. Gibian, a Managing Director of EMP, is the COO of the Fund. Mr. Gibian joined EMP in 1995 as a Managing Director for EMP’s Asian Funds. Prior to EMP, Mr. Gibian spent 12 years on Wall Street, where he focused on private investment in regulated businesses. Both Messrs. Jaycox and Gibian are members of the Fund’s Investment Committee.

    Principal Sponsor and Investors

    AIG is the Principal Sponsor and a significant investor in the Fund. The major investors in the Fund are the International Finance Corporation ("IFC"), the African Development Bank ("ADB"), El Paso Energy Corporation, and Sheikh Mohammed Hussain Al-Amoudi. Significant investments have also been made by a group of European national and multinational development organizations, including the European Investment Bank.

    Investment Policy

    The Fund intends to undertake investments under the following investment guidelines:

    The climate for infrastructure investments in the country must be attractive, particularly the country’s legal framework, foreign exchange regime, trade and tax policies and tariff regulation.
    Project sponsors and managers will make meaningful cash investments alongside the Fund, and must have a demonstrated track record of accomplishment in the sector, a superb business reputation, and financial and technical success.
    The Fund will seek a clear exit strategy, usually negotiated before investment closing. Generally, the preferred exit will be through an initial public offering, though in certain situations private sales may be more appropriate.
    The Fund’s investments will typically range in size from US$10 million to US$50 million, in projects or companies having total valuations of US$25 million to over US$500 million. Thus, the Fund will have significant minority positions, generally 10% to 50% of the company’s equity.
    The Fund will have Board representation commensurate with the amount of its investment. The Fund will have appropriate minority shareholder rights, typically including the right to approve significant corporate actions
    Investments will generally be made through private placements, including negotiated joint ventures with partners.
    Sector and Industry Focus

    The Fund will principally invest in the following sectors:

    Agro-Industry
    Basic Materials: iron, steel, cement and other infrastructure related sectors
    Distribution
    Natural Resource Development: including oil and gas, petrochemicals and mining
    Telecommunications: cellular, satellite, cable and data transmission
    Energy: power, gas transport and distribution, district heating networks and energy service companies
    Transportation: multi-modal and transport services, port terminals, roads, and airports
    Water, Sanitation and Environmental Services
    Why Partner with the Fund ?

    An investment from the Fund brings with it several advantages that as a package may make the Fund especially attractive to investee companies and other equity investors:

    Experience— The Fund is one of a family of funds have made more than $3 billion in infrastructure related investments. EMP, its principal adviser, has extensive and diverse experience, with most of its Managing Directors having more than twenty years of investment experience each.
    Size— With $5.7 billion in committed capital, EMP-advised funds are the largest direct equity investors in emerging markets. The Fund's individual investments can range from US$10 million to US$50 million.
    Focus— The Fund focuses in the African continent, primarily in infrastructure and infrastructure-related industries.
    Minority Interest— As a general rule, the Fund does not seek majority control.
    Value-Added— Through its representatives on the boards of directors of investee companies, the Fund can provide valuable financial and strategic advice, as well as guidance based on its own and its related funds' experience with similar industries in other markets.
    Global Reach— The Fund can introduce its investee companies to its advisors' extensive network of relationships around the world. EMP's family of funds covers four continents.
    Long-term Horizon— Recognizing that infrastructure needs long-term capital, the Fund is structured with a typical investment time horizon of five to seven years. The Fund has a duration of ten years.
    Strength— Because of the size of the investments it can make, the Fund can be the sole financial investor in a project, or may act as the lead investor in an investor group.
    Co-Investment Opportunities— The Fund, as a matter of policy, seeks to provide co-investment opportunities to its investors, providing investee companies that have large capital needs access to significant additional sources of capital.
    Contact Information

    For further information, please contact us at the following address:

    Emerging Markets Partnership
    2001 Pennsylvania Avenue, NW
    Suite 1100
    Washington, DC 20006
    United States of America
    Telephone: +1-202-331-9051
    Facsimile: +1-202-331-8255
    E-mail: [email protected]





    Emerging Markets Partnership - Southern Africa
    Contact: Navaid Burney
    Southern Africa Office
    c/o AIG Africa
    77 DeKorte Street,
    Braamfontein,
    Republic of South Africa
    Telephone: 27-11-408-6604
    Email: [email protected]
    Emerging Markets Partnership - West Africa
    (EMPWA)
    Contact: Vincent LeGuennou
    Immeuble Banque Atlantique (Cobaci)
    Angle Avenue Noguès/rue Duplessis
    16 B.P. 1450
    Abidjan 16 - Plateau
    Republique de Cote D'Ivoire
    Telephone: (225) 20 31 07 32
    FAX: (225) 20 33 86 51
    E-mail Inquiries: [email protected]




    Edward V.K. Jaycox, Managing Director and Chief Executive Officer AIG African Infrastructure Fund

    Thomas R. Gibian, Managing Director and Chief Operating Officer AIG African Infrastructure Fund

    Hurley Doddy, Director

    Michael Jansa, Director

    Papa Ndiaye, Director

    Carolyn Campbell, Director and Senior Counsel
 
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