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Ninety One, a global investment manager with $244 billion in assets as of June 30, 2026, announced the final close of its Africa Credit Opportunities (ACO) Fund 3, which raised $404 million in commitments.
These investments came from various institutional investors, including development finance institutions, pension funds, and family offices from Africa, Europe, the UK, the US, and Canada.
Nathaniel Micklem, Co-Head of Emerging Market Alternative Credit says, “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. We continue to see a significant financing gap for high-quality businesses and infrastructure projects across Africa and other emerging markets. This creates attractive opportunities for experienced lenders with deep local origination capabilities. Our long-standing presence, local expertise and partnerships position us to identify resilient investment opportunities that we believe can deliver compelling risk-adjusted returns while supporting sustainable economic growth.“
The ACO3 Fund is the third in Ninety One’s Emerging Market Senior Credit series, continuing their experience in private credit investments in Africa and other emerging markets.
The ACO3 Fund mainly invests in senior secured private loans to strong companies and important infrastructure projects in Africa and other emerging markets. It provides flexible financing to help these businesses grow.
The Fund aims to deliver attractive risk-adjusted returns while promoting environmental and social characteristics and supporting long-term economic development across the regions in which it invests.
The ACO3 Fund has already built a diversified portfolio of over 30 investments in Africa, Latin America, Asia and Central and Eastern Europe, with exposure to communications, consumer, financials, healthcare, industrials, and materials.
The private credit markets in Africa and other emerging markets present significant investment opportunities due to favorable supply and demand conditions compared to developed markets.
This strategy helps diversify investments while supporting economic growth through funding businesses and projects. Investments in infrastructure and financial inclusion can aid in reducing poverty and inequality.
Ninety One’s established local presence and varied sourcing capabilities allow for access to appealing investment options in the region.
As part of its investment strategy, the ACO3 Fund seeks to promote positive outcomes for people, the environment and economic productivity across the regions in which it invests through the application of its proprietary sustainability framework.
Established in 1991, Ninety One’s goal is to provide long-term investment returns for clients while making a positive difference to people and the planet. It is an independent firm, dual-listed in Johannesburg and London.
Since its inception in 1991, Ninety One’s Emerging Market Senior Credit strategy has raised $815 million across three funds and deployed more than $1.4 billion in over 100 counterparties across more than 30 countries (including recycled capital).
The strategy has focused on financing market-leading businesses and infrastructure projects while delivering attractive returns for investors.
The ACO3 Fund is led by managing directors Steven Loubser and Kobina (Kobi) Sam, in the Emerging Market Alternative Credit team, who have an 18-year track record of managing private and alternative credit funds across emerging markets.
