Legal & General-backed emerging markets infrastructure debt investor ImpactA Global has secured capital commitment from US government-backed Prosper Africa.
ImpactA said the $5m (鈧�4.4m) from Prosper Africa will support its plan to finance sustainable infrastructure projects in underserved regions. The funding will be used to address climate challenges and reduce social inequalities, ImpactA added.
British A Robinson, coordinator for Prosper Africa, said: 鈥淲e consider ImpactA Global鈥檚 innovative strategy critical to Prosper Africa鈥檚 mission of scaling up private-capital flows for resilient infrastructure in Africa and achieving our global climate and sustainability objectives.
鈥淲e believe the ImpactA Global team are well positioned to continue to mobilise significant private sector investment in emerging markets that aligns with our efforts towards catalytic investment in Africa.鈥�
Isabella da Costa Mendes, co-founder and co-CEO, ImpactA Global, said: 鈥淲e are thrilled with the support of Prosper Africa for such an important strategy. The track record of the US government through Prosper Africa helps bridge the gap between US-based investors and emerging markets companies and projects, particularly in Africa, is unparalleled.
鈥淲e look forward to strengthening this collaboration and helping deliver critical infrastructure to much needed jurisdictions.鈥�
Victoria Miles, co-founder and co-CEO of ImpactA Global, said: 鈥淎ddressing climate challenges and reducing inequalities in emerging markets is our paramount objective. These challenges will only be met with the mobilisation of significant pools of private institutional capital.
鈥淲orking with partners such as Prosper Africa will enable ImpactA Global to accelerate this mobilisation and implement its strategy. We look forward to a successful collaboration.鈥�
Hannah Gore-Randall, managing director of alternative finance at Legal & General, said: 鈥淭here is an urgent need to finance emerging markets鈥� energy transition, and we believe that to be serious about climate transition, investors must be allocating capital to sustainable infrastructure in these regions.
鈥淲e are delighted that the provision of our catalytic capital has brought in the likes of Prosper Africa, a highly reputable development finance institution, as partners for ImpactA Global. Innovative financing structures are reducing risk and driving the asset class鈥檚 reputation as a compelling investment opportunity that offers the potential for positive financial, social and environmental returns.鈥�
In October last year, Legal & General Capital (LGC) also committed up to $100m to women-led ImpactA Global to invest in sustainable infrastructure debt in emerging markets. This was after LGC, which manages alternative assets on behalf of Legal & General Retirement and third-party investors, acquired a 鈥渟ignificant minority鈥� stake in ImpactA earlier in the year.
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