Alternatives team

Africa Credit Opportunities Strategy

Through-the-cycle private credit strategy investing in Africa and other emerging markets

Strategy overview

Investment Approach
Invests in senior private and opportunistic credit, targeting leading entities with low financial leverage

Investment Opportunity
Africa is a large and growing market that is still untapped

Investment Universe
Uncrowded African (75%) and other emerging market (25%) private-credit markets

Steven Loubser
Managing Director, Emerging Market Alternative Credit
Nathaniel Micklem
Co-Head of Emerging Market Alternative Credit
Martijn Proos
Co-Head of Emerging Market Alternative Credit
Kobi Sam
Managing Director, Emerging Market Alternative Credit

The role the strategy can play in portfolios

Exposure to structural growth

Africa is on track to be the world’s largest population and an economy worth US$3 trillion

Combines impact with financial returns

Aims to deliver attractive returns while contributing to poverty reduction and sustainability

Portfolio diversification

Focuses on uncrowded African and other emerging private credit markets

Uncorrelated returns

Targets high-yield opportunities with low-risk profiles in an uncorrelated market segment

Investment Philosophy

01

Africa private credit offers diversification and positively mismatched supply / demand dynamics relative to developed markets

02

Investments in infrastructure development and financial inclusion help reduce poverty and inequality

03

Competitive advantage lies in strong and diversified origination channels

Why Ninety One for Africa Credit Opportunities Strategy

01

Active in the African/EM private credit markets for 20 years

02

Track record in 19 African private credit funds (>US$8 billion invested; LP capital returned in 10 funds)

03

Leading regional expertise, origination network, and an experienced 28-person investment team

04

At forefront of ensuring a just transition by developing the African credit market

Key facts

  • Asset Subclass

    Credit

  • Currency

    USD

  • Inception date

    01/03/2014

  • Team

    Alternatives team

  • Geographical Focus

    Emerging Markets

  • ESG Classification

    Enhanced Integration

  • Comparative Benchmark

    CME 3M Term SOFR + 6% (pre 31/03/2023 LIBOR USD 3M+6%)

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Any decision to invest in the Strategy described should be made after reviewing the offering document and conducting such investigation as an investor deems necessary and consulting its own legal, accounting and tax advisors in order to make an independent determination of suitability and consequences of such an investment. This material does not purport to be a complete summary of all the risks associated with this Strategy. A description of risks associated with the Strategy can be found in the relevant offering or other disclosure documents where applicable. Copies of such documents are available upon request.

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