Countrywide Assured plc appoints Ninety One for £1.1 billion mandate
Appointment accesses Ninety One’s multi-asset, equity and fixed income capabilities
Ninety One, the global investment manager with US$244 billion in assets under management (as at 30 June 2026), today announced the final close of its Africa Credit Opportunities Fund 3 (ACO3 Fund). The ACO3 Fund closed with US$404 million (including leverage) in commitments from institutional investors including development finance institutions, pension funds, and family offices across Africa, Europe, the UK, the US and Canada.
The ACO3 Fund is the third vintage in Ninety One's Emerging Market Senior Credit series, building on an established track record of investing in private credit across Africa and other emerging markets. The ACO3 Fund invests mainly in senior secured private credit opportunities with conservative levels of financial leverage and good structural protections. It provides flexible financing to market-leading businesses and critical infrastructure projects across Africa and other emerging markets. It 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. Several successful exits have been realised, while the pipeline of investment opportunities remains strong.
The African and broader emerging market private credit markets continue to offer compelling investment opportunities, underpinned by favourable supply and demand dynamics relative to developed markets. The strategy provides diversification benefits for investors while financing businesses and projects that support long-term economic growth. Investments in infrastructure and financial inclusion have the potential to contribute to reducing poverty and inequality. Ninety One's long-standing local presence and diversified origination capabilities provide differentiated access to attractive investment opportunities across 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.
Since inception, Ninety One's Emerging Market Senior Credit strategy has raised US$815 million across three funds and deployed more than US$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.
Nathaniel Micklem, Co-Head of Emerging Market Alternative Credit: "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 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.