London-headquartered Actis, the sustainable infrastructure investment arm of US-based $100-billion (around Rs 9 lakh crore) growth equity investor General Atlantic, has carved out its real estate platform into an independent entity Grene Capital Management Nigeria Limited following a management buyout.
The buyout will see it operate as a dedicated Africa‑focussed, real asset fund manager with about $82 million (around Rs 745 crore) in assets under management. The Nigeria-based manager will continue to manage a closed-ended real estate fund--earlier known as Nigeria-focused real estate platform Actis West Africa REIF (NREIF)--that counts Nigerian pension funds among its limited partners.
Its leadership team, which includes Funke Okubadejo and Tolu Sokenu, investment strategy, service levels and portfolio ownership will remain unchanged.
VCCircle had first reported about Actis' plans for such a spin off in October last year, and the latest development confirms this.
This move come as Actis, which manages assets worth $15.1 billion (around Rs 1.4 lakh crore) across 60 countries, refocuses on its core infrastructure and energy verticals.
Grene Capital, licensed by the Securities and Exchange Commission of Nigeria, will invest in income-producing, stabilised real assets in Nigeria and selected Sub-Saharan African markets spanning sectors such as retail, office, industrial, education, and healthcare.
The NREIF has so far invested in two assets which are Jabi Lake Mall in Abuja and Heritage Place office building in Ikoyi, Lagos. The fund had marked its first close in 2022 at $45 million, led by anchor investors, including Stanbic IBTC Pensions Managers, FCMB Pensions and Pensions Alliance.
Okubadejo, managing partner and chief executive of Grene Capital, said, “Our focus remains on disciplined asset selection, active asset management and delivering stable, inflation hedged cash flows and attractive risk adjusted returns from high-quality assets in key gateway cities in Nigeria and other parts of Africa”.
Actis, which was acquired by General Atlantic in 2024 to build a global investment platform, is repositioning its real estate investment approach to focus more on Asia. Meanwhile, it is also eyeing digital infrastructure investments across Asia, Latin America and the Middle East. The NREIF was the fourth vintage of Africa-focused real estate funds managed by Actis, which has been active in the sector since 2004.
Meanwhile, Actis closed its Long Life Infrastructure Fund II last year, securing commitments worth $.17 billion, surpassing its target of $1.5 billion. Its predecessor raised $1.23 billion in 2018, and has invested across power, transport, and logistics.
