A.P. Moller Capital

What A.P. Moller Capital does

A.P. Moller Capital P/S is a private value-add infrastructure fund manager established in 2017 as a wholly-owned subsidiary of the A.P. Moller Group, the diversified Danish conglomerate behind Maersk. The firm invests in critical transport and logistics infrastructure (ports, cold chain, warehousing, air cargo, LPG logistics, grain terminals) and power and energy infrastructure (renewable generation, gas-to-power, thermal and C&I renewables) across emerging markets, with active portfolios in Africa, South and Southeast Asia, the Middle East, Morocco and Iberia/Latin America. It manages approximately USD 2 billion in assets under management across three institutional vehicles: the USD 982 million Africa Infrastructure Fund I (final close August 2018), the Emerging Markets Infrastructure Fund II (final close December 2024), and the MAD 2.24 billion (~USD 243 million) APM Capital Morocco Fund (final close February 2026). The firm is headquartered in Hellerup, Denmark, with regulated subsidiaries and offices in Casablanca, Dubai (DIFC), Abu Dhabi (ADGM) and Singapore, and a team of ~40 professionals across ~25 nationalities.

The company's revenue model is standard institutional fund management economics: recurring management fees charged on committed or deployed capital across its funds, plus performance-based carried interest on returns above the funds' preferred-return hurdles. Its customer base is a small set of large institutional investors — anchored by Danish pension funds (PKA, PensionDanmark, PFA, Danica, Lægernes, Lærernes, SEB Pension) and A.P. Moller Holding in Fund I, and broadened to DEG, IFC, AIIB, Mohammed VI Investment Fund and other European and Asian institutions in EMIF II and the Morocco Fund. Go-to-market is direct institutional sales; there are no consumer channels, public marketing efforts or self-serve distribution mechanisms. Pricing (management fee rates, carry terms, minimum commitments) is negotiated privately and not publicly disclosed. Notable portfolio companies include Vector Logistics (Southern African cold chain), BERGÉ (Iberia/LatAm ports), Mainstream Renewable Power South Africa, ALS Cargo Terminal (Vietnam), AC Logistics (Philippines), Rays Power Infra (India), ARISE Ports & Logistics (West Africa), Eranove (Ivory Coast power), Cabeolica (Cape Verde wind), KEG Holdings (East African LPG), and Lumika Renewables (African C&I solar). The firm has no proprietary technology platform or software product; its competitive differentiation rests on the A.P. Moller Group industrial heritage, deep emerging-markets deal sourcing through its local offices, and ESG-aligned investment processes mapped to IFC Performance Standards and UN SDG principles.

Name

A.P. Moller Capital

Legal name

A.P. Møller Capital P/S

Website

http://www.apmollercapital.com/en/

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

A.P. Moller Capital is a private infrastructure fund manager that invests in transport, logistics, and energy assets across emerging markets, managing approximately USD 2 billion across three institutional funds for pension funds, DFIs, and sovereign wealth funds.

Ownership category

akta.pro rank

Product category

Infrastructure Fund Management

NAICS

Portfolio Management and Investment Advice (52394), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Infrastructure fund management
• Emerging markets investing
• Transport logistics infrastructure
• Renewable energy investments
• Private equity funds

Headquarters

HQ city

Copenhagen

HQ country

Denmark

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Fund Management Fees: Management fees charged on assets under management (AUM) across the Africa Infrastructure Fund I and Emerging Markets Infrastructure Fund II. Fee rates and structures are not publicly disclosed.
2. Carried Interest (Performance Fees): Performance-based carried interest earned on investment returns above preferred return thresholds for fund investors. Standard private equity/infrastructure fund economics.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

A.P. Moller Capital is a private infrastructure fund manager that raises capital from institutional investors and invests in transport, logistics, and energy infrastructure across emerging markets. The firm manages three investment vehicles (Africa Infrastructure Fund I, Emerging Markets Infrastructure Fund II, and APM Capital Morocco Fund) with approximately USD 2 billion in assets under management, deploying a value-add active ownership approach focused on transport and logistics and renewable energy assets in Africa, South/Southeast Asia, and Morocco.

Product overview

A.P. Moller Capital operates as a value-add infrastructure fund manager with approximately USD 2 billion in assets under management, managing three investment funds: Africa Infrastructure Fund I, Emerging Markets Infrastructure Fund II, and APM Capital Morocco Fund. The firm focuses on critical infrastructure investments in transport (ports, warehousing, cold chain, air cargo) and energy (renewable power, conventional generation, gas-to-power) across Africa, South/Southeast Asia, and Latin America. The investment approach centers on the A.P. Moller Group's ethos of 'doing well while doing good'—fostering sustainable economic growth while delivering competitive returns. Portfolio companies include Vector Logistics (cold chain in Southern Africa), HAU Logistics (Egyptian warehousing), KEG Holdings (East African LPG), Cabeolica (Cape Verde wind), Lumika Renewables (African C&I solar), Eranove (Ivorian power utility), East Africa Infrastructure Platform (Kenyan generation), ARISE Ports & Logistics (West African ports), BERGÉ (Iberian/Latin American ports), ALS Cargo Terminal (Vietnam air cargo), and Verdant Energy (Southeast Asian renewables). Services include ESG reporting frameworks, Responsible Investment Framework, and carbon procurement via Abatable partnership.

Differentiator

Problem solved

Functional benefit

Brands

• Africa Infrastructure Fund I: First infrastructure fund focusing on African infrastructure investments in transport and energy sectors
• Emerging Markets Infrastructure Fund II (EMIF II)
• APM Capital Morocco Fund
• Verdant Energy
• East Africa Infrastructure Platform
• Lumika Renewables

Products and services

• Africa Infrastructure Fund I A.P. Moller Capital's first infrastructure fund focused on African infrastructure investments in transport and energy sectors to support sustainable economic growth. Closed at USD 982 million from leading Danish and Swedish institutional investors.
• Emerging Markets Infrastructure Fund II (EMIF II) Second institutional infrastructure fund focused on upper middle-market, low carbon intensity transport and renewable energy investments in South/Southeast Asia and Africa. Final closing held December 2024 with commitments from DEG, IFC, AIIB, and other institutional investors.
• APM Capital Morocco Fund Morocco-focused transport and logistics investment fund managed by APM Capital Morocco S.A. (regulated by AMMC) in partnership with Mohammed VI Investment Fund. Targets warehousing, ports, rail networks, cold-chain facilities, and air cargo logistics in Morocco.

Quantifiable outcome

• Over 156,000 jobs supported across portfolio in 2023
• +4 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered minor, flagship and core.

• AbatableminorStrategic or Co-development Partner · 1 August 2025Partnership to execute a multi-year carbon procurement strategy for EMIF II to offset residual emissions and work toward net-zero financed emissions. Abatable ran two RFP exercises involving 118 carbon project developers, resulting in 31 million tonnes of CO2 offered and four projects selected after due diligence.
• Mohammed VI Investment Fund (FM6I / Siges)flagshipStrategic or Co-development Partner · 1 August 2025Morocco's sovereign development finance institution partnered with A.P. Moller Capital to establish the APM Capital Morocco Fund targeting transport and logistics infrastructure in Morocco. The fund gathered MAD 1.64 billion in commitments and is managed by APM Capital Morocco S.A.
• TE H2 (Joint Venture: TotalEnergies + EREN Group)flagshipStrategic or Co-development Partner · 1 October 2024A joint venture between TotalEnergies and EREN Group, TE H2 partnered with CIP and A.P. Moller Capital for the 'Chbika' green hydrogen project in Morocco. TE H2 and CIP develop renewable energy production while A.P. Moller Capital develops the port and associated infrastructure. The project aims to build 1 GW of solar and wind capacity to produce 200,000 tonnes/year of green ammonia.
• Copenhagen Infrastructure Partners (CIP)flagshipStrategic or Co-development Partner · 1 October 2024Danish infrastructure fund manager partnering with A.P. Moller Capital through its Energy Transition Fund for the Chbika green hydrogen project in Morocco, alongside TE H2. CIP brings renewable energy development expertise.
• CDC Group plccoreStrategic or Co-development Partner · 1 August 2017UK's Development Finance Institution partnered with A.P. Moller Capital on the Africa Infrastructure Fund I and jointly bid on the Copperbelt Energy Corporation investment in Zambia. CDC provides development finance alongside private sector investors.

Scale indicators15 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• Brookfield Infrastructure Partners: Major listed infrastructure platform with growing EM exposure. Competes for institutional capital allocated to global infrastructure but with a much broader, developed-market-heavy portfolio.
• Macquarie Asset Management: World's largest infrastructure asset manager via MIRA. Competes broadly for EM infrastructure capital but operates at materially larger scale across diversified geographies and asset types.

Direct peers

• Actis: London-based emerging-markets infrastructure and energy private equity firm with comparable mandate across Africa, Asia, and Latin America. Closest direct peer in scale, strategy, and DFI LP relationships.
• Africa Finance Corporation (AFC): Pan-African multilateral infrastructure investor that co-invests with A.P. Moller Capital (e.g., ARISE Ports & Logistics, Cabeolica). Directly comparable in geography and asset class.
• Copenhagen Infrastructure Partners (CIP): Danish renewable infrastructure fund manager and active co-development partner on Chbika green hydrogen. Comparable in focus on energy transition infrastructure and Danish institutional LP base.
• Helios Investment Partners: Pan-African private equity firm with infrastructure and energy exposure across the continent. Similar Africa-focused mandate and institutional LP base.
• Emerging Capital Partners (ECP): Africa-focused private equity manager that has co-invested with A.P. Moller Capital (Eranove). Highly comparable mandate and LP overlap.
• ARCH Emerging Markets Partners: London-based emerging-markets infrastructure and growth fund manager. Closely comparable in strategy, scale, and institutional LP base.
• Africa Infrastructure Investment Managers (AIIM): Pan-African infrastructure fund manager focused on transport, energy, and digital infrastructure. Directly comparable in geography and asset-class focus.
• Arjun Infrastructure Partners: London-based emerging-markets infrastructure fund manager focused on Asia and Africa. Comparable in strategy and target LP base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/apmollercapital

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about A.P. Moller Capital