Pembani Remgro Infrastructure Managers

What Pembani Remgro Infrastructure Managers does

Pembani Remgro Infrastructure Managers (PRIM) is a Johannesburg-based, Africa-focused infrastructure investment manager founded in 2012. The firm is jointly owned by its management team, JSE-listed diversified conglomerate Remgro Limited, and businessman Phuthuma Nhleko, who serves as Chairman. PRIM operates two closed-end infrastructure funds — Pembani Remgro Infrastructure Fund I (PRIF I, USD 302 million, closed 2016) and Pembani Remgro Infrastructure Fund II (PRIF II, USD 355 million, closed November 2024) — for a combined USD 657 million in committed capital.

The firm makes equity, quasi-equity, and equity-related investments in greenfield and brownfield sustainable infrastructure projects and operating companies across Africa, with a strong focus on sub-Saharan Africa and mandate verticals covering energy transition, digital infrastructure, and transportation and logistics. Active portfolio exposures include PRIF Africa Holdings Limited (PAHL), a data centre platform partnered with Digital Realty operating across Kenya, Mozambique, Nigeria, and Ghana via Icolo and Digital Africa; Mawingu Networks, a Kenyan peri-urban ISP; and Emerald Renewables, a wood-pellet biomass project in Eswatini.

PRIM is staffed by approximately 20 professionals with over 200 years of combined global infrastructure investment experience. The firm generates revenue through traditional private equity fund economics — recurring management fees on committed capital under management and performance-based carried interest from successful exits. PRIF I has been fully committed across 11 investments, with three exits returning USD 258 million (85% of fund size) to investors. Limited partners are predominantly development finance institutions including the European Investment Bank, Proparco, British International Investment, and FinDev Canada. The firm operates from Johannesburg and Stellenbosch, with an East Africa regional headquarters planned, and holds South African Financial Service Provider Licence No. 43799.

Name

Pembani Remgro Infrastructure Managers

Legal name

Pembani Remgro Infrastructure Managers

Website

https://pembani-remgro.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Pembani Remgro Infrastructure Managers (PRIM) is a Johannesburg-based, Africa-focused infrastructure investment manager operating two closed-end funds (USD 657 million combined) that make equity and quasi-equity investments in sustainable infrastructure across sub-Saharan Africa for development finance institution LPs.

Ownership category

akta.pro rank

Product category

Infrastructure Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industries

Public Asset & Investment Management (BPAIAEAG), Investment Management Advisory (RIA) (FSAEAAAB)

Keywords

• Infrastructure fund management
• Private equity investing
• Infrastructure asset management
• Sustainable infrastructure investment
• Development finance investing

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure

Revenue model

1. Fund Management Fees: Management fees generated from managing PRIF I and PRIF II infrastructure funds. The firm earns fees on committed capital under management.
2. Carried Interest: Performance-based carried interest from successful exits and returns to investors in the infrastructure funds.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Pembani Remgro Infrastructure Managers (PRIM) is an African-based investment firm that manages infrastructure investment funds focused on equity, quasi-equity, and equity-related investments in greenfield and brownfield sustainable infrastructure projects across Africa. The firm manages two closed-end funds, PRIF I (USD 302 million) and PRIF II (USD 355 million), targeting sectors including energy transition, digital infrastructure, and transportation and logistics, raising capital from institutional investors such as development finance institutions.

Product overview

Pembani Remgro Infrastructure Managers (PRIM) is an African-based investment firm specializing in sustainable infrastructure opportunities. The company operates two infrastructure funds: PRIF I (USD 302 million, closed 2016) and PRIF II (USD 355 million, closed November 2024). PRIM makes equity, quasi-equity and equity-related investments in greenfield and brownfield infrastructure projects, with focus areas in energy transition, digital infrastructure, and transportation and logistics. The funds target investments across Africa, with a strong focus on sub-Saharan Africa. Current portfolio includes data centre investments (PAHL/Icolo), ISP services (Mawingu), and renewable energy (Emerald Renewables).

Differentiator

Problem solved

Functional benefit

Products and services

• Pembani Remgro Infrastructure Fund I (PRIF I) The maiden infrastructure fund of Pembani Remgro, a USD 302 million closed-end fund targeting sustainable infrastructure investments across Africa. Invested across 11 portfolio companies in energy, digital infrastructure, transportation, and logistics.
• Pembani Remgro Infrastructure Fund II (PRIF II) The second infrastructure fund managed by Pembani Remgro, a USD 355 million closed-end fund targeting energy transition, digital infrastructure, and transportation and logistics sectors across Africa. Continues the investment strategy of PRIF I with sustainability and ESG focus.

Quantifiable outcome

• PRIF I returned 85% of fund size (USD258m) to investors after third exit
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Digital RealtycoreStrategic or Co-development Partner · 4 December 2024PRIF Africa Holdings Limited (PAHL) invests in east and west African data centres through Icolo (Kenya, Mozambique) and Digital Africa (Nigeria, Ghana) in partnership with Digital Realty. These investee companies specialize in designing, building and operating state-of-the art carrier neutral data centres.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Development Partners International (DPI): Pan-African private equity manager raising institutional capital from DFIs and sovereign investors. Competes for similar institutional mandates and equity co-investment opportunities in African infrastructure.
• African Infrastructure Investment Managers (AIIM): Pan-African infrastructure-focused private equity fund manager. Direct peer with overlapping investor base and competing for the same sub-Saharan infrastructure deal flow.
• Africa Finance Corporation (AFC): Pan-African multilateral infrastructure financier making equity and debt investments across African infrastructure. Competes with PRIM for institutional-grade infrastructure assets and DFI capital.
• Actis: Global emerging-markets infrastructure and energy private equity manager with established Africa franchise. Highly comparable business model, fund structure, and limited-partner mix targeting similar infrastructure themes.
• Helios Investment Partners: Pan-African private equity firm investing across sectors including infrastructure-adjacent businesses. Direct competitor for African institutional capital and large-scale equity deals.
• Phatisa: African private equity fund manager focused on infrastructure, food, and housing. Directly comparable in fund size, sector overlap, and institutional LP base targeting African growth markets.

Regional players

• Old Mutual Alternative Investments: South Africa-based alternative asset manager with infrastructure and private equity strategies. Regional peer with overlapping DFI LP relationships and comparable South African institutional capital base.
• Capitalworks Private Equity: South African mid-market private equity firm with infrastructure and growth strategies. Regional peer operating in same Southern African institutional investor ecosystem.

Broad incumbents

• Ninety One (formerly Investec Asset Management): Large emerging-markets asset manager with private equity and infrastructure capabilities. Broader incumbent with materially larger AUM competing for institutional African allocations.
• Brookfield Asset Management (Africa Infrastructure): Global infrastructure asset manager with an emerging Africa strategy. Larger incumbent bringing deep capital pools and competing for the same large-scale African infrastructure opportunities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

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

M&A

Investments9 records

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

Frequently asked questions about Pembani Remgro Infrastructure Managers