Africa Plus Partners Nigeria

What Africa Plus Partners Nigeria does

Africa Plus Partners Nigeria Limited (APPNL) is a Lagos-based, SEC-licensed private infrastructure fund management company founded in 2017 by Anhad Narula and Adeniran Ajakaiye. The firm raises and manages naira-denominated, equity-based infrastructure funds targeting Africa's "missing middle" — small-to-mid-sized sustainable infrastructure projects that fall between private equity and sovereign-scale financing. Its core products are the Africa Infra Plus Fund I (₦20.5bn, financial close December 2018, NGX-listed since January 2023) and Africa Infra Plus Fund II (₦200bn approved capacity, opened 2019), plus the AAA+ InfraCorp mandate as a member of the Triple A Consortium. Investee positions span student housing (Windsworth Hostels Calabar, National Student Housing Program across 24 institutions), gas-fired power (Bastanchury 8.5MW), gas processing (Dharmattan, FMGSL), inland LPG storage (Terpex), gas-powered logistics (Ecologique for Lafarge Africa), and the 125km Benin-Asaba Expressway PPP concession.

APPNL generates revenue through management fees on its infrastructure funds, supplemented by performance fees and carried interest from successful investments. Distribution is institutional: the firm sells directly to sophisticated emerging market investors, Nigerian pension funds, and development finance institutions via SEC-regulated channels, and partners with Capital Trust Investment and Asset Management Limited, ARC Private Equity, Afrinvest West Africa, the Federal Ministry of Works, Edo State Government, TETFund, and Family Homes Fund. The firm reports 11–50 employees with over 120 years of cumulative team experience, and holds current Agusto & Co. "A" and DataPro "A+" ratings (both upgraded in October 2025).

The firm's competitive positioning rests on four pillars: a proprietary Carbon+ investment framework with a value engineering and de-risking model, SEC licensing that few local competitors hold, strong governance engagement in portfolio companies, and access to government and DFI co-funding through InfraCorp and HDMI. Cumulative AUM exceeds $600M with a deal pipeline above ₦400bn, and the firm has won the IntInvestor West Africa Fund Manager of the Year (2020) and the PEA Infrastructure Deal of the Year (2024).

Name

Africa Plus Partners Nigeria

Legal name

Africa Plus Partners Nigeria Limited

Website

https://africapluspartners.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Africa Plus Partners Nigeria is a Lagos-based, SEC-licensed infrastructure fund manager that raises and deploys naira-denominated equity capital into Nigeria's "missing middle" sustainable infrastructure projects. It serves institutional LPs and partners with government and DFIs across energy, student housing, and highway assets.

Ownership category

akta.pro rank

Product category

Infrastructure Fund Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Finance Services (6199)

akta.pro primary industry

Infrastructure & Energy Fundraising Placement (FSAEALAF)

Keywords

• Infrastructure fund management
• Sustainable infrastructure investing
• Equity-based infrastructure funds
• Carbon+ infrastructure assets
• Emerging market investors

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Infrastructure Fund Management Fees: APPNL generates revenue through management fees on multiple naira-denominated equity-based infrastructure funds including AIPF I (N20.5bn) and AIPF II (N200bn capacity). The firm also earns performance fees and carries interest from successful infrastructure investments.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Africa Plus Partners Nigeria is a SEC-licensed infrastructure fund management company that raises and manages naira-denominated, equity-based infrastructure funds targeting sustainable, carbon+ infrastructure assets in Nigeria and sub-Saharan Africa. The firm deploys long-term capital into credible private sector infrastructure businesses in exchange for equity, applying a proprietary value engineering and de-risking approach and taking strong governance positions to ensure ESG compliance. It manages AIPF I (₦20.5 billion, closed), AIPF II (₦200 billion capacity), and serves as asset manager for InfraCorp via the AAA+ Consortium.

Product overview

Africa Plus Partners Nigeria operates a multi-fund infrastructure investment platform with three core products: AIPF I (₦20.5 billion fund launched in 2017), AIPF II (₦200 billion capacity fund launched in 2019), and AAA+ InfraCorp (appointed asset manager for InfraCorp). The company manages a portfolio of infrastructure investments including student housing, power generation, gas processing, and transport logistics. Strategic initiatives include the Catalyst+ development catalyst program and APP Student Venture Prize for student entrepreneurs. The company focuses on sustainable, carbon+ infrastructure investments in Nigeria's 'missing middle' infrastructure category.

Differentiator

Problem solved

Functional benefit

Products and services

• Africa Infra Plus Fund I (AIPF I) Nigeria's first equity-based, Naira-denominated infrastructure fund; closed-end fund with a maximum program size of ₦20.5 billion, targeting institutional and sophisticated emerging market investors seeking exposure to sustainable carbon+ infrastructure assets in Nigeria. Listed on the Nigerian Exchange Limited (NGX) in January 2023.
• Africa Infra Plus Fund II (AIPF II) SEC-approved Nigerian Naira infrastructure fund with a capacity size of ₦200 billion, providing institutional and sophisticated emerging market investors exposure to infrastructure opportunities in Nigeria through equity-based, sustainable carbon+ investments.
• AAA+ InfraCorp Asset Management Mandate Independent infrastructure asset management mandate under the Triple A Consortium appointed as one of the asset managers for the Infrastructure Corporation of Nigeria (InfraCorp), established by CBN, AFC, and NSIA, with a target fund size of ₦15 trillion ($37 billion) to catalyze infrastructure investment in Nigeria.

Quantifiable outcome

• 120+ years cumulative team experience in infrastructure investment and development
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Federal Ministry of WorkscoreStrategic or Co-development Partner · 23 March 2025Partnership for Highway Development and Management Initiative (HDMI) - Benin-Asaba Expressway redevelopment project. The 125km corridor is part of HDMI Phase 1 ensuring sustainable development, maintenance and world-class management of vital road infrastructure under 25-year PPP concession.
• Tertiary Education Trust Fund (TETFund)coreStrategic or Co-development Partner · 15 May 2024Partnership for National Student Housing Program covering 24 tertiary institutions across Nigeria's 6 geopolitical zones. TETFund committed N72 billion for building modern hostels in tertiary institutions over two years. First project: 1600-capacity student housing at Akwa Ibom State University.
• Infrastructure Corporation of Nigeria (InfraCorp)coreStrategic or Co-development Partner · 1 January 2023APPNL is a member of Triple A Consortium (with ARC Private Equity and Afrinvest West Africa) appointed as independent asset manager for InfraCorp. InfraCorp is promoted by CBN, AFC and NSIA as a world-class infrastructure development vehicle with N15 trillion ($37 billion) target fund size to catalyze investment into Nigeria's infrastructure sector.
• Triple A Consortium (ARC Private Equity and Afrinvest West Africa)coreStrategic or Co-development PartnerPartnership-based infrastructure asset manager consortium appointed for InfraCorp management, combining leading emerging market investors for infrastructure development in Nigeria.
• Capital Trust Investment and Asset Management LimitedminorChannel Partner/ Reseller/ DistributorCo-Fund Managers for AIPF I fund, providing additional distribution and investment management capabilities.
• Edo State GovernmentcoreStrategic or Co-development PartnerEquity partnership deal signed for reconstruction of 125km Benin-Asaba Expressway. Governor Godwin Obaseki presided over signing ceremony, recognizing the highway's strategic importance to Nigeria's economy linking southwest, south-south and southeast regions.
• Family Homes FundcoreStrategic or Co-development PartnerCo-promoter of student housing project with APPNL for tertiary institutions nationwide, targeting over 40,000 students.
• Akwa Ibom State UniversitycoreStrategic or Co-development PartnerFirst project site for National Student Housing Program - groundbreaking ceremony for 1600-capacity student housing project held May 15, 2024.
• Principle for Responsible Investment (PRI)minorStrategic or Co-development PartnerAPPNL is a signatory to PRI, demonstrating commitment to ESG principles and responsible investment practices.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Actis: Global emerging-markets private equity and infrastructure investor with dedicated Africa infrastructure funds. Overlaps with APPNL's mandate on African infrastructure deployment and ESG-aligned thesis, but at much larger fund vintages.
• Africa Finance Corporation (AFC): Pan-African multilateral development finance institution providing infrastructure and project finance across Africa. Acts as both an LP/partner to APPNL (InfraCorp co-promoter) and a competitor for sovereign-aligned infrastructure mandates, but at materially larger scale and concessional cost of capital.

Emerging players

• Helios Investment Partners: Pan-African private equity firm with infrastructure, financial services, and consumer exposure. Comparable on Africa-focused PE thesis and institutional LP base, though broader sector mandate than APPNL's infrastructure-only focus.

Regional players

• Cardinalstone Capital Markets: Nigeria-based SEC-licensed investment management and advisory firm with private equity and asset management capabilities. Competes with APPNL for Nigerian institutional capital, particularly pension funds, though broader across asset classes.

Direct peers

• Chapel Hill Denham: Nigeria-headquartered SEC-licensed investment management firm providing institutional asset management, private equity, and investment banking — competes for the same pool of Nigerian pension-fund and DFI capital seeking local-currency exposure.
• African Infrastructure Investment Managers (AIIM): A pan-African infrastructure-focused asset manager that raises and deploys third-party capital into infrastructure projects across the continent — directly comparable to APPNL's model of pooling institutional capital into Nigeria's infrastructure.
• ARM Harith Funds Management: Nigerian-licensed fund manager specializing in infrastructure equity investments across Africa (successor to the Africa Infrastructure Investment Fund Managers). Closest like-for-like peer to APPNL given shared focus on Africa infrastructure, institutional LP base, and SEC-licensed structure.
• Asset & Resource Management (ARM) Holdings: One of Nigeria's largest SEC-licensed investment managers with both traditional and alternative (PE/private infrastructure) offerings. Comparable in regulatory positioning and institutional client base, though broader in product scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/africa-plus-partners-limited

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Africa Plus Partners Nigeria