Ninety One closes third Africa credit fund at $404M

What's the deal? Ninety One has reached the final close of its Africa Credit Opportunities Fund 3 with $404m (£298.6m) in commitments. The money came from development finance institutions, pension funds, and family offices across Africa, Europe, the UK, the US, and Canada.

What's the endgame? The third vintage in the firm's emerging market senior credit series invests mainly in senior secured private credit, targeting conservative leverage and strong structural protections. It provides flexible financing to businesses and infrastructure projects across Africa and other emerging markets.

The fund already holds more than 30 investments across Africa, Latin America, Asia, and Central and Eastern Europe, spanning communications, consumer, financials, healthcare, industrials, and materials. It is led by managing directors Steven Loubser and Kobina Sam.

Why now? In 2026, Ninety One positioned emerging-markets private debt as an alternative to US private credit, following negative headlines around defaults and greater use of payment-in-kind structures. The firm argued that emerging-markets private debt offered stronger protections and higher yields.

What's the strategy? Nathaniel Micklem, co-head of emerging-market alternative credit at Ninety One, said the close reflected investors' continued confidence in Africa and emerging-markets private credit. He said the firm sees a significant financing gap for high-quality businesses and infrastructure projects across emerging markets.

Across three funds, the strategy has raised $815m since inception and deployed more than $1.4bn to over 100 counterparties in 30-plus countries.

The signal: Institutional appetite is building for private credit in emerging markets, where a persistent financing gap and higher yields are drawing capital away from a crowded US market.

Read more: Alternative Credit Investor

Image credit: DFID - UK Department for International Development