Julien Bensaid_Arnaud Cagi-Nicolau

White & Case Guides Africa50 on Africa50-IAF Fund Launch 

International law firm White & Case has provided legal counsel to Africa50, the pan-African infrastructure investment platform, regarding the establishment and initial closing of Africa50 Infrastructure Acceleration Fund I LP (Africa50-IAF), a 12-year closed-end infrastructure private equity fund based in Mauritius. 

White & Case partner Arnaud CagiNicolau, who co-led the Firm’s deal team, said: “The successful first close of Africa50-IAF and the participation of leading international investors reflects the global recognition of African infrastructure as a rising asset class. Our role advising on the establishment and close of Africa50’s first fund demonstrates the global capabilities of the funds formation team at White & Case and our deep regional expertise.” 

At its initial close, Africa50-IAF has garnered a total of US$222.5 million from institutional investors, including the African Development Bank (AfDB) and the International Finance Corporation (IFC). The raised capital will be allocated to a portfolio of transformative infrastructure projects across various sectors, including power and energy, transportation and logistics, water and sanitation, as well as digital and social infrastructure. 

“This transaction is another illustration of our multi-jurisdiction capabilities and of the synergies across our private equity and funds formation practices,” said White & Case partner Julien Bensaid, who co-led the Firm’s deal team. “It demonstrates our capacity to negotiate a complex set of transactional documents raising corporate, tax and regulatory issues with multiple institutional investors to be onboarded.” 

Africa50 serves as an infrastructure investment platform with 34 shareholders, including 31 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib. 

The White & Case team which advised on the transaction was led by partners Julien Bensaid (Dubai & Paris, pictured left) and Arnaud Cagi-Nicolau (Luxembourg, pictured right) and included partners Joshua Siaw, Mukund Dhar (London) and Marcus Booth (Dubai & London) and associates Olivier Poinsignon, Konstantinos Strakas (both Luxembourg), Arnold Krutilins (Dubai) and Thomas Jacques (Dubai & Luxembourg).