AIIM consortium acquires minority interest in Incorp Ltd

African Infrastructure Investment Managers (AIIM), Africa’s largest dedicated sustainable infrastructure equity manager, has reached financial close on the acquisition of a significant minority interest in Incorp Ltd, as part of a consortium with co-investors including Silk Road Fund (SRF).  

The investment is one of the largest private equity investments on the continent in 2024, supporting an integrated logistics business with key port and storage assets in Kenya and Uganda. 

Incorp Ltd’s key subsidiaries include Bulkstream Ltd, which has historically led dry bulk handling at Kenya’s Mombasa Port.  

Latham & Watkins acted on behalf of AIIM, with MMAN and ENS acting as local counsel for Kenya, Uganda and Mauritius laws, alongside Rothschild as financial advisors, MTBS as commercial and technical advisors, IBIS as ESG advisors and KPMG accountable over Finance and Tax. 

Patrick Kouame, Investment Director at AIIM commented on the acquisition: "This investment confirms AIIM’s leading position as an investor in the ports and logistics space in Africa and continues our strategy to target sustainable infrastructure investments across the continent, which is still one of the world's most underserved infrastructure investment markets. The investment presented a compelling opportunity for AIIM to enter the East African ports and logistics industry and key import/export markets for the first time, through our fourth dedicated sustainable Infrastructure Investment Fund, AIIF4. We are now invested in two integrated ports and logistics platforms covering both East Africa and SADC, alongside strategic partners.” 

ZHOU Yue Grace, Senior Executive Director at SRF commented on the acquisition: “As a medium to long-term investment fund for the Belt and Road Initiative, SRF recognizes the strategic importance of Bulkstream to Kenya and Uganda’s food security. We are very impressed by the Bulkstream management team’s vision and professional capabilities. This transaction also marks a milestone in SRF’s efforts to enhance strategic partnership with AIIM, underscoring our two institutions’ shared commitment to financing critical infrastructure that drives the continent’s connectivity. Through this collaboration, SRF will provide value-added support to fuel Bulkstream’s next-phase growth while advancing sustainable development in Africa.” 

Bulkstream operates East Africa’s largest dry bulk terminal at the Port of Mombasa, utilizing the Standard Gauge Railway (SGR) to transport bulk cargo to inland terminals in Embakasi (Nairobi) and further to Naivasha and Jinja (Uganda). The company also handles the discharge, storage, and delivery of edible liquid bulk, including vegetable and palm oil, which is transported via SGR to its liquid bulk terminal in Embakasi. 

AIIM’s AIIF4 Fund closed at USD 748m (50% above target) in July, with USD 206m in co-investment commitments for a total of USD 954m, representing Africa’s largest alternatives fundraising in three years, largest infrastructure fund closed since COVID, and one of the largest vehicles for African infrastructure raised to date.    

With USD 3.1bn AUM (almost doubling since 2020), 2024 has been a standout year for AIIM, committing USD 540m to new investments and consolidating its position as Africa’s largest and most active dedicated infrastructure manager.