Angola’s Wealth Fund, Gemcorp Launch $500 Million Africa Infrastructure Vehicle
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Angola’s sovereign wealth fund, Fundo Soberano de Angola (FSDEA), has partnered with London-based Gemcorp Capital to create the $500 million Pan-African Infrastructure Fund to boost private investment in African infrastructure. The fund will target projects in critical minerals, food and water security, transport, and energy transition, and will be domiciled in Abu Dhabi to tap growing Gulf allocations to Africa.
FSDEA will invest an initial $50 million, with the option to raise this to $200 million, while Gemcorp will commit up to $50 million, with the remaining capital to be raised from global investors who, the partners said, are seeking diversification away from crowded U.S. and European markets. Gemcorp, which has financed about $9 billion in emerging‑market projects over the past decade, will manage the fund via its Africa platform and expects individual tickets in the $20–$75 million range, calibrated to institutional co‑investment appetite.
FSDEA, which manages roughly $4 billion in assets after being created in 2011 with $5 billion, has shifted strategy following governance reforms introduced after the 2020 fraud conviction of former chair José Filomeno dos Santos. Chair Armando Manuel said the vehicle supports diversification away from a portfolio currently concentrated in listed securities and derivatives in U.S., European, and Asian markets, toward long‑term African infrastructure exposure.
