Ninety One, the manager that built PIDG’s Emerging Africa and Asia Infrastructure Fund, is preparing a new global emerging‑markets infrastructure debt vehicle. The strategy aims to raise up to $1 bn and would sit alongside its Emerging Markets Transition Debt fund, which the firm hopes to expand to $5 bn. Launching the product positions the firm to capture rising investor appetite for frontier‑stage projects.

Emerging‑market infrastructure pipelines are tightening as governments in Asia, Africa and Latin America accelerate renewable‑energy and digital‑network builds. Debt investors have turned to private‑market solutions, rewarding higher yields than sovereign bonds. By offering a dedicated EM debt fund, Ninety One can tap institutional allocations that have been diverted from traditional developed‑market assets, potentially enhancing portfolio diversification for pension funds and sovereign wealth entities.

The $1 bn target sits modestly against a $30 bn global pipeline of emerging‑market infrastructure projects, suggesting ample room for follow‑on raises. Competitors such as Blackstone and Macquarie have already launched similar funds, so Ninety One’s success will hinge on its track record with PIDG and its ability to source high‑quality, cash‑flow‑stable assets. The initiative adds another sizeable offering to its growing debt platform.