Africa50 appoints IR chief as it chases $3bn target

African infrastructure investment platform Africa50 has appointed Rupali Gupta as its head of investor relations.

The move is a newly created role, with chief operating officer Carole Wamuyu Wainaina previously responsible for the fund’s investor relations. Gupta has moved from Indian investment firm IDFC Alternatives, where she was a director in the firm’s investment management group from 2010.

Africa50 said Gupta will lead on fundraising and development of relations with public and private investment partners. The platform was set up by the African Development Bank and 20 African countries in July 2015, securing an initial $830 million of capital from its founders, while three additional countries have since joined alongside two African banks. It is targeting institutional investors for further funding and has a “medium-term target” of $3 billion.

“This is a great opportunity for me to deepen relations with investors seeking exposure to African infrastructure and raise funds for another important emerging market fund,” Gupta said. “Improving infrastructure is one of the key requirements for accelerating economic and social development in Africa, and I am excited about contributing to this.

“Africa50, with its African parentage and mix of public and private sector shareholders and partners, is ideally placed to achieve this in a sustainable manner.”

The fund has made one confirmed investment so far – joining a 100MW solar plant in Nigeria as an equity investor in December. It has made three key staff appointments this year, with Gupta and Wainaina arriving alongside Koffi Klousseh, the vehicle’s director of project development. Listings for a further seven staff postings are expected to be released imminently, a spokesman for the fund confirmed.