Akin Gump Advises British International Investment, Norfund and Finnfund on $200 Million Investment in The African Forestry Impact Platform
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(London) – Akin Gump has advised the European development finance institutions British International Investment (BII), Norfund and Finnfund on the subscription agreements for their investment in The African Forestry Impact Platform (AFIP) for $200 million.
The AFIP is registered in Singapore as a variable capital company (VCC) and is structured as a permanent capital vehicle managed by New Forests Asia (Singapore) Pte, Ltd. Focused on investing in land use and forestry as central to the transition to a sustainable future, this latest transaction sees New Forests use the AFIP to invest in a portfolio of plantation forestry operating companies and related assets in sub-Saharan Africa, targeting assets that can provide stable cash flows. The first close on the open-ended fund is part of AFIP’s plan to target $500 million in the first two to three years to support Africa’s growing forestry sector.
Akin Gump lead partner John Daghlian said, “It has been a pleasure supporting these valued clients come together on the investment into AFIP. It was also great for the team to be involved in negotiating the bespoke VCC structure used for this fund.”
Client Norfund stated, “Akin Gump has been a key partner in establishing what is a novel vehicle. Akin Gump has contributed stamina, creativity and business and legal expertise.”
The Akin Gump team was led by partner John Daghlian and counsel Simon Ellis. They were supported by associate Michelle Liptakova.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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