Global investment manager Ninety One is ramping up infrastructure financing activity in Southeast Asia, with Cambodia, Laos and Thailand among the markets where it is assessing new opportunities, a senior executive told NPM.

“We are certainly seeking to increase the financings that we are doing in the region, particularly in energy,” said Roland Janssens, managing director at Ninety One for the Emerging Africa & Asia Infrastructure Fund (EAAIF).

Ninety One launched the EAAIF in October 2024 under an expanded mandate to capture the growing sustainable infrastructure investment opportunities in South and Southeast Asia.

In the SEA region alone, the fund has so far backed five transactions, including commercial and industrial solar and wind projects in Vietnam and the Philippines.

Its most recent deal involves a USD 50m senior secured debt facility provided to Ukko Renewable, the Southeast Asian renewable energy platform of Groupe Duval.

Janssens said the firm sees opportunities in projects that may be smaller, early-stage or carry a risk profile that makes them less attractive to larger regional banks.

“It is, in a way, a competitive market. But there are still many areas where our funds could play a role.”

The fund also continues to review opportunities in Vietnam and the Philippines, building on transactions it has already financed there, while broadening its regional focus.

Wind projects in those markets are likely to be included in the fund’s near-term pipeline, Janssens said without disclosing a timeline as project development schedules can change.

He added that they are in talks with potential bidders in the Philippines’ first offshore wind auction.

Outside of renewables, EAAIF is also exploring potential opportunities in digital infrastructure, spanning telecommunications, tower companies and data centres, although it has yet to close such a transaction in Southeast Asia.

Established by the Private Infrastructure Development Group (PIDG), EAAIF raises and deploys public and private debt capital.

Its anchor shareholders include the government of the UK – which accounted for 82% of its paid-in capital in 2025 – as well as Dutch, Swedish and Swiss governments.

It also periodically raises debt capital from private investors including Allianz, Standard Bank and development financial institutions such as the AfDB, FMO and KfW.