Our investment
Description of the investment.
Description of the investment.
We invested in the Allianz Credit Emerging Markets Fund to support the mobilisation of up to $850m of commercial capital into Paris-aligned investments in ODA-eligible emerging markets. The facility partially qualifies as climate finance (30% minimum) and will be deployed across a range of sectors including renewables, clean transportation, agriculture, and financial services.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
| Impact |
|---|
Avoid GHG emissions through increased access to clean energy and adoption of sustainable transport solutions (SDGs 7.1, 7.2, 7.3, 9.4, 13.a) Create economic opportunities through business and employment growth (SDG 8.5) |
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How?
| Primary | Secondary |
|---|---|
|
Direct: Finance the scale-up of climate finance investments across a range of sectors (c. 40-50% energy and infra, incl. renewables, and sustainable transport). Direct: Finance the scale-up of Paris-aligned businesses to support direct job creation (c. 20-30% manufacturing, agriculture & services, c. 30% financial institutions) |
Catalysing markets: If successful, the ACE Fund has the potential to mobilise further private investment into the emerging markets net-zero transition by demonstrating the commercial viability of such on-lending to large insurance providers and other institutional asset managers. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Planet |
Pan-Africa (38%), Caribbean (13%), Asia Pacific (10%). Anticipated exposure of 39% in non-BII geographies within this split (50% agreed cap). |
Africa, followed by Latin America, are some of the least prepared and the most exposed regions to the adverse effects of climate change. |
| Employees |
Pan-Africa (38%), Caribbean (13%), Asia Pacific (10%). Anticipated exposure of 39% in non-BII geographies within this split (50% agreed cap). |
Expected to be primarily medium- to high-skilled employees for most segments. |
How much?
| Scale | Depth/Duration |
|---|---|
|
Unknown. Variable depending on company size, business model labour intensity, and stakeholder characteristics. Expected to be distributed Depth/duration across 30-50 transactions. |
Against a significant climate funding gap in emerging markets, depth and duration of impact expected to be significant where investment leads to shifts in or scaling of low-carbon pathway solutions across sectors. |
Contribution/additionality
| Contribution/additionality |
|---|
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Financial additionality: Commercial capital is not available in sufficient quantity and on appropriate terms for investments into Paris-aligned assets in emerging markets. |
Risk
Alignment RiskRisk linked to partner originators’ approaches to particularly ESG and fossil fuel policies being less stringent than BII’s and so leading to some residual risk around Policy of Responsible Investing implementation at origination partner level. Risk will need to be tolerated. Risk of brownfield investments is low (75-80% expected to be greenfield). Execution RiskRisk linked to ACE’s ability to source sufficient, high-quality pipeline in Africa given their lack of on-ground presence on the continent. Risk is closely linked to commercial risk, however BII has mitigated some of this risk through negotiating caps and assistance on origination as well as BII-internal origination capacity building. |
Impact score
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Impact score (at point of investment)
The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. The Impact Score shown is based on the 2022-2026 Impact Score methodology. You can find out more here. The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party. |
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Environmental and social information
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Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
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Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
The investment is classified as Medium-High E&S risk. We agreed on an E&S Action Plan with Allianz to develop an ESMS to integrate E&S considerations into fund's investment decision making processes and ensure adequate E&S capacity to oversee its implementation.
Environmental and social risk
Medium-High
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at [email protected]
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Key facts
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2026
- Project number
:
An identifier number shared by investments in the same project.
- D6698
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- Africa, Asia, Europe, Latin America and the Caribbean
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- Africa, Australia & Oceania, Caribbean, Central Asia, Europe, South Asia, Southeast Asia
- Investment policy :
- Growth
- Investment type :
- Fund
- Start date :
- December 2025
- Amount :
- $40m
- Currency of investment :
- USD
- Fund manager:
- Allianz Global Investors
- Domicile
:
The company or investment fund’s place of incorporation.
- Luxembourg
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
Type of investment portfolio that each investment is made under. Since 2014, we have run two investment portfolios: Catalyst and Growth. In addition, our Kinetic Portfolio enables us to manage concessional investment strategies.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- Last updated
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Gender and climate finance facts
- Climate finance
:
Indicates whether the investment is climate finance qualified or partially climate finance qualified and the type of climate finance (adaptation, mitigation or both). We define climate finance using the multilateral development bank (MDB) and the International Development Finance Club (IDFC) Common Principles climate finance methodology. See Common Principles for Climate Mitigation Finance Tracking and Common Principles for Climate Change Adaptation Finance Tracking. We provide the climate finance qualification and type for commitments from 2020 onwards, which is when we launched our Climate Change Strategy.
- Partially qualified : 35%
- Climate finance type
:
Mitigation: Indicates investments which, by avoiding or reducing GHG emissions or increasing GHG sequestration, contributes substantially to the stabilisation of GHG concentrations in the atmosphere – at a level which prevents dangerous anthropogenic interference with the climate system consistent with the long-term temperature goal of the Paris Agreement
Adaptation: Indicates investments aimed at preventing or reducing the risks or vulnerabilities posed by climate change and increasing climate resilience. This includes both adapted activities and enabling activities to manage and reduce physical climate risks
Dual: Indicates investments directed towards activities contributing to both climate change mitigation and climate change adaptation and meeting the respective criteria for each category
The climate finance type of the investment is determined at time of commitment.
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- Mitigation: 35%
- Climate finance
