The Emerging Africa Infrastructure Fund (EAIF), GuarantCo and Frontier Africa Investment Resource (FAIR), all vehicles being subsidiaries of the Private Infrastructure Development Group (PIDG), have issued an invitation to tender for their management contracts.

EAIF and GuarantCo are established businesses re-tendering their management contracts, whereas FAIR is a new PIDG member company tendering for the first time.

The tender process, which is being conducted in accordance with EU procurement rules, will lead to the appointment of a fund manager or managers to each fund.

The new management contracts are expected to commence no later than April 2016.

David White, Emerging Africa Infrastructure Fund’s non-executive chairman, said EAIF, GuarantCo and FAIR are keen to see expressions of interest from “fund managers with experience, resources and drive”.

“This is a prestigious and demanding mandate. We hope to see capable fund managers in emerging and established markets express interest in the tender. We seek competition between the very best that emerging markets and Europe can offer,” he said.

The appointed managers will have responsibility for implementing the respective business strategies of each of the companies.

Tasks will include negotiating transactions with borrowers and other lenders; project evaluation; approvals processes; due diligence and KYC; documentation and closure; portfolio monitoring and the ability to represent and market the businesses in Africa and Europe.

EAIF and FAIR are focused entirely on Africa, while GuarantCo also operates in Asia, Latin America, Central America and the Caribbean.

All infrastructure projects applying for support from these direct investment funds must be able to demonstrate commercial viability, the capacity to attract financing from other sources and substantial potential economic development impact.

In addition, projects supported by PIDG companies must show commitment to policies that help reduce poverty and improve social, environmental, and health and safety standards.

PIDG is a multi-government initiative charged with mobilizing private and public resources to build, expand and renew infrastructure in developing countries.