02
Message from the CEO
02
Message from the CEO
As an impact fund manager in emerging markets, Camco puts risk at the centre of our decision-making process. We understand that managing and mitigating risk is crucial for financial success.
With mounting global economic pressures and geopolitical challenges, it may feel as though risks are increasing. While this might be true, I think we would do well to remind ourselves of Warren Buffet’s wise words, "risk comes from not knowing what you're doing", which to me emphasises the critical role of informed and responsive decision-making and investment management.
Opportunity comes with well-managed risk. Today, African and Pacific energy access offers compelling investments. Many investors are yet to enter the market, however, due to the challenges and risk – both real and perceived – in this innovative sector.
This underscores the importance of choosing the right investment partner. With over 30 years’ on-the-ground experience in the sector, Camco is equipped to navigate the market and understand and manage risk.
I am honoured that Camco and our funds have earned the trust of investors, resulting in excellent progress against our fundraising targets.
In August, we welcomed Symbiotics, Triple Jump and the European Investment Bank as investors in Spark Energy Services (Spark), our innovative financing platform for commercial and industrial energy efficiency and renewables in Africa. These investments complemented existing investments from Fortis Green Renewables, FSD Africa and Jaltech Fund Management. The Spark team is now rapidly deploying the platform’s approximately USD30m in capital while increasing investment to a USD100m+ target.
“I am honoured that Camco and our funds have earned the trust of investors, resulting in excellent progress against our fundraising targets.”
“I am honoured that Camco and our funds have earned the trust of investors, resulting in excellent progress against our fundraising targets.”
In December, we reached a USD107m first close on our REPP 2 blended finance fund, with investments from the Green Climate Fund, Norfund, FMO, BIO, Ceniarth and Camco-managed REPP, which is funded by UK International Development. With a further USD78m committed subject to conditions, the close represents a huge success story for Camco and we’re excited to start investing while continuing to raise towards our USD250m target.
The close also followed the March 2024 launch of REPP 2’s technical assistance facility, which was supported with approximately USD5m from Norad and a subsequent USD1m from KOICA in December.
While the REPP 2 close was being finalised, our Pacific team was busy securing a combined funding pledge of GBP23.9m from the UK and New Zealand governments for our TIDES blended finance fund. The team is now working hard to mobilise other capital to bring the fund to a close.
Our fantastic and dedicated team have made miracles during the year, and we are all excited to achieve even more during 2025. Delivering this growth and managing multiple investment funds requires excellent governance and leadership, which is why I am especially pleased that Jenny Knott has joined Camco as our Board Chair. As a highly experienced board-level investment banker with over 35 years' experience in banking and corporate finance, Jenny is the ideal addition to the Board, and we look forward to benefiting from her enthusiasm, experience and skills.
I invite you to explore these and other exciting developments at Camco in this report.
