Advising the Private Infrastructure Development Group (PIDG)
12 Jun 2018
International law firm Simmons & Simmons has drawn on their extensive investment funds and corporate governance expertise in order to undertake a legal and governance review of the new governance framework of the infrastructure finance organisation the Private Infrastructure Development Group (PIDG).
The PIDG mobilises private sector investment to assist developing countries in providing infrastructure required to boost their economic growth and tackle poverty. At present, the organisation owns a number of specialist companies, including InfraCo Africa, InfraCo Asia, GuarantCo, the Emerging Africa Infrastructure Fund (EAIF), DevCo and TAF, which operate collaboratively across the capital structure and along all stages of the infrastructure development cycle.
The new structure has a single board and committee structure which unifies the PIDG organisation and oversees development and investment decisions across the group. In addition, various operations have been centralised to improve efficiency, maximise impact and provide a common point of entry for investors and developers. This change improves the capability of the PIDG companies to unlock investment opportunities for commercial finance.
PIDG was advised by MDY Legal LLP. Simmons & Simmons provided the PIDG members with a review of various aspects of the proposals for the new governance framework prepared by MDY Legal LLP for PIDG.
Our team included Cindy Valentine (partner, investment funds), Charles Mayo (partner, corporate) and George Metcalfe and Athena Tan (investment funds).
Commenting on the transaction, Cindy Valentine, an emerging markets funds specialist who acts regularly for GPs and investors said: ‘‘We recognise the important role that the PIDG plays in mobilising public and private sector collaboration and investment in critical infrastructure projects across emerging markets and where that investment is needed. We are pleased to have been able to apply our investment funds and corporate governance expertise in the further development of PIDG.”