Infrastructure investor Actis is acquiring a US$1.6 billion portfolio of operational toll roads in Colombia from Madrid-based Sacyr.

The investment is being made via Long Life Infrastructure Fund 2 ( ALLIF2 ) and marks the launch of Actis’ first Latin American toll roads platform. Milbank advised Actis.

The portfolio comprises three toll roads in Northern and Western Colombia, totalling 416 kilometres.

Actis will acquire 100% of the Pamplona-Cucuta toll road, a 123-kilometre road completed in November 2024; a controlling stake in the 112-kilometre Rumichaca-Pasto highway completed in 2023, which connects Colombia with Ecuador; and a co-controlling stake in Autopista al Mar 1, a 181-kilometre toll road connecting Colombia’s second largest economic hub with the Caribbean coast that was completed in 2023.

Actis will acquire 100% of Sacyr’s stake for all three assets, all of which have long-term concessions running until the mid-2040s.

The transaction, subject to certain customary conditions, is expected to be completed in the second half of 2025.

“The deployment of Actis’s second Long Life Infrastructure Fund is gathering pace, with this announcement hot on the heels of closing new investments into the Brazilian power transmission platform, named Skyline, and the Indian renewables sector through Stride Climate Investments," says Adrian Mucalov, partner and head of long-life infrastructure at Actis.

"This Colombian toll road portfolio will further diversify the fund and invest into assets we see as having strong upside potential as well as the ability to deliver consistent, resilient annual returns for our investors.”

Actis already has a road investment programme in India, where its ALLIF1 and ALLIF2 funds have completed three transactions, and has signed an additional agreement since 2022, covering 10 operational roads with a combined enterprise value of nearly US$1.2 billion.