The “Meridiam Method” tested by time

In a financial world often ruled by short-term logic, rapid speculation, and high-frequency trading, Meridiam represents a distinct counter current. Founded in 2005 by Thierry Déau, the French asset manager specialises in long-term investment in public infrastructure, including roads, energy, transportation, water treatment, with an unwavering focus on sustainability and impact. At the heart of Meridiam’s strategy lies a conviction: infrastructure investment must be ethical, climate-conscious, and durable. This model has proven effective, even when deployed in the complex environments of Africa.

Long term investment: the Meridiam DNA

Meridiam’s approach is built on the premise that sustainable infrastructure cannot be developed on short investment cycles. While markets often reward immediate returns, public infrastructure requires decades of engagement. Meridiam’s average project duration is over 20 years, allowing it to commit deeply to planning, building, operating, and maintaining infrastructure aligned with the UN Sustainable Development Goals (SDGs). Their strategic approach is based on five pillars: delivering resilient infrastructure and developing resilient cities, accelerating the energy transition, avoiding and reducing emissions, promoting good work conditions, inclusion, diversity & gender equality, and protecting and enhancing biodiversity.

“We are long-term players who place the same high standards on financial return as on social and environmental benefits, everywhere and for every project. What sets us apart is our patience: it takes time to design and finance a project, sometimes seven or eight years before it comes on stream,” explains Thierry Déau in an interview with African business. “Not everyone has the necessary patience; secondly, we have the skills and the ability to interact with the public sector, so that we can put ourselves in their shoes and work with them to define the best service or project for users.”

The firm has invested over a period of more than 15 years €87 billion and currently manages 130 essential public infrastructure projects globally three core sectors: sustainable mobility, innovative low carbon solutions, and critical public services. Each investment is designed not only to deliver financial performance but to provide measurable environmental and social benefits over time.

“First and foremost, we focus on the areas with the greatest needs; the issue of essential service is the first criterion for us,” explains Déau. “We don’t want to build infrastructure to please people, but to have an impact. In the field of “sustainable mobility”, the Bus Rapid Transit (BRT) in Dakar, for example, is having a major impact on people’s daily lives.”

Africa: a high-stakes testing ground

One of Meridiam’s boldest bets has been its expansion into Africa. Infrastructure gaps across the continent—particularly in transport, sanitation, and energy—present a major obstacle to development. Yet few investors are willing to commit patient capital to African markets, citing regulatory, political, and currency risks.

In 2015, Meridiam launched the Meridiam Infrastructure Africa Fund (MIAF), a €300 million fund targeting greenfield (new-build) infrastructure. The European Investment Bank (EIB), Proparco, and the International Finance Corporation (IFC) are among the institutional backers. “We have financed a foundation alongside the French government and the European Investment Bank to develop skills. On the public sector side, we have another program, the Africa infrastructure fellowship program, dedicated to training African civil servants. It is designed in conjunction with governments, private sector players, multilateral development banks and national and international development institutions to accelerate the implementation of infrastructure projects in Africa through training and capacity-building,” underlines Thierry Déau.

Projects backed by Meridiam in Africa include Dakar’s Bus Rapid Transit system (Senegal), which is designed to serve 300,000 passengers daily—part of the city’s broader green mobility plan co-financed by the World Bank; the Tulu Moye Geothermal Plant (Ethiopia)—pioneering 150 MW renewable energy project in a country where nearly 60 million people, mostly in rural areas, lack access to reliable power; or the Senergy solar power energy project in Senegal, which consists of the design, construction, financing, operation and maintenance of a 29.5 MWp solar power plant. These projects are not only technically complex, but they also require strong local partnerships and long-term trust.

Building local trust and investing for the future

Indeed, core element of the “Meridiam Method” is investment in human capital. Infrastructure, particularly in Africa, often fails due to a lack of local expertise in project management, legal structuring, and operations.

To address this, Meridiam co-founded the Africa Infrastructure Fellowship Program (AIFP), a training initiative for African public servants. Developed with the African Union, development agencies and multilateral banks, including the International Finance Corporation, MIGA (World Bank Group), the French Development Agency, Société Générale, the African Legal Support Facility, and Colas, the AIFP trains participants in procurement, project finance, and governance, preparing them to manage infrastructure sustainably. By improving public sector capacity, Meridiam increases the resilience and longevity of its investments while contributing to broader development goals. “Africa’s unmet infrastructure need is estimated at nearly $3 trillion by 2040 and this program plays an important role in developing greater capacity to deliver infrastructure investment and reform in Africa,” said in 2020 the then GI Hub’s CEO, Marie Lam-Frendo, who is now Chief strategy officer at Meridiam.

Africa presents undeniable challenges: political risk, currency devaluation, and regulatory fragmentation among them. But Meridiam addresses these risks by working closely with local governments, using project finance structures with clear contractual frameworks, and ensuring that each project has robust technical and financial foundations.

In 2024, Meridiam launched the Meridiam Infrastructure Africa Parallel Fund II (MIAPF II), targeting new capital, further expanding its footprint on the continent, with 40 per cent of the Fund’s commitments intended for climate finance. This second fund reaffirms the company’s belief that Africa is not just an emerging market, but a central frontier in the global transition to sustainable infrastructure.

A model for the future?

Meridiam’s method is increasingly seen as a model for ethical investment. As global investors face growing pressure to decarbonise portfolios and demonstrate social impact, Meridiam’s rigorous, transparent approach offers a credible blueprint.

Its ability to combine financial discipline with measurable social and environmental returns challenges the false dichotomy between profit and purpose. In regions like Africa, where infrastructure is the backbone of economic development, the firm shows that private capital can support public outcomes—without compromising on accountability or return.