Pan-African Fund, AfricInvest IV has secured $30 million dollars at the first closing of the new multi-sector investment fund from Proparco, a subsidiary of Agence Française de Développement (AFD) which supports the development of strong local and regional businesses, oriented to consumers, throughout Africa.
“The private sector is the main engine of economic growth and poverty reduction in Africa, and small and medium-sized enterprises constitute the majority of the African economic fabric. Their access to capital is crucial, and its scarcity remains the main obstacle to growth. In the continuation of the previous funds, the AfricInvest IV fund aims to provide growth capital to medium and large capitalization companies in Africa, by focusing on consumer-oriented sectors, in particular financial services, manufacturing industry , retail and consumer goods, food, health care, education, telecommunications, logistics and distribution,” Proparco stated in a press release.
Here Is What You Need To Know
- The fund seeks to develop local businesses that are well positioned to make them regional champions. It will be the first fully Pan-African fund of the group.
- AfricInvest is one of the pioneers of private equity in Africa, investing successfully on the continent through its funds from North Africa and sub-Saharan Africa for more than 25 years.
- A long-standing partner of the group, Proparco has invested in 15 of the manager’s 19 funds since 1997, and is now investing $ 30 million in the first closing of the AfricInvest IV fund, alongside other development finance institutions, pension funds reputable Africans, and a reinsurance company.
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About Proparco
A subsidiary of AFD dedicated to the private sector, Proparco has been working for 40 years to promote sustainable development in economic, social and environmental matters. Proparco participates in the financing and support of companies and financial institutions in Africa, Asia, Latin America and the Middle East. Its action focuses on the key development sectors: infrastructure with a focus on renewable energies, agro-industry, financial institutions, health, education … Its interventions aim to strengthen the contribution of private actors the achievement of the Sustainable Development Goals (SDGs), adopted by the international community in 2015. To this end, Proparco finances companies whose activity contributes to the creation of jobs and decent income, the supply of goods and essential services, as well as the fight against climate change. More information: www.proparco.fr and @Proparco
About AfricInvest
Founded in 1994 in Tunisia, the AfricInvest Group (www.africinvest.com) is a pioneer and leader in Private Equity in Africa, targeting growing SMEs, operating in structuring sectors. Supported by private and institutional investors, as well as first-rate international development agencies, AfricInvest is a long-term generalist investor intervening in the mid-market segment and which accompanies the development of SMEs in the implementation of their projects. development, especially in Africa. With nearly 1.5 billion euros in assets under management, AfricInvest has made more than 160 investments to date in nearly 30 countries in Africa — and in France — and relies on a team of 80 employees of 19 different nationalities presenting a spectrum of complementary skills, and operating from 9 offices established in Abidjan, Algiers, Casablanca, Lagos, Cairo, Nairobi, Paris, Port-Louis and Tunis.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.