Alitheia IDF (AIF), Africa’s leading women-led, women-focused private equity fund, has announced the full completion of its USD 100 million fund, with the European Investment Bank (EIB) serving as the final investor. With this latest round of funding, Alitheia IDF becomes Africa’s largest private equity fund in terms of valuation and gender inclusivity.
Alitheia IDF, led by Associate Directors Polo Leteka and ‘Tokunboh Ishmael, invests in growth-stage firms in six African countries: Nigeria, South Africa, Ghana, Zimbabwe, Lesotho, and Zambia.
This fund’s mandate is to eliminate the USD 42 billion investment gap between women and male entrepreneurs in order to stimulate African women’s economic power as producers, distributors, and consumers.
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Alitheia IDF started carrying out its objective in 2021 by investing in five women-led firms in crucial industries including as agriculture, education, manufacturing, housing, technology, and logistics. Jetstream Africa (Ghana), ReelFruit Ltd (Nigeria), SKLD (previously SchoolKits, Nigeria), AV Light Steel (South Africa), and Chika’s Food (Nigeria) are among the investee companies.
On a worldwide basis, women have huge purchasing power as consumers and are accountable for the family economy, according to Tokunboh Ishmael, Alitheia IDF’s principal partner in Nigeria. Similarly, she said women entrepreneurs are particularly prevalent in Africa’s SME sector, accounting for 58 percent of the continent’s self-employed entrepreneurs.
“They are, however, underserved as consumers and producers, despite their economic strength and presence. The consequences for economic growth are significant, with more than half of Africa’s population’s potential untapped due to structural and systemic issues. With a clear mission to promote women-led enterprises throughout the continent while promoting awareness of gender-responsive investing as a road to inclusive economic growth, we are actively trying to close this gap,” she clarified.
Polo Leteka, Alitheia IDF’s major partner in South Africa, hopes that Alitheia IDF would serve as an example to other investors on the continent, encouraging them to invest in women, stressing that they play a vital role to help Africa realize its economic potential.
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“Africa’s growth has been hampered by a historic failure to recognize and capitalize on African women’s economic potential. Alitheia IDF’s aim is to close this gap by empowering women as consumers and producers through a gender-integrated approach and financial capital,” Polo Leteka said.
Women-owned businesses, according to Thomas stros, vice-president of the European Investment Bank (EIB), still struggle to raise funds despite having a track record.
“I am delighted to sponsor a genuinely flagship 2X ‘By Women For Women’ fund that invests in enterprises that create jobs while increasing diversity in Sub-Saharan Africa’s economy. The EIB’s funding for Alitheia IDF is part of our SheInvest program, which aims to raise EUR 2 billion in investments to promote gender equality and women’s economic development across Africa. African. Gender equality, in my opinion, strengthens societies,” she stated.
The African Development Bank, the Bank of Industry of Nigeria, FinDev Canada, the Dutch Good Growth Fund, and the European Investment Bank are among the investors in Alitheia IDF. The fund announced in 2019 that it has raised $ 75 million for its first closure. Akinwumi Adesina, President of the African Development Bank, said during the event that Alitheia IDF has met its promise to raise funding for women-led businesses: “Promise made, promise delivered!”
A Look At Alitheia IDF And How It Invests
Alitheia IDF (AIF) is a groundbreaking $100 million fund that identifies, invests in, and grows SMEs run by diverse gender teams in six African countries: South Africa, Nigeria, Ghana, Lesotho, Zimbabwe, and Zambia.
AIF, managed by Alitheia Capital (Lagos, Nigeria) and IDF Capital (Johannesburg, South Africa), is Africa’s foremost women-led private equity fund.
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The AIF is dedicated to furthering gender equality by utilizing diversity and inclusion as a means of improving performance and achieving superior results. The fund makes investments in businesses that employ a large number of women, whether as entrepreneurs, producers, distributors, or consumers. Agribusiness, consumer products, health, education, creative industries, and financial and business services are among the areas addressed.
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