In a resounding testament to the burgeoning economic landscape of Francophone Africa, Joliba Capital has announced the successful first close of its inaugural fund, Joliba Capital Fund I, amassing an impressive €55 million (USD 59 Million) in capital commitments. This landmark achievement has been underpinned by investments from prominent financial entities, including Proparco, a subsidiary of the Agence Française de Développement Group, the International Finance Corporation (IFC), a distinguished member of the World Bank Group, and FMO, the Dutch Entrepreneurial Development Bank.

Empowering Francophone Africa’s Business Ecosystem

Joliba Capital, an African private equity firm majority-owned by LBO France, a multi-specialist and multi-country investment platform, was co-founded by seasoned African investment professionals Hamada Touré (Managing Partner) and Yann Pambou (CEO & Managing Partner). The team, comprised of five members hailing from diverse African backgrounds, brings with them a wealth of private equity and value creation experience across the targeted region. This multicultural team has received unwavering support from LBO France, which has dedicated both human and financial resources to this strategic endeavor, along with a substantial investment in the Fund. Notably, Joliba Capital draws upon LBO France’s impressive 30-year track record in Small and Midcap company investments, its proficient operating team, and its expertise in Environmental, Social, and Governance (ESG) considerations.

A Catalyst for African Private Equity

The catalytic force behind this initiative, Proparco, has played an instrumental role from the inception of Joliba Capital, aiming to foster the growth of the African private equity industry. The Fund is poised to primarily target investment opportunities across Francophone countries in Western and Central Africa, with the overarching goal of cultivating a diversified portfolio of small and mid-cap regional champions. These enterprises, operating across a spectrum of consumer-driven sectors such as agribusiness, manufacturing, FMCG, education, healthcare, financial services, and logistics, have historically operated within less developed private equity markets than their Anglophone counterparts.

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Championing Value Creation and ESG

Joliba Capital will firmly place value creation at the heart of its strategy, aspiring to generate superior returns while systematically deploying ESG strategies to maximize impact. Gender diversity promotion and sustainable growth across portfolio companies are paramount in their mission.

A Joint Commitment to Africa’s Development

Robert Daussun, Chairman of LBO France, and Stéphanie Casciola, CEO of LBO France, expressed their commitment to enhancing Africa’s development through their hands-on investment approach, bolstered by a strong ESG ambition. They highlighted their recent majority stake acquisition in CGF Bourse, a Dakar-based brokerage firm and asset management company, as well as their support for Seedstars Africa Venture.

Founders’ Vision and Gratitude

Hamada Touré and Yann Pambou, the founders of Joliba Capital, voiced their pride in this milestone achievement. They expressed their enthusiasm for supporting African SMEs with innovative financial solutions and bridging the financing gap in Francophone West and Central Africa. They extended their gratitude to partner LBO France and investors Proparco, FMO, and IFC while looking forward to additional commitments from Development Finance Institutions (DFIs) and institutional investors as they progress towards their final close.

DFIs Unite for Greater Impact

Djalal Khimdjee, Deputy CEO at Proparco, and Damien Braud, Head of Private Equity Africa & Middle East, expressed their excitement in supporting Joliba Capital, with IFC and FMO joining the endeavor. They underscored the Fund’s mission to finance sustainable and inclusive businesses in Francophone Africa, aligned with their 2023–2027 Strategy, “Acting together for greater impact.” The emphasis on gender diversity and ESG best practices was acknowledged as a significant step toward promoting impact.

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IFC’s Global Director on Empowering SMEs

William Sonneborn, IFC’s Global Director for Disruptive Technologies, Creative Industries, and Funds, highlighted the crucial role of funds like Joliba in assisting SMEs, particularly family-owned ones. He emphasized the creation of new sources of equity financing for SMEs, especially in countries with emerging private equity ecosystems.

FMO’s Commitment to Prosperity

Christian Roelofse, Manager Private Equity at FMO, stressed the alignment of objectives between FMO and Joliba Capital. Their partnership aims to promote gender equality, decent work and economic growth, and reduced inequalities, in line with the mandates of the Dutch government funds MASSIF and Building Prospects, which contribute to this investment.

Joliba Capital’s remarkable first close signals a promising future for the economic landscape of Francophone Africa. Backed by influential investors and underpinned by a commitment to ESG principles, Joliba Capital is poised to champion sustainable growth and diversity in the region’s businesses, driving a surge of innovation and prosperity.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard