Tunis, October 15th 2014 – The AfricInvest Group is pleased to announce the first closing of the multi-sector private equity fund AfricInvest Fund III LLC (‘AF III’), with a size exceeding Euro 154 million in capital commitments alongside prestigious development finance institutions (DFIs) and institutional investors such as the Netherlands Development Finance Company, CDC Group PLC (UK), the International Finance Corporation of the World Bank Group, DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH (the German development finance institution), Finnfund (the Finnish development finance company), PROPARCO (an affiliate of the French Development Agency), Swedfund (the Swedish DFI), SIFEM (the Swiss DFI) as well as other trusted private investors.
AF III is a 10-year fund managed by AfricInvest, with a target size of Euro 200 million. It will invest in small and medium enterprises (SMEs) in Sub-Saharan Africa, that are well-established in their local markets and that have the potential to scale up their activities at the regional level. By investing in companies showing strong growth potential and creating significant value, AF III will contribute to improving the governance of these SMEs, creating new jobs, increasing foreign-exchange receipts, generating tax revenues for the governments of the region and more broadly to fostering regional economic integration.
AF III will invest in a broad range of sectors with a strong focus on companies manufacturing for export and those aiming to expand at the regional or continental level. In addition, AF III will focus on promoting environmental, social and governance best practices in its portfolio companies. Targeted investments will include sectors such as IT and telecoms, FMCG, services, health, education, transport and agribusiness.