AfricInvest and Bpifrance are pleased to announce the launch of the French African Fund (FFA), the first cross-border investment fund dedicated to the development of small and medium-sized enterprises (SMEs) in both Africa and France.
The fund will be managed by AfricInvest, a leading pan-African mid-cap-focused private equity firm with almost EUR1bn of funds under management and offices in six African countries as well as in France.
A pool of diverse investors have subscribed to the fund, all with the vision of accelerating the growth of African and French SMEs through development projects across the two continents. These investors include Bpifrance, two French private-sector groups—Société Générale and Orange, and Proparco (the AFD group). In addition, more than 25% of the fund’s subscription comes from African investors, including the Caisse Nationale de Prévoyance Sociale de Côte d’Ivoire (CNPS); the Moroccan insurance company Saham; the Moroccan industrial and financial group Financecom; the Central Bank of Kenya Pension Fund; private investors from Kenya and Nigeria, as well as AfricInvest itself.
The fund’s strategy is to invest in mid-cap companies with significant growth potential, using an entrepreneurial medium- to long-term approach to value creation. In addition to providing financial support, AfricInvest will accompany the French firms in their strategic development in Africa, and conversely, will assist African companies with their expansion into France and the European continent.
AfricInvest aims to support investee companies—through its experience, financing capabilities, extensive network and the expertise of its teams in France and Africa—in an effort to help them accelerate their growth and access new markets. It will also look to facilitate partnerships with the relevant commercial, financial, industrial and technological partners in each market.
The FFA will invest half of its capital in French SMEs looking towards Africa for growth opportunities. The investments will take the form of equity participation, generally through minority stakes. The other half of the fund’s capital will be invested in African SMEs with strong potential to grow into regional champions.
In addition to financial returns, the fund will focus on the impact of its investments on companies’ governance, transparency, employment creation and respect for social and environments values.
For Benjamin Paternot, Bpifrance’s Fund of Funds Executive Director, “The cornerstone of the strategy for the French African Fund—the first cross border fund between Africa and France—rests in AfricInvest’s ability to help French companies grow in Africa, and at the same time attract African companies to the French market. The quality of AfricInvest’s experience—through its diverse team based in France and across Africa—as the well as the development potential of the African continent, have together attracted the highest quality partners in the private sector both in France and in Africa.”
For Aziz Mebarek, one of AfricInvest’s founding partners, “AfricInvest looks forward to supporting the ambitions of the FFA through its diverse and multidisciplinary team, while bringing French and African entrepreneurs strong support to push their respective projects beyond the boundaries of their countries and continents.”
For more information, please contact:
Anne-Sophie de Faucigny,
+33 1 41 79 99 10
Immeuble Integra, Centre Urbain Nord 1082 Tunis, Tunisia
+216 71 189 800
Bpifrance’s capital investments are made by Bpifrance Investissement.
Bpifrance, a subsidiary of the Caisse des Dépôts et de l’Etat and a preferred partner for entrepreneurs, assists companies from their start-up phase until listing on the stock exchange through offerings of credit, guarantees and its own capital. Bpifrance, in partnership with Business France, provides a variety of services focused on supporting innovation and strong export growth.
Bpifrance offers companies a range of financing options for each step in their development, and also provides financial products adapted to regional needs. With 47 regional offices, and 90% of its decisions taken in the regions, Bpifrance is a useful tool in helping entrepreneurs improve their competitiveness.
Bpifrance supports state-and region- led public policy objectives by:
- Helping companies to grow
- Preparing them for tomorrow’s competitive landscape
- Contributing to the development of an ecosystem that supports entrepreneurship
In working with Bpifrance, companies will find they have a strong, efficient and close partner that can respond to their many financial, innovation and investment needs.
www.bpifrance.fr - @bpifrance
AfricInvest was founded in 1994 and is today among the leading private equity firms in North and Sub- Saharan Africa with around 1 billion USD of assets under management across 14 PE funds and sponsored by prestigious DFIs, private and institutional investors. AfricInvest relies on a team of 50 highly skilled investment professionals with over 130 years of cumulative PE experience, operating out of seven offices in Tunis, Nairobi, Casablanca, Algiers, Lagos, Abidjan and Paris.
AfricInvest is the co-founder of the African Venture Capital Association (www.avca-africa.org), the East African Venture Capital and Private Equity Association (www.eavca.org) and the Emerging Markets Private Equity Association (www.empea.org) and member of the Euromed Capital Forum (www.euromed-capital.com).« Back to Member News