CDC Group, Finnfund Invests $70m Into AfricInvest Fund IV To Support Startups And Businesses Across Africa
The CDC Group and Finnfund have made a $70-million commitment to AfricInvest Fund IV, a generalist Pan-African fund aiming to foster the growth of African enterprises across the continent. Fund IV will invest in mid-cap and growth-oriented companies in sectors including financial services, agribusiness, logistics, manufacturing, healthcare and education.
Here Is What You Need To Know
- CDC, the UK’s impact investor and development finance institution, committed $50-million and Finnfund, the Finnish development financier, committed $20-million.
- AfricInvest Fund IV is aimed at general African enterprise growth through investing in mid-cap and growth-focused financial services, agribusiness, logistics, manufacturing, health and educational businesses, and will receive USD 50 million from CDC and USD 20 million from Finnfund, bringing its total first close to USD 202 million. AfricInvest said the investments would produce 2,500 new jobs.
- With offices in cities such as Abidjan, Cairo, Casablanca, Lagos, Nairobi and Tunis, AfricInvest has one of the most comprehensive track records in African private equity, having made over 160 investments in 25 African countries through several funds.
- CDC and Finnfund’s investments strengthen their long-standing relationships with AfricInvest and anchor the fund’s first close at $202-million.
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