IFC to Invest Sh10.4bn in Pan-African Fund Manager
The International Finance Corporation (IFC) is planning to invest €70 million (Sh10.4 billion) in the Pan-African fund manager, Amethis Fund III for the purpose of subsequent capital deployment in mid-sized companies across Africa, including companies located in Kenya.
IFC has stated that it will make an equity investment in the fund in the amount of Sh5.94 billion (€40 million), as well as a co-investment in the amount of Sh4.45 billion (€30 million) from a pool of other financiers.
This is due to the fact that the financier cannot contribute more than twenty percent of the fund’s total committed capital.
“The proposed project is an equity investment of up to €40 million into Amethis Fund III (Fund III or the Fund), a Pan-African private equity (PE) fund, and a €30 million co-investment envelope,” said IFC.
Amethis III is the third fund of the French Amethis franchise in the Middle East and North African regions.