AfricInvest closes Midcap-focused Fund Raising of over $400m AfricInvest, an African investment platformAfricInvest Fund IV’s final close has been announced by, with total commitments of US$411 Million.

AfricInvest IV was launched two years ago with a hard limit of $400 million. It received investment from international institutional investors, development finance institutions, and family offices. The Fund is the largest in AfricInvest’s history and follows on from the previous flagship fund, AfricInvest III, which closed in 2016, reaching a fund size of €272 million (US$300m). AF IV, like its predecessors in the past, aims to invest within mature and profitable African midcap companies in diverse sectors to accelerate regional growth and provide attractive risk-adjusted return. The Fund also supports inclusive and sustainable development, having committed to the 2X Challenge criteria in support of women’s economic empowerment. Employing AfricInvest’s signature hands-on approach, the Fund’s investment team offers portfolio companies a unique combination of local insights and global perspectives. Skander Oueslati, Senior Partner and CIO of sub-Saharan Africa, said: “AfricInvest Fund IV is well positioned to continue financing African companies, supporting them as they develop into local and regional champions. Our local expertise and insight allow us to generate proprietary deals to help create long-term strategies to deliver value for portfolio companies.” George Odo, Senior Partner and Managing Director, East Africa, added, “The support we received from our investors has been terrific. It is remarkable to see how many investors have recommitted for this mip-cap strategy, particularly in the midst of the Covid pandemic. This is a testimony to their confidence in our ability deliver attractive risk-adjusted return. We are grateful for their confidence and look forward to partnering as we build a future with the next generation of African entrepreneurs.” AfricInvest IV’s first investment was to acquire a minority stake at Fidelity Bank Ghana. This was in mid-2020. The second, in 2021, was an investment in a merger of Compagnie Marocaine de Goutte à Goutte et de Pompage’s (“CMGP”) with Comptoir Agricole du Souss (“CAS”), creating CMGP-CAS, one of Africa’s leading irrigation and agribusiness companies. The Fund’s most recent investment was in April 2022 when it acquired a 36% stake, along with the International Finance Corporation in Kenya-based AutoXpress. AutoXpress is Kenya’s largest importer, distributor, retailer, and exporter of tyres, parts, and accessories in East Africa. Hakim Khelifa, Senior Partner, commented: “Mid-cap opportunities in Africa will continue to grow. At AfricInvest, we are ready to invest across the continent, engaging management teams directly to further accelerate their goals of building profitable and sustainable businesses while creating long-term impact.”

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