AfricInvest Group Holds a First Close for AfricInvest Fund III (Sub-Saharan Africa)

Source: AfricInvest Group

AfricInvest Group, a private equity firm focused on North and Sub-Saharan Africa, has held a first close for AfricInvest Fund III (AF III) with more than EUR154 million (approximately US$195 million) in capital commitments. Investors in the fund include development finance institutions Netherlands Development Finance Company (FMO), CDC Group, International Finance Corporation, DEG, Finnfund, PROPARCO, Swedfund and SIFEM, as well as other private investors. AF III, which is targeting EUR200 million (approximately US$254 million) in total commitments, will invest in small- and medium-sized enterprises in Sub-Saharan Africa.