AfricInvest Group Reaches Final Close of AfricInvest Financial Sector Fund (Sub-Saharan Africa)

Source: AfricInvest Group

AfricInvest Group, a private equity firm focused on North and Sub-Saharan Africa, has announced the third and final close of its AfricInvest Financial Sector (AFS) fund with EUR61 million (approximately US$83 million) in capital commitments. New investors in the final close included German development bank KfW, Belgian Investment Company for Developing Countries (BIO), credit union cooperative Desjardins Group and the Adolf H. Lundin Charitable Foundation, joining previous backers FMO, PROPARCO and Développement international Desjardins. The fund has made 13 investments to date in financial institutions in Africa and has realized two full exits and one partial exit.