PE fund lands $70m from CDC Group and Finnfund
Posted on: 2 July, 2020 at 10:50 AM
CDC Group and Finnfund today announced a $70 million commitment to AfricInvest Fund IV, a generalist pan-African fund aiming to foster the growth of African enterprises across the continent. CDC, the UK’s impact investor and development finance institution, committed $50 million and Finnfund, the Finnish development financier, committed $20 million.
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.
Fund IV will invest in mid-cap and growth-oriented companies in sectors including financial services, agribusiness, logistics, manufacturing, healthcare, and education.
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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