The launch of AfricInvest II

A first closing of Africinvest II has been scheduled for the end of June 2008, with estimated Euro capital commitments of Euro 60 million from six investors: BIO, Finnfund, FMO, IFC, Proparco and SIFEM.  

AfricInvest II is targeting a total Fund capitalization of Euro 120 million. Additional subscriptions may be accepted within 18 months of the first closing. The Fund intends to raise between Euro 60 million and Euro 100 million from institutional investors and Development Financial Institutions. 

The Overseas Private Investment Corporation (OPIC) has approved a facility of up to USD60 million in favor of AfricInvest II

The Overseas Private Investment Corporation (OPIC) has approved a facility of up to USD60 million in favor of AfricInvest II, to be used as a guarantee or as leverage.

AfricInvest II is targeting a total Fund capitalization of Euro120 million. Additional subscriptions may be accepted within 18 months of the first closing. The Fund intends to raise between Euro 60 million and Euro 100 million from institutional investors and Development Financial Institutions.

OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy.

4 new investments approved by the Africinvest Fund....

The Investment Committee of AfricInvest met twice during the second half of 2007. Four Projects have been approved: Euro 1.25 mln equity investment in Onward Paper Mill Ltd, a Nigerian Euro paper manufacturing company, Euro 1.5 mln investment in equity and shareholders convertible loan in a supermarket chain, Compagnie de Distribution de Cote d’Ivoire (Ivory Coast), Euro 1.0 mln investment in equity and convertible bonds in a leasing and asset management company, Aquila (Nigeria). Finally, in April 2008, the Investment Committee has approved a second round investment into Guaranty Trust Assurance Ltd (Nigeria), for an amount of up to Euro 2.0 million. 

The launch of AfricInvest Financial Sector Fund (AFS Fund)

This new fund is managed by ACP and has as initial capital Euro 20 million totally subscribed by the FMO. The fund’s mission is to contribute to the developing the African financial sector in less developed markets and mainly in post-conflict countries and to better structuring and diversifying the financial sector in more mature African markets.

ACP is supported by local African private equity teams for the management of the fund: Cauris Management in the francophone West Africa, Cenainvest in Central Africa, Fidelity Capital Partners in the Anglophone West Africa and IBTC Ventures in Nigeria while Tuninvest will directly cover Tunisia and the other North African countries through its subsidiaries Marocinvest and Maghrebinvest.

The fund will have a proactive approach capitalizing on its successful experience in the North African,and Western African and Nigerian financial sectors. In order to achieve its assigned objectives, it will also exploit all possible synergies that could exist between the institutions located in the different target countries and operating in the banking sector, specialized financing, asset management, insurance, microcredit, financial information system...