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Press Release

CDC to invest USD15m in Advanced Finance Investment Group’s fund

By May 12, 2022No Comments

AFIG is seeking to raise up to USD150m for the fund, which will provide private equity funding for growth and expansion companies operating in West and Central Africa.

It will make investments ranging between USD3m and USD15m in promising companies with growth potential.

Core investment countries will be Nigeria, Senegal, Côte d’Ivoire, Ghana, Cameroon, Gabon, DRC and Angola. The fund will focus on transportation and logistics, agribusiness, financial institutions, telecommunications, mining and natural resources and manufacturing companies.

Richard Laing, chief executive of CDC, says: ‘Mid-market companies in Africa are still struggling to raise external finance. Local banks are often under-capitalised and under-skilled and funding from foreign banks and capital markets is largely unavailable. By targeting companies in need of growth and expansion capital, this fund will help to address this shortage.’

Jean-Marc Savi de Tove, CDC’s portfolio director for Africa, adds: ‘CDC has been central to the establishment of this fund, to which we have committed this USD15m at first close.

‘CDC worked closely with AFIG’s team to improve the fund’s proposition and will continue to provide support. We are confident that AFIG’s solid private equity experience, strong local networks and attractive investment strategy will deliver robust growth in the coming years.’

AFIG, based in Dakar, Senegal, was set up by Papa Madiaw Ndiaye, a former director of private equity group EMP Africa. He is joined by Patrice Backer, Mezno Nwuneli and Lalya Kamara.

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