Bpifrance and Proparco have announced the first closing of Averroès Africa, their fourth fund of funds for Africa. With a target size of €100 million, Averroès Africa will invest in African funds dedicated to start-ups and small and medium-sized enterprises in order to continue to support private sector development, employment and innovation on the continent.

The Averroès mechanism was launched by Bpifrance and Proparco in 2003 to support the development of the private equity mark...