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Real estate investment firm AfricaWorks Investment Partners (AWIP) has closed its second fund, AWIP II, with a total of $25 million in equity and debt. AWIP is the real estate investment arm of flexible workspace operator AfricaWorks. It acquires, transforms and operates urban mixed-use real estate assets in West Africa.
AWIP II has secured capital commitments from approximately 12 limited partners. Strategic investors include Robert Daussun (LBO France) and Emmanuel and Matthieu Russel (Work & Share). European private investors include Marine Bellanger-Sood (partner, Bain), Jérémie Delecourt (former COO, Ardian), Aude Grant (deputy CEO, Covivio) and Dominique Ozanne (chairman, Hova Hospitality). African family offices include Groupe Filatex (Hasnaine Yavarhoussen) and Spark Capital (Rayan and Hicham Sharara).
AWIP II targets the acquisition and development of four to five real estate assets, primarily in Abidjan, Côte d’Ivoire and Dakar, Senegal, with a target size of approximately 5,000 sq m and a target IRR of 25% per asset. AWIP II’s real estate assets will represent a total area of 20,000 sq m and are expected to be operational within 24 to 30 months.
“From the outset, AfricaWorks was designed as an operational platform, close to the everyday needs of the businesses we support across Africa. With AWIP II, we reaffirm the relevance of our model – built on a deep understanding of African urban dynamics and usage patterns on the continent, as well as rigorous investment discipline,” said Grégoire Schwebig, co-founder and CEO of AWIP.
Founded in 2025 by Grégoire Schwebig and Anthony Anziani, AWIP was conceived as a natural extension of the AfricaWorks model. With offices in Abidjan, Dakar and Lagos, AWIP targets urban assets in West Africa’s major economic hubs. It repositions them as mixed-use buildings combining offices, hospitality, event spaces and food and beverage, operated directly by AfricaWorks’ operating arm.
The first investment vehicle, AWIP I, was raised in 2025 for a total of $8 million from private investors and local commercial banks. The capital has been fully deployed into the acquisition of two off-market assets in Dakar and Lagos, Nigeria, which are set to begin operations in Q1 2027.
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