Cauris Management's Yeelen Financial Sector Fund has raised €35m of €65m target
Cauris Management's Yeelen Financial Sector Fund has so far raised €35 million of its €65 million target.
The Yeelen Financial Sector Fund is a private equity fund that will invest equity and quasi-equity in 10 to 12 small size financial institutions in the West African Economic and Monetary Union (WAEMU). The fund will invest in high growth tier 2 and tier 3 financial institutions such as SMEs lending banks, micro-finance institutions, insurance companies that develop micro and meso insurance products and fintechs in the WAEMU zone.
The African Development Bank recently revealed it is proposing €12 million equity investment at first closing alongside regional commercial investors such as the West African Development Bank (€15.2 million); the Ivorian Pension Fund (€9.15 million), the Atlantic Finance Group (€2.5 million), the Sanchez Group, the NSIA group and private investors such as Zeena Trust (€1.52 million), Groupe CFOA (€1 million), Sonavie Mali (€910,000), Paul Derreumaux (€250,000), SCI Togo (€76,000) and Yeelen Capital (€150,000).
The fund will be managed by a consortium led by Cauris Management, with three other experts in the financial and insurance sectors in Africa. Cauris Management has successfully operated within the target zone for the last 25 years and had gained valuable experience dealing with small-sized companies and financial institutions lending to SMEs.
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