Final close for AfricInvest's French African Fund II
AfricInvest has announced a final close of the French African Fund II (FFA II), the successor to its first French African Fund, having raised over €50 million from French and international institutional backers, including private investors and family offices. The fund is managed by AfricInvest Europe, part of AfricInvest Group, and is led by a dedicated team.
The FFAs are the first cross-border funds dedicated to French small and medium-sized enterprises (SMEs) that aim to invest and grow in Africa. The funds’ vision is to accelerate the growth of these SMEs through development projects on the continent and beyond.
FFA II received the backing of several repeat investors from FFA (including Bpifrance, Proparco, Société Générale, Sanlam, and the Central Bank of Kenya Pension Fund), and welcomes a number of new French and African institutional investors including BNP Paribas, Mauritius Commercial Bank, and Mauritian insurer Sicom as well as several new European and African family offices.
Stéphane Colin, managing partner of AfricInvest Europe said, “We are delighted with this milestone for the French African Funds. Many current investors have reiterated their confidence in us and new investors have been convinced by our unique investment thesis.”
FFA II invests in profitable, innovative and fast-growing French SMEs possessing strong development potential and financial strength, with a turnover of between €20 million and €300 million. The strategy targets the SME segment in France with equity tickets of between €2 million and €6 million. These investments are conducted alongside French and foreign private equity funds or directly with the founders and family executives.
As of the end of 2022, FFA II had closed seven investments in various sectors, such as health, public lighting, packaging, water management, geotechnics, distribution and inheritance services.
AfricInvest Europe aims to support investee companies through its experience, financing capabilities, extensive network and the expertise of its teams in France and Africa in an effort to help them accelerate their growth and access new markets. It also looks to facilitate partnerships with relevant commercial, financial, industrial and technological partners in each market.