IFC discloses proposed $25m investment in Admaius’ Virunga Africa Fund II
The fund is targeting $500 million to invest in mid- to large-cap African companies.
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The International Finance Corporation (IFC) has disclosed a proposed investment of up to $25 million in Virunga Africa Fund II, a growth equity fund managed by Admaius Capital Partners. IFC has also proposed a co-investment envelope of up to $10 million.
Virunga Africa Fund II is targeting $500 million to invest in mid- to large-cap African companies. The fund is expected to build a portfolio of 10 to 12 companies, with target ticket sizes of $15 million-$50 million. It will have a preference for majority ownership, while also considering significant minority stakes where there is strong alignment.
The fund will pursue a generalist strategy, with a preference for sectors where Admaius has experience, including healthcare, education, fast-moving consumer goods, digital infrastructure, and financial services.
Admaius Capital Partners is an African-owned private equity firm founded in 2021 and headquartered in Kigali, Rwanda. The firm has offices in Rwanda, Egypt, Kenya, Morocco, South Africa, and Tunisia, as well as a presence in London. It currently manages Virunga Africa Fund I, a 2022-vintage fund of $280 million that has invested in eight companies.
Virunga Africa Fund II’s primary focus markets are expected to include Egypt, Kenya, Morocco, Rwanda, and South Africa.
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