Impact investor completes first close of new fund
Investisseurs & Partenaires announced the first closing of its I&P Afrique Entrepreneurs 3 fund.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
Investisseurs & Partenaires (I&P) announced the first closing of its I&P Afrique Entrepreneurs 3 (IPAE 3) fund at €41 million.
Investors in the fund include the European Investment Bank, the West African Development Bank, Bpifrance, and Proparco.
IPAE 3 targets a total fund size of €70 million. A second closing is planned for the second half of 2026 as due diligence processes continue and discussions progress with prospective new investors.
The fund is led by investment directors Mialy Ranaivoson and Ben Kouakou, based in Antananarivo and Abidjan respectively, and supported by I&P’s regional network.
IPAE 3 will prioritise investments in West Africa and Madagascar, where I&P has a long-established presence, strong local teams, and deep relationships within the entrepreneurial ecosystem. IPAE 3 aims to help address the missing middle financing gap – supporting businesses that are too large for venture capital yet still too small for traditional private equity.
The fund plans to take minority stakes of €1 million to €5 million in 15 to 20 SMEs. It will target sectors vital to local economies, including agribusiness, energy, financial services, education, health, and technology.
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe now