Proparco takes a $30m stake in pan-African fund AfricInvest IV

Through a $30 million investment in the first close of AfricInvest’s new multisector private equity fund, French development finance institution Proparco will support the development of strong local and regional consumer-driven businesses across Africa.

AfricInvest is one of the pioneers of private equity in Africa, successfully investing on the continent through its North African and sub-Saharan Africa funds for over 25 years. As a longstanding partner of the group, Proparco has invested in 15 of the manager’s 19 funds since 1997, and has now invested $30 million in the first close of AfricInvest IV, alongside other DFIs, African pension funds and one reinsurance company.

Following on from predecessor funds, AfricInvest Fund IV aims to provide growth capital to mid and large cap businesses in Africa, with a focus on consumer-oriented sectors, including financial services, manufacturing, retail and consumer goods, agribusiness, healthcare, education, telecoms, logistics and distribution. The fund seeks to develop well-positioned local businesses into regional champions and will be the first completely pan-African fund of the group.

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