Spark+ announces AUM of $64m
Spark+ is an impact debt fund dedicated to growing the clean cooking sector across sub-Saharan Africa.
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Spark+ General Partner has announced the second and third closings of the Spark+ Africa Fund with a current AUM of $64 million. Spark+ is an impact debt fund dedicated to growing the clean cooking sector across sub-Saharan Africa.
In the fund’s second closing in July 2022, the European Commission invested in the catalytic tranche via a partnership with IFU, the development finance institution of Denmark and a first closing investor on its own behalf.
In addition, a private foundation based in Switzerland invested in the equity tranche, and a donor advised fund managed by US-based ImpactAssets invested in the catalytic and senior debt tranches.
In the third closing in September 2023, the U.S. International Development Finance Corporation (DFC) invested in the senior debt tranche.
The four investors in the second and third closings joined 12 development finance institutions, foundations, family offices, and pension funds that invested in the fund’s first closing at $41 million in March 2022.
Xavier Pierluca, investment director of Spark+ and managing partner of Enabling Qapital said: “We are pleased to be working with such prestigious organisations committed to clean cooking in sub-Saharan Africa. Their commitments in all tranches of the blended structure of Spark+ will be catalytic to accelerate the fund’s deployment strategy.”
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