Swiss DFI invests in three African PE funds
In 2020, the Swiss Investment Fund for Emerging Markets (SIFEM) made three investments in private equity funds that back companies in sub-Saharan Africa, according to its recently published Business and Financial Report 2020. SIFEM’s new African private equity portfolio positions are as follows:
Novastar Ventures Africa Fund II ($8 million committed)
Novastar Ventures Africa Fund II is an impact fund, targeting venture capital (VC) investments in innovative early-stage and start-up businesses in East and West Africa. The primary geographic focus is on Kenya and Nigeria with a secondary focus on Ethiopia, Tanzania, Uganda, Rwanda, and Ghana. The second fund by Novastar Ventures will focus on developing fully commercial, profitable business models by investing in companies led by entrepreneurs with the capability and ambition to transform markets for low-income consumers. Typical sectors to be targeted include healthcare, education, housing, transportation, fintech and energy. Many of the investments of the fund will make use of mobile technology as a solution.
SPE Africa Industrialization Fund I ($10 million committed)
The SPE Africa Industrialization Fund (AIF) I is a private equity fund, targeting growth capital investments in SMEs and fast-growing businesses in North Africa and selectively in the rest of Africa. The primary focus will be on Egypt, Tunisia, and Morocco. The fund makes investments in healthcare, education, manufacturing and processing, supporting infrastructure and industrial services sectors.
Uhuru Growth Fund I ($10 million committed)
Uhuru Growth Fund I is the first fund of Uhuru Investment Partners, an emerging manager in West Africa founded by a team with local origins who have spent most of their professional careers in private equity. Uhuru Growth Fund I is focused on high growth companies in West Africa, with a geographic focus on Ghana, Nigeria and Ivory Coast. Uhuru will focus on investing in established businesses with an operating history, established revenues, strong management teams and a strong competitive position in their markets. The overall objective is to grow these businesses into leading companies within their sectors, and where a regional strategy is involved, into regional champions.
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