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Alitheia and IDF Capital raise $20 million for African gender-lens fund



ImpactAlpha, November 19 – There aren’t many female-led investment funds in Africa, but investors are buying into the few there are.

Nigeria-based Alitheia Capital and South Africa-based IDF Capital have scored $20 million for a joint fund to invest in small and mid-size African businesses boosting women’s economic empowerment and financial inclusion. The fund, Alitheia IDF, secured $7.5 million from Canada’s development finance institution, FinDev Canada, and $12.5 million from the African Development Bank.

Alitheia IDF aims to invest 50% of its capital in women-owned or -led businesses and mobilize $100 million to women-led businesses. Other target impacts include creating 5,000 jobs for women in its portfolio’s supply chain and enabling access to essential products and services for 100,000 women.

Gender lens in Africa

Nigeria’s Aruwa Capital recently launched is own gender lens fund. Unlike institutional investor-backed Alitheia IDF, Aruwa has directed its fundraising efforts at high net worth individuals and family offices in West Africa.

Agent of Impact: Adesuwa Okunbo Rhodes, Aruwa Capital Management

Also, the European Investment Bank recently launched its SheInvest initiative to mobilize €1 billion in investment capital to women’s empowerment in Africa.

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