AfricInvest is a pan-African private equity firm investing in African growth companies through a range of fund strategies focused on inclusive and sustainable growth. Founded in the early 1990s, AfricInvest is uniquely positioned as one of the most experienced private equity investors on the continent. AfricInvest has raised approximately $2 billion across 21 funds and benefits from strong, long-term support from both local and international investors, including leading development finance institutions in the United States and Europe. Its private equity, venture capital, and private credit funds target small, medium, and growth-stage businesses across sectors such as financial services, agri...
Portfolio Focus
Asset class
Blended Finance
Early-Stage Venture Capital (Seed, Series A)
Growth-Stage Venture Capital (Series B or C)
Mezzanine Debt
Private Credit
Impact theme
Economic Opportunity & Inclusion
Financial & Economic Inclusion
SME & Growth Enterprise Development
Equity, Representation & Justice
Gender Equity
Investment geographies
Africa
Latin America and the Caribbean
Key people
Jordan Filko
Investment Manager, Transform Health Fund
Patrick Herrmann
Partner
Samia Tnani
Head of Credit Origination
Financial Inclusion Fund III
Raised: $58 million
Asset class:Growth-Stage Venture Capital (Series B or C)
+1
Impact theme:Economic Opportunity & Inclusion
+3
Investment geographies:Africa
About the fund
AfricInvest's Financial Inclusion Fund III, also referred to as its third French-African Fund ("FFA" or "FFA 3"), is a private equity vehicle focused on advancing financial inclusion across Africa through investments in small businesses and emerging enterprises. The fund reached an initial close of USD 58 million, supported by institutional investors including the Central Bank of Kenya's pension fund. Structured as an evergreen fund, it is designed to generate recurring distributions to limited partners over its investment lifecycle. The fund targets institutional investors seeking exposure to financial inclusion opportunities in underserved African markets.
FFA 3, classified as an Article 8 SFDR Fund, will invest between €5 and €10 million ($5.8 million to $11.7 million) in about a dozen companies, alongside other private equity funds or with founders. Its portfolio comprises companies involved in health, vocational education, water management, industrial manufacturing, digital solutions and other sectors. It follows the €50 million FFA 2, closed in 2023.
The Transform & Adaptation Fund (TAF) is an innovative Pan-African blended finance vehicle seeking to accelerate climate finance flows towards equal, accessible, and affordable solutions that tackle climate adaptation and mitigation within the Agriculture & Food Value Chain, Sustainable Mobility and Built Environment sectors in Africa. The Fund will primarily invest in innovative, scalable and climate-proof solutions designed to enhance climate resilience, reduce greenhouse gas emissions and support carbon sinks in Africa and LatAm (up to 25%). The Fund will provide growth-stage debt-like instruments, ranging from $3 million to $15 million per investment, to scale innovative and climate-smart solutions that build resilience and drive decarbonization for the most vulnerable people and communities.
The Fund is looking for support from investors in order to mobilize private capital. The fund is split into three tranches: the Catalytic or Junior tranche has a size of up to US$60 million. This tranche provides the first loss equity and is usually public donors and some DFIs. The Mezzanine tranche has a size of US$80 million and is usually subscribed by Development Finance Institutions. The Senior tranche has a size of US$60 million and is usually reserved for private/institutional investors, including local pension funds and insurances.
Transform Health Fund
Raised: $111 million
Asset class:Blended Finance
+2
Impact theme:Health, Education & Wellbeing
+1
Investment geographies:Africa
About the fund
Transform Health Fund is a blended-finance vehicle established through a partnership between AfricInvest and the Health Finance Coalition, deploying equity, mezzanine, and debt capital to expand locally-led healthcare delivery and digital health solutions across Africa. The fund targets vulnerable and underserved patient populations, with a dual-tranche structure separating impact-first concessional investors from commercial investors to optimize risk-return profiles across the capital stack. Operating across the African continent, the fund addresses gaps in primary and digital care infrastructure by supporting locally-managed healthcare enterprises and technology-enabled service providers. With a target capitalization of USD 100 million and final close achieved at USD 111 million, the fund is positioned to support growth-stage and established healthcare operators seeking flexible financing solutions. The fund is open to development finance institutions, foundations, and institutional investors.
Asset class:Growth-Stage Venture Capital (Series B or C)
+1
Impact theme:Health, Education & Wellbeing
+11
Investment geographies:Africa
About the fund
The Cathay Africinvest Innovation Fund (CAIF) is the first Pan-African Venture Fund created with AfricInvest to connect the continent and the world’s leading innovation ecosystems. CAIF invests in early to growth-stage startups based in or focused on Africa that are ready to scale and make a significant impact with innovative and inclusive solutions. CAIF backs mission-driven teams with a particular focus on logistics, e-commerce, edtech, fintech, mobility, healthtech, energy and agtech.
To date, the fund has proved tremendous traction and scalability with portfolio companies expanding their global footprint to over 21 markets across the continent. The Fund’s portfolio companies have also aggregated significant impact at scale in recent years with over 136m Africans reached with inclusive and digital solutions–meaning $1 spent reaches more than one user on the continent. With its current portfolio, the Fund has created and sustained over 1,400 direct jobs, with women representing an average of 35% of the workforce. Deployed by a team of investment professionals located in the centers of VC innovation across Africa, the fund will continue to support African entrepreneurs to scale their innovative technologies across the continent and beyond, as well as support global entrepreneurs in their expansion into Africa.
The fund is backed by a diverse pool of globally renowned investors, development finance institutions, leading multinational corporations, and high-net-worth individuals across Europe, Africa and the Middle East such as EIB, AfricaGrow, FMO, Bpifrance, Triodos Investment Management, Proparco, SIFEM, BIO and more.
Asset class:Early-Stage Venture Capital (Seed, Series A)
+1
Impact theme:Economic Opportunity & Inclusion
+3
Investment geographies:Africa
About the fund
The AfricInvest Growth Venture Capital Fund is a closed-end venture capital fund with a target size of EUR 120m. The fund will be set up to make privately-negotiated equity and quasi-equity investments to support growing innovative companies in Africa with a predominant focus on Sub-Saharan Africa. The Fund will pursue a pan-African, multi-sector strategy, investing and developing post-revenue innovative ventures that are scaling their activities and international ventures that are developing in Africa. The fund manager will seek to create value through a hands-on monitoring approach. The team will be driving value creation within invested companies and enhancing enterprise skills, fostering the adoption of innovation through the use of technology and implementing good governance as well as best practices as per environmental and social standards.
The Transform Health Fund (THF) is a high-impact blended capital fund focused on providing debt and mezzanine capital to scale proven healthcare innovations across Africa. Managed by AfricInvest and the Health Finance Coalition, the fund will respond to pressing healthcare financing challenges by targeting supply chain transformation, innovative care delivery, advancing digital innovation and establishing a robust healthcare ecosystem to improve access, affordability, resilience, and quality of healthcare for low-income patients. THF exceeded its initial target, raising $111 million, through investments from commercial, public and private philanthropic organizations.
Impact theme:Community Development & Social Infrastructure
+4
Investment geographies:Africa
About the fund
AfricInvest Fund I will invest in a diversified portfolio of SMEs and mid-market companies across Africa. The portfolio composition is expected to reflect the firm's local presence in its historical markets (Algiers, Casablanca and Tunis) with a new presence in sub-Saharan Africa (Abidjan, Lagos and Nairobi), as well as its experience in supporting entrepreneurs across a range of sectors through growth capital investments.
The AfricInvest Fund II is a private equity fund managed by AfricInvest focusing on growth and expansion SMEs in primarily Sub-Saharan West and East Africa. The fund focuses on enterprises that are well established and have developed brands, products, distribution channels and good customer bases in their local markets. Fund investments range from EUR 2 million to EUR 10 million.
A pan-African, generalist, closed-ended private equity fund targeting mainly growth capital investments in small and medium-sized companies. The Fund aims to build a diversified pan-African portfolio of private equity investments in growing and profitable companies with emphasis on those that are leaders in local markets across Africa. The Fund will adopt a hands-on approach by seeking to acquire influential positions through minority stakes with strong protections and selective majority transactions. It will seek to add value by enhancing governance mechanisms and helping portfolio companies to expand in new markets.
The AfricInvest Financial Inclusion Vehicle (FIVE) is an evergreen investment platform launched in 2017 to address the critical gap in access to finance for Africa’s SMEs and unbanked populations. Backed by leading development finance institutions and private investors, FIVE targets equity and quasi-equity positions in banks, insurers, microfinance institutions, leasing companies, and fintech startups. The fund’s strategy focuses on supporting financial institutions undergoing digital transformation and expanding inclusive products—such as digital payments, micro-lending, and affordable insurance—with a view to foster job creation, gender equality, and economic resilience. Its evergreen structure allows for longer holding periods, supporting deep operational improvements and sustainable scaling across Africa’s rapidly evolving financial landscape.
AfricInvest Fund III is a Sub-Sahara Africa-focused private equity fund, with a target size of EUR 200m. The Fund will invest in well-established SMEs that demonstrate the potential to scale-up their activities on a regional level. In addition to generating risk-adjusted returns for its investors, the Fund will create sustainable employment opportunities for thousands of Africans, contribute to regional economic integration and increase tax revenues for local governments. The Fund has a special focus on serving the Western and Eastern African countries of Cote d’Ivoire, Senegal, Ghana, Nigeria, Kenya, Uganda and Tanzania.