Saturday, April 20, 2019 UTC

AGF Magazine - April 2019 issue

  • In a region where only a minority of the population has access to a bank account and SMEs struggle to get financial help from traditional banks, Albert Alsina, CEO and Founder of Mediterrania Capital Partners, explains how the PE industry is becoming a catalyst for the African Fintech ecosystem’s development, enabling large-scale banking and supporting entrepreneurs and SMEs in their expansion plans (pp. 10-12).
  • In this month’s issue of Africa Global Funds, we also caught up with Kenneth Kaniu, Britam Asset Managers CEO, to learn about their anchor investment in Tiserin Capital, and the needs and constraints of institutional investors in Kenya and East Africa (pp. 14-15).
  • On the infrastructure front, we hear from Moritz Breickmann, Investment Director at African Infrastructure Investment Managers (AIIM) who showcases some successful airport redevelopments in Africa. Read on to find why airport infrastructure projects on the continent can provide attractive long term returns to investors (p.17).
  • In this month’s issue we also learn that the FTIF Templeton Africa Fund was merged into the FTIF Templeton Frontier Markets Fund. We speak with Ahmed Awny and David Haglund about the Fund and its African investments (p.16).
  • Finally, Rob Childs, Head of International for Prescient Fund Services shares his views on the global distribution challenges facing African fund managers and why the firm decided to domicile their offshore fund range in Ireland (p. 22).
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News > Investors

AfDB backs Uhuru Growth Fund

Anna Lyudvig
April 1, 2019, 6 a.m.

Word count: 366

The African Development Bank has approved a $20m equity investment in Uhuru Growth Fund 1, a first-generation fund sponsored by Uhuru Partners.

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The African Development Bank has approved a $20m equity investment in Uhuru Growth Fund 1, a first-generation fund sponsored by Uhuru Partners.

The proposed investment will give the Bank approximately 10% of the Fund’s target capitalization of $200m.

Uhuru Partners is a private equity firm, focused on high growth middle market businesses across West Africa. 



The Bank’s equity support will enable Uhuru Partners to make investment forays into consumer facing and financial services sectors in West African countries including Nigeria, Ghana, Cote d’Ivoire, Senegal, Burkina Faso and Mali.



Investments of $5m and above will be made in companies in these sectors, helping them grow into regional champions, and creating new, high quality jobs. 



Uhuru’s compelling investment proposition is underpinned by several macroeconomic and institutional factors. 

These key factors include West Africa’s large aggregate population, rapid urbanization and youthful demographics, sustained economic growth and relative political stability. 



The presence of Uhuru’s key executive and operational teams in Abidjan and Lagos is also perceived as a huge asset, enabling the team to effectively source investment opportunities in the Anglophone and Francophone economies of West Africa. 

The PE firm’s presence in the region’s largest and leading commercial hubs also enables them to get actively involved in the operations of their portfolio companies across the region.  



Abdu Mukhtar, the African Development Bank’s Director of Industrial and Trade Development said the Bank’s investment will be instrumental to Uhuru’s $200m fundraising exercise. 

“The Bank’s support of Uhuru Growth Fund will unlock capital from other development finance and commercial investors into a fund that will help strengthen West Africa’s economies, create jobs and drive development,” Mukhtar said. 



The Fund’s investment strategy is aligned with the Bank’s Ten-Year Strategy (2013-2022), focusing on inclusive growth and creating broad-based prosperity, as well as the Bank’s Country Strategy Papers for target countries which seek inclusive growth, access to local SME finance and regional integration as the pathway to sustainable development of the African continent

.

The Fund’s strategy is also aligned with the Bank’s High 5 priorities to Industrialize Africa, Feed Africa, Integrate Africa and Improve the quality of life for the people of Africa. 

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