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 > Private Equity > Fundraising

Amethis Fund II gets €305m at intermediary closing

Anna Lyudvig
Feb. 5, 2019, 11:16 p.m.

Word count: 472

Amethis has announced an intermediary closing of its second Pan-African fund, Amethis Fund II, with €305m in commitments, exceeding its initial target of €300m. 

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Amethis has announced an intermediary closing of its second Pan-African fund, Amethis Fund II, with €305m in commitments, exceeding its initial target of €300m. 

Amethis Fund II’s final closing is scheduled for May 2019, with several additional investors currently in due diligence.

Founded by Luc Rigouzzo and Laurent Demey in partnership with the Edmond de Rothschild Group, Amethis manages two other funds, Amethis Fund I (Pan-African focus, €250m) and Amethis Maghreb Fund I (North African focus, €75m) and advises Amethis West Africa (West African focus, €45m).

Managing Partners Luc Rigouzzo and Laurent Demey stated: “This successful fundraising demonstrates that investors recognize Amethis’ investment strategy. With our partner the Edmond de Rothschild Group, we will continue to support the growth of our portfolio companies, by bringing them not only capital but also the access to a broad network of partners, helping them to build bridges across sectors and regions, to the benefit of all stakeholders.” 

“With this new fund, we will continue to support African entrepreneurs who are at the heart of Amethis’ value proposition to contribute to shape Africa’s future,” they said.

Limited partners include existing Fund I investors and new investors, with 60 private investors representing over 75% of all commitments. 

The fund benefited from synergies with the Edmond de Rothschild Group’s network which granted a privileged access to qualified private investors.

Both the Edmond de Rothschild Group and Ariane and Benjamin de Rothschild’s family have renewed their trust and reinvested in the new fund. 

Private investors count both individual and institutional investors like pension funds and the Indian Ocean conglomerate Axian Group. 

Amethis has also earned the support of several Development Financial Institutions like the European Investment Bank (EIB), the International Finance Corporation (IFC) and Proparco, as well as Bpifrance, the French public investment bank.

Amethis Fund II follows the same investment strategy as Amethis Fund I by providing growth capital to African mid-cap champions, through investments with an average ticket size of €10-30m, or more through co-investment. 

Amethis will continue being an active shareholder, supporting entrepreneurs by giving them access to Amethis’ international network and external growth opportunities, while improving their efficiency and governance. 

A key priority for Amethis Fund II is also the implementation of a rigorous and ambitious environmental and social strategy.

Amethis Fund II has already two investments in its portfolio: Premium, an equipment distributor based in Morocco with activities throughout Western Africa; and Merec, an integrated wheat miller in Mozambique. 

Amethis Fund II aims for geographic and sector diversification, targeting sectors delivering goods and services to the middle class of African consumers: industry, distribution, consumer goods, financial services, telecommunications, health and education. 

Amethis Fund II focuses on countries that have an economic growth driven by their strong domestic demand and that are resistant to global headwinds.

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