Enko Capital, an Africa-focused alternative asset manager with $1.3bn in assets under management (AUM), has announced the first close of its impact focused private credit strategy, raising $100m toward its target of $150m at final close, with a hard cap of $200m.

Investors in the first close include British International Investment (BII), the UK’s development finance institution; IFC, a member of the World Bank Group; SICOM Global Fund Limited; one of Africa’s leading asset managers; a European impact Investor; alongside African pension funds and family offices.

Leslie Maasdorp, Chief Executive Officer at BII, said: “Our commitment to the Enko Impact Credit Fund reflects BII’s belief in the commercial potential of private credit in Africa and its role in closing the financing gap for mid-sized businesses. By anchoring the fund’s first close, our aim is to send a strong signal to other investors, attract additional capital and help build a viable private credit market that supports businesses critical to economic growth in Africa.”

Mohamed Gouled, Vice President of Industries, IFC, added: “Expanding access to finance for mid-sized companies is critical to accelerating inclusive growth across Africa. IFC’s support for the Enko Impact Credit Fund demonstrates IFC’s commitment to channelling longer tenor and flexible funding to African businesses for growth and job creation. Through this partnership, we will support businesses across a range of sectors, from agribusiness to telecoms, that are critical for sustained economic growth.”

The Fund provides US dollar-denominated private credit to mid-market companies across Sub-Saharan Africa, focusing on established, cash-generating businesses in non-cyclical sectors such as agriculture, telecommunications, manufacturing, renewable energy, and financial services. By offering flexible, tailored financing to well-managed enterprises often underserved by traditional lenders, the Fund seeks to address the structural credit gap facing mid-sized African firms and to demonstrate the commercial potential of private credit on the continent.

Alain Nkontchou, Managing Partner of Enko Capital, said: “The successful first close of Enko’s flagship private credit strategy underscores growing investor confidence in Africa’s sustainable development through private credit. With the support of leading international institutional development and impact investors; and local partners, the Fund is strategically positioned to offer customised capital solutions to high-quality mid-market SMEs, unlocking growth, supporting job creation, and advancing sustainable development, while generating compelling risk-adjusted returns for our investors. We are also proud that this marks the first investment under the partnership between BII and IFC, a collaboration that strengthens shared commitment to foster impactful, sustainable growth on the continent.”