Thursday, April 18, 2019 UTC

AGF Magazine - March 2019 issue

  • We focus on fixed income opportunities in both public and private markets. Read on to find in which fixed income instruments and in which African markets to invest on pp. 10-11. In addition, Ashley Benatar of Ashburton Investments shares his views on benefits and risks of investing in mezzanine debt on p.22.
  • We speak with Jérémie Ceyrac, Head of Equity, Responsible Investments at Proparco to learn more about the French development institution, financial products on offer, recent investments in Africa and African impact investment scene (pp. 13-15).
  • This month’s market feature focuses on Nigeria. Sven Richter, Fund Manager, Drakens Capital, writes about his recent trip to the West African country and his observations. “While Nigeria is attractive as an investment destination, the GDP growth is a disappointment for a county that we expect to be one of the leaders in Africa,” he says (pp. 16-17).
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News > Private Equity > Fundraising

FIVE achieves third close

Staff writer
Jan. 15, 2019, 10:15 p.m.
641

Word count: 376

AfricInvest, a pan-African private equity firm, has announced the third close of FIVE, an evergreen platform for investing in financial institutions in Africa, bringing total commitments to €67m. 

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AfricInvest, a pan-African private equity firm, has announced the third close of FIVE, an evergreen platform for investing in financial institutions in Africa, bringing total commitments to €67m. 

The fund is targeting a fourth close in the next few months with institutional investors that have already confirmed their commitments. 

Subsequent closings are also expected to take place over the next four years to reach the fund’s target size of €200m.

FIVE stands for Financial Inclusion Vehicle.

Through its investments, FIVE aims to improve access to financial services for the growing African population, while achieving attractive financial returns for its investors.

KfW, the German government-owned development bank, joined the capital of FIVE alongside the existing investors FMO, BIO, Norfund, IFU, and the Central Bank of Kenya Pension Fund.

“KfW’s investment in FIVE reflects a continued confidence in the AfricInvest team to deliver on its investment strategy targeting financial inclusion. KfW is already and investor in AFSL (the predecessor fund of FIVE) and its enduring trust will motivate the team to build and execute on a high quality pipeline of financial institutions in Africa,” said Julius Tichelaar, Partner at AfricInvest.

Markus Schladt, Principal Project Manager Financial System Development in KfW, added: “With AfricInvest we have an experienced and highly professional investment partner with whom we have already successfully cooperated in the previous fund focusing on the financial sector in Africa.” 

“We are happy to continue our cooperation with our investment in FIVE out of funds of the Federal Ministry for Economic Cooperation and Development (BMZ). The investment rationale of FIVE to strengthen financial institutions and innovative financial models in order to increase financing opportunities particularly for the small segments of the economy is perfectly in line with our development goals.”

Erik Bosman, FIVE’s Supervisory Committee Chairman, said: “Having an astute investor like KfW committing to FIVE is another great testament to the investment opportunity identified by AfricInvest. The financial sector in Africa offers great potential for investors who know the space well to generate attractive financial returns combined with strong, positive impact on the livelihood of people. The FIVE team is one such investor, and is very well placed to benefit from current market trends while staying true to AfricInvest’s desire to make a difference.”

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