The Overseas Private Investment Corporation (OPIC), the US Government’s development finance institution, has announced its 2015 Global Engagement Call for Proposals from fund managers seeking OPIC financing for private equity investment funds.

Charlie Stadtlander, a spokesman for OPIC, said in recent years, the share of Africa-focused projects within OPIC’s portfolio has grown sharply, now totaling about 25% of its global $18bn exposure.

“Within OPIC’s Investment Funds Department specially, Africa-focused funds account for 36% of our $2bn active funds portfolio. This is progress we are extremely proud of and looking to sustain as private investors continue to look to Africa as a destination for capital,” he told Africa Global Funds.

Through a competitive process open for submissions from May 11 - June 8, OPIC will select funds targeting projects in OPIC-eligible countries for new business development, existing company expansion, restructuring, and/or privatization.

Elizabeth Littlefield, OPIC’s President and CEO, said: “Private equity funds are essential tools for economic development in emerging markets. They are an effective means for high-potential entrepreneurs to raise equity capital, to drive faster growth, and create more jobs and higher quality businesses.”

“OPIC backs cutting edge funds that can raise significant pools of smart capital and demonstrate that commercial returns and sustainable development go hand in hand,” she said.

OPIC is targeting proposals from privately-owned and managed funds with a total capitalization of more than $100m.

The funds should make investments that will have a positive development impact.

Among OPIC’s priority sectors are infrastructure improvements, clean energy, agriculture, clean water access, and supporting small and medium enterprises.

“We are interested in proposals from high-quality fund managers working in all OPIC-eligible countries and sectors. Within these proposals, we expect a number of quality Africa-focused funds to be among the submissions,” said Stadtlander.

OPIC is a pioneer in the emerging market private equity field and has been identifying and utilizing development-minded funds since 1987.

OPIC uses a competitive and transparent call for proposals process, aided by independent financial advisors, to select the funds it supports.

All fund proposals should include a fund’s investment target sectors and countries as well an investment thesis with the fund manager’s prior investment experience.

Stadtlander said: “Traditionally, OPIC commits between $350-$450m to investment funds. We expect the submissions from this upcoming global engagement call to generate a similar amount of new commitments.”