(Ecofin Agency) - AfricInvest IV Fund, the fourth fund launched by Tunisia-based investment firm AfricInvest, reached a total of $202 million in mobilization. Last week, the Commonwealth Development Corporation (CDC) committed $50 million in a one-off grant, the largest to its African partner.
The second contributor to this fundraising is Finland’s development finance fund FinFund, which injected $20 million. The other donors include Proparco, which is the private arm of the French Development Agency (AFD), the International Finance Corporation, and the American development finance institution, Development Finance Corporation.
The fund, whose total resources are expected to reach $500 million, targets medium-sized African companies that are well-positioned and likely to become strong regional businesses. The fund’s managers will focus on transactions in the consumer, financial services, and education sectors.