Averroès Finance III which is managed by Bpifrance and co-sponsored by Proparco, French Development Agency’s arm for private sector, announced an interim closing of €75 million.

The closing was possible with the arrival of Fransabank and Audi Bank, who have invested respectively 10 and 5 million euros in the Africa-focused fund.

The sum mobilized will be injected in funds that invest in small and medium African enterprises. Its leaders said that beyond financial profits, funds that have a substantial impact and whose investments strengthen the position of Bpifrance and Proparco are favored targets.

Averroès Finance III has already engaged in three investments; the most recent being a €15 million investment in Adenia IV who has recently completed its first closing of €180 million. The fund’s other commitments were in the AfricInvest III and Metier Capital funds which are both significant actors of Africa’s private equity sector.