• Amethis closed its third pan-African fund at €406 million ($472 million), meeting its original target.

• The fund plans to invest in about 10 African mid-sized companies with tickets of up to $46.5 million.

• Development finance institutions anchored the fundraising, including the EIB, IFC, and Bpifrance..

Private equity manager Amethis announced on Thursday, January 15, 2026, the final close of its third pan-African fund, Amethis Fund III, at €406 million, equivalent to $472 million. The amount matched the target set at the fund’s launch.

The fund is domiciled in Luxembourg and operates under Amethis Investment Fund Manager. The manager has invested in African companies for more than ten years. The fund has already completed four investments, while a fifth transaction is nearing completion. The fund plans to invest in a total of ten African companies.

The fund commits between €25 million and €40 million per transaction to acquire minority or majority stakes in mid-sized companies. The investment strategy targets Africa’s most diversified economies. Priority countries include Kenya, Côte d’Ivoire, Egypt, Morocco, and the West African sub-region. The fund focuses on growth sectors such as healthcare, manufacturing, business services, financial services, and energy- and infrastructure-related services.

Amethis Fund III follows Amethis Fund I, which launched in 2012 and raised about €275 million at final close. The new fund also succeeds Amethis Fund II, which launched in 2018 and gathered more than 70 investors by its final close in June 2019.

The $472 million fundraising relied on support from major development and public finance institutions. These backers included the European Investment Bank, the International Finance Corporation, Bpifrance, British International Investment, Proparco, KfW DEG, Swedfund, and FinDev Canada.

This article was initially published in French by Chamberline Moko

Adapted in English by Ange Jason Quenum