Advanced Finance and Investment Group, or AFIG Funds, has received a commitment from the African Development Bank of up to $45 million for Atlantic Coast Regional Fund II (AFIG Fund-II), its 10-year, $300 million multi-sector private equity fund. The commitment comes after an analysis of the performance and development impact of the AFIG’s predecessor fund, AFIG Fund-1, now fully invested, in which AfDB invested $25 million.
“The Bank’s notable support and lead role in the fundraising follows the exceptional initial and projected results that the Fund has managed to achieve in difficult markets. It has created a niche in strategic mid-capital industries and geographic segments where many other private equity funds are less visible,” AfDB Vice-President of Infrastructure, Private Sector and Regional Integration, Solomon Asamoah, said.
AFIG Fund-II, which will focus on opportunities in West, Central and East Africa, has a strong deal pipeline with over $400 million in potential investments.