Investisseurs & Partenaires, the Africa-focused private equity impact investor, announced that is has realized two exits from its first fund, I&P Développement I, which closed at €11 million in 2002. Terms for both transactions were not disclosed.
In the first exit, I&P is selling its stake in Duopharm, a Senegalese pharmaceutical distributor to approximately 150 pharmacies, all of whom were instrumental in launching the company in 2003. According to I&P’s website, the impact investor took owned a 24% stake in the company, which it first invested in in 2010.
For its second exit, I&P Développement is selling its 30% stake in CDS, a Mauritanian water and energy provider to rural and other underserved communities in the country. The stake is being acquired by Engie Rassembleurs d’Energie and Monaco-based impact fund SADEV.
To date, I&P Développement I has backed 33 companies, of which 20 investments have already been realized. The firm expects to have exited all the fund’s assets by 2019.