Oasis Africa Fund, which is looking to raise $50 million to invest in SMEs in Ghana and Côte d’Ivoire, could be in line to receive a commitment of $7 million from the IFC. According to the Summary of Investment Information published on the development finance institution’s website, the IFC’s Board of directors will review the potential commitment in early June. The fund anticipates holding a $20 million first close in the same month.
Oasis Africa Fund is the second fund for Oasis Capital Ghana, the growth and venture capital fund founded by Matthew Adjei in 2009. The firm looks to invest between $500,000 and $5 million in firms with less than $10 million in revenue who have the potential to scale and become a top quartile business in their sector. Oasis’s debut fund, the $13 million Ebankese Fund which closed in March 2012 is now fully invested having backed firms across a number of sectors in Ghana, including education, financial services and healthcare.
In addition to the commitment, the IFC will provide Oasis Capital with advisory services to help their expansion into Côte d’Ivoire, support deal structuring, portfolio company value enhancement and measurement and regulatory requirements in both Ghana and Côte d’Ivoire.