The International Finance Corporation is considering a $15 million commitment to Advanced Finance and Investment Group’s second private equity fund which will target opportunities in East, Central and West Africa. Atlantic Coast Regional Fund II or AFIG Fund II, which is ultimately aiming to raise $300 million, will invest expansion capital in established, successful companies who are looking for growth capital.
Should this commitment be approved by the IFC’s Board when it meets on April 28th to review the proposed investment, the IFC would be investing the same amount of equity capital as it did for AFIG’s first fund in 2008. The Atlantic Coast Regional Fund, which is now fully invested, raised a total of $150 million with a number of other DFIs including CDC, the European Investment Bank and FinnFund being among the fund’s investors.
In July last year, the AFIG Fund II secured a $45 million commitment from the African Development Bank on the strength of the performance of AFIG’s first fund in terms of financial and developmental returns. At the time, AFIG reported it had a pipeline of $400 million in potential investments for its second fund.
Advanced Finance and Investment Group was established in Mauritius in 2005, and has offices in Dakar, Johannesburg and Washington, DC.