Source: Private Equity Hub.
Original news wire available here.
LUXEMBOURG, August 12 – Advans SA SICAR, a Luxembourg-based venture capital (VC) firm that focuses on greenfield microfinance institutions in Africa and Asia, has raised USD 10.5 million (EUR 7 million) in capital commitments from CDC Group.
CDC Group plc (CDC), the UK Government-backed private equity emerging markets fund of funds investor today announces that it has committed USD 10.5 million (EUR 7 million) to the Advans SA SICAR (Advans). Advans is a regulated specialised venture capital company, which invests mainly in greenfield microfinance institutions (MFIs) in Africa and Asia.
CDC signed a subscription agreement by which it committed to invest equity in Advans for an amount of USD 4.5 million (EUR 3 million) to be executed immediately. CDC will also commit an additional USD 6 million (EUR 4 million) in Advans in anticipation of the second round of fundraising to be organised by Advans in early 2009.
CDC’s investment will support Advans in extending its network of MFIs mainly in Asia and Africa.
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