AfricInvest-TunInvest Group, a Tunisia-based private equity firm, recently announced the closing of a third round of capital-raising for its AfricInvest Financial Sector Fund, a vehicle that invests in financial institutions that lend to small and medium-sized enterprises (SMEs) in North and Sub-Saharan Africa. The new capital infusion totals EUR 29.6 million (USD 40.7 million) including commitments of unspecified size from the German development bank Kreditanstalt fur Wiederaufbau (KfW); the Belgian Investment Company for Developing Countries, a Brussels-based public-private development finance company known by its Dutch acronym BIO; Developpement International Desjardins (DID), a nonprofit subsidiary of Canadian cooperative Desjardins; the Adolf H Lundin Charitable Foundation, a Liechtenstein-based nonprofit organization; as well as other unidentified private investors. This third and final close of the fund brings its total committed capital to EUR 60.6 million (USD 83.2 million).
AfricInvest-TunInvest employs 50 people and operates eight offices in Algeria, Ghana, the Ivory Coast, Kenya, Morocco, Nigeria, Togo and Tunisia. As of April 2014, the group reported USD 750 million of assets under management across 13 private equity funds. As of October 2013, KfW reported total assets of EUR 476 billion (USD 653 billion). As of 2012, BIO reports total assets of EUR 610 million (USD 808 million). As of December 31, 2012, the Adolf H Lundin Charitable Foundation reported CHF 13.5 million (USD 14.8 million) in total assets, total investment capital commitments of USD 14.5 million and a grant portfolio of USD 9.1 million.
By A’kos Szebeni, Research Associate
About AfricInvest-TunInvest Group
Founded in 1994, the AfricInvest-TunInvest Group is a Tunisia-based private equity firm that invests growth capital in small and medium-sized enterprises in North and Sub-Saharan Africa. The group employs 50 people and operates eight offices in Algeria, Ghana, the Ivory Coast, Kenya, Morocco, Nigeria, Togo and Tunisia. Since 2004, the company has executed approximately 100 investments in several sectors including energy, hospitality, financial services, and leisure products among others. As of April 2014, the group reported USD 750 million of assets under management across 13 private equity funds.
About Kreditanstalt für Wiederaufbau Entwicklungsbank (KfW)
KfW Entwicklungsbank (KfW) is a state-owned development bank in Germany. KfW has three goals: to reduce poverty, to make globalization “fair” and to conserve natural resources. KfW Entwicklungsbank collaborates with local financial institutions in approximately 60 countries, including microbanks, commercial banks, village savings banks, non-governmental organizations and regional microfinance funds. KfW made new financing commitments of EUR 1.7 billion (USD 2.3 billion) through the first three fiscal quarters of 2013 and as of October 2013, reported total assets of EUR 476 billion (USD 653 billion).
About Belgian Investment Company for Developing Countries (BIO)
The Belgian Investment Company for Developing Countries, also known by the Dutch acronym BIO, was established in 2001 by the Belgian government to promote the creation of a strong private sector in developing countries in an effort to enable them to achieve prosperity through sustainable development. BIO has invested in approximately 90 private sector projects and is present in approximately 60 countries. As of 2012, BIO reports total assets of EUR 610 million (USD 808 million). The Belgian government committed to allocating EUR 105 million (USD 136 million) to BIO in 2011.
About Developpement international Desjardins (DID)
A subsidiary of cooperative institution Desjardins Group, Developpement international Desjardins (DID) is a Canadian corporation that specializes in providing technical support and investment for development finance in emerging economies. As of 2012, DID has operations in 20 nations in Africa, Eurasia, and Latin America and the Caribbean and reports total assets of CAD 29.2 million (USD 30 million), return on assets of 5.5 percent and return on equity of 7.27 percent.
About the Adolf H Lundin Charitable Foundation
The Adolf H Lundin Charitable Foundation is a Liechtenstein-based private organization that was established in 2007 with the goal of allocating grant funding to humanitarian organizations that work to promote health, education and wildlife conservation in Sub-Saharan Africa. In 2010, the foundation changed its lending approach to include investments in small and medium-sized enterprises (SMEs) that operate in the agriculture, energy and financial inclusion sectors. As of December 31, 2012, the foundation reported CHF 13.5 million (USD 14.8 million) in total assets, total investment capital commitments of USD 14.5 million and a grant portfolio of USD 9.1 million.
Sources and Additional Resources
Information provided to MicroCapital by AfricInvest-TunInvest Group, April 2014
MicroCapital, April 7, 2014, “Kenya Women’s Finance Trust (KWFT) Receives $16m in Equity Investments from Incofin’s Rural Impulse Fund II (RIF II), Norwegian Microfinance Initiative (NMI) Fund III, NMI Frontier Fund,” https://www.microcapital.org/microcapital-brief-kenya-womens-finance-trust-kwft-receives-16m-in-equity-investments-from-incofins-rural-impulse-fund-ii-rif-ii-norwegian-microfinance-initiative-nmi-fund-i/
MicroCapital, November 8, 2013, “Developpement International Desjardins (DID) Loans $1m to Microfinance Institution (MFI) Humo & Partners of Tajikistan,” https://www.microcapital.org/microcapital-brief-developpement-international-desjardins-did-loans-1m-to-microfinance-institution-mfi-humo-partners-of-tajikistan/
MicroCapital, July 31, 2013, “German KfW Bank Invests $3.28m in Equity in Invest India Micro Pension Services,” https://www.microcapital.org/microcapital-brief-german-kfw-bank-invests-3-28m-in-equity-in-invest-india-micro-pension-services/
MicroCapital, November 28, 2012, “Belgian Investment Company for Developing Countries (BIO) to Loan $1.5m to Centro de Investigacion y Desarrollo Regional Cidre of Bolivia,” https://www.microcapital.org/microcapital-brief-belgian-investment-company-for-developing-countries-bio-to-loan-1-5m-to-centro-de-investigacion-y-desarrollo-regional-cidre-of-bolivia/
MicroCapital, October 6, 2012, “Belgian Investment Company for Developing Countries (BIO) Disburses Grant to Banco Solidario of Ecuador for Financial Education Complimenting $8m Loan,” https://www.microcapital.org/microcapital-brief-belgian-investment-company-for-developing-countries-bio-disburses-grant-to-banco-solidario-of-ecuador-for-financial-education-complimenting-8m-loan/
MicroCapital, September 13, 2011, “Tuninvest-AfricInvest Announces Close of Maghreb Private Equity Fund III, Investing in Small and Medium-Sized Enterprises (SMEs) in Tunisia, Morocco, Algeria, Libya, Egypt,” https://www.microcapital.org/microcapital-brief-tuninvest-africinvest-announces-close-of-maghreb-private-equity-fund-iii-investing-in-small-and-medium-sized-enterprises-smes-in-tunisia-morocco-algeria-libya-egypt/
MicroCapital Universe Profile: AfricInvest-TunInvest Group, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Tuninvest-Africinvest+Group#AfricInvest-TunInvest_Group
MicroCapital Universe Profile: Kreditanstalt für Wiederaufbau Entwicklungsbank (KfW), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=KfW+Entwicklungsbank+%28KfW%29
MicroCapital Universe Profile: Belgian Investment Company for Developing Countries (BIO), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Belgian+Investment+Company+for+Developing+Countries+%28BIO%29
MicroCapital Universe Profile: Developpement International Desjardins (DID), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Developpement+International+Desjardins+%28DID%29
MicroCapital Universe Profile: Adolf H Lundin Charitable Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Adolf+H+Lundin+Charitable+Foundation
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: Maquita Cushunchic Borrowing $2m from DID Aequitas Fund for Microfinance, Small-enterprise Lending in Ecuador
- MICROCAPITAL BRIEF: Desjardins Lending $1m from Aequitas Impact Fund to ADIGUA to Expand Microfinance Loans in Guatemala
- MICROCAPITAL BRIEF: Aequitas Impact Fund Loans $1.7m to Sipem Banque to Boost Microfinance in Madagascar
- MICROCAPITAL BRIEF: Pro Mujer Borrows $2m from Aequitas Impact Fund to Uplift Women-owned Businesses in Nicaragua
- MICROCAPITAL BRIEF: Belgian Investment Company for Developing Companies (BIO) Names Joris Totté as CEO
