British International Investment

Africa Capitalworks

AfricaNigeriaWest AfricaEast AfricaWest AfricaCommunications & IT servicesFood & AgricultureManufacturing

Permanent capital vehicle investing in mid-market companies across SSA

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

In August 2017, CDC invested $40 million into ACW. The permanent capital vehicle has many of the features of a traditional fund, but with the flexibility to offer longer term capital to investee companies.

We are a cornerstone investor alongside South Africa’s Public Investment Corporation (PIC).

The fund manager aims to raise $300 million that will provide permanent equity capital to support the growth of mid-market companies across sub-Saharan Africa.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

Many mid-sized African businesses struggle to raise the long-term capital they need to grow into the type of national and regional champions that bring growth and jobs.

Our investment in ACW demonstrates a commitment to find new ways to meet the different financing needs of the African businesses that can create jobs and deliver long-term growth.

CapitalWorks Group has considerable experience in successfully growing businesses. These include Cipla Quality Chemicals, a pharmaceutical manufacturing company in Uganda, and Rhodes Food Group in South Africa.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

We will work with the fund managers to develop and implement an ESMS for this first-time fund.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    :
    January 2024
    Project number

    An identifier number shared by investments in the same project.

    :
    D1835
    Status

    The current status of the investment (green flag for active and red flag for exited).

    :
    Active
    Region

    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    :
    East Africa, West Africa
    Country

    The countries from which we derive the value of our investment. Where value is derived from multiple countries, this is indicated.

    :
    Africa, Nigeria, West Africa
    Sector

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    :
    Communications & IT services, Food & Agriculture, Manufacturing

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Fund
    Start date :
    August 2017
    Amount :
    $40m
    Currency of investment :
    USD
    Fund Manager:
    Africa Capitalworks Management
    Domicile

    The company or investment fund’s place of incorporation.

    :
    Mauritius

Investments made by this fund into companies:

For further information about these companies, visit http://www.capitalworksip.com/index_web.html

Investment name Country Region Sector Start date Status
Dorman Long Engineering Limited (DLE) Nigeria West Africa Manufacturing September 2021 Active
Gaselia Industries Group Cote d'Ivoire, Guinea, Mali, Senegal, West Africa Africa, West Africa Food & Agriculture December 2019 Active
Wingu Africa Group Ltd Africa Africa Communications & IT services December 2020 Active

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