British International Investment

AfricInvest Fund IV

AfricaCote d'IvoireGhanaKenyaMoroccoNigeriaAfricaNorth AfricaWest AfricaCommunications & IT servicesConsumer - other servicesFinancial servicesFood & Agriculture

AfricInvest Fund IV is a generalist pan-African fund aiming to foster the growth of African enterprises across the continent. It will invest in mid-cap and growth-oriented companies in sectors including financial services, agribusiness, logistics, manufacturing, healthcare, and education.

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

Our investment

Description of the investment.

We invested in the fund alongside Finnfund, the Finnish development finance institution, strengthening our long-standing relationships with AfricInvest and anchoring the fund’s first close at $202 million. The commitments were made at a particularly challenging time given the context of COVID and will enable AfricInvest to invest in promising, growth-oriented companies, creating up to 2,500 jobs across the continent.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.



Support and create economic opportunities (SDG 8.5).


Primary Secondary

Direct: Providing primarily growth capital and value add to 8 to 12 mid-cap businesses resulting in business growth, improved productivity and employment creation.

Catalysing markets: Our countercyclical commitment will improve the fund manager’s chances of weathering the COVID-19 crisis and sustaining an important channel for equity investment across some of the largest economies in sub-Saharan Africa (beyond South Africa) post crisis to support businesses to recover. If the fund succeeds at generating returns that are attractive to commercial investors, it can position the fund manager to mobilise additional capital in the medium-long term. Success will be signaled by growth of investees (short term). In the medium term we would expect to see attractive commercial returns and as markets recover from the COVID-19 crisis, the raise of a larger fund with increased commercial investor presence.


Stakeholder Geography Characteristics

Pan Africa – primarily East Africa (c. 45 per cent), but also West Africa (c. 22 per cent), Southern Africa (c. 18 per cent), and North Africa (c. 15 per cent).

Variable. Likely to be low and medium-skilled employees in sectors such as manufacturing and retail, and higher-skilled in financial services and healthcare.

How much?

Scale Depth/Duration
  • Direct impact: Previous funds had an average (median) job creation growth rate of 7 – 8 per cent. If this performance is delivered in Fund IV, we can expect c. 2,500 jobs over the life of the fund.
  • Market impact: A resilient (in the short run) and larger (in the long run) private equity market can support private sector growth and ultimately deliver economic opportunities at scale.
  • Depth: Workforce training is one of the six verticals of Africinvest’s value-add strategy. Previous AFII and AFIII’s investees delivered upskilling and training programmes to c. 1,800 employees each year, which can result in deeper impact. No track record data available on improved incomes of employees.
  • Duration: Direct impact will materialise post COVID-19. It will take five to ten years and repeat success for the catalytic impact to materialise.


  • Financial additionality: As anchor investor, our commitment will help the fund reach a viable fund size at first close. Other investors in this fund are still largely DFIs (approximately 10).
  • Value additionality: Alongside other DFIs invested in the fund, we can help the manager adapt its environmental, social and governance processes as the platform scales-up, sustaining responsible management of investments and reducing negative impact risks. We will also continue to help shaping the platform into a more streamlined and attractive asset for commercial investors.
  • Mobilisation: We can help mobilise through signalling effect, helping reach target fund size

Grid score

Grid Score

To help us direct our investments, we previously used a tool called the Development Impact Grid. It scored investments out of four, based on two factors: the difficulty of investing in a country and the propensity of the sector to generate employment. This tool was used for investments until the end of 2021. Since 2022 it has been replaced by the Impact Score.


Market context: The fund will invest in relatively more sophisticated African private equity markets, yet in the context of significantly reduced supply of capital expected across the board, including for mid and large-cap companies.


Alignment Risk
  • Relates to the probability that, given the expanded geographical mandate into North Africa, the fund will have significant exposure to category ‘C’ and ‘D’ countries. This risk is partially mitigated by country caps set at 35 per cent of committed capital and will be monitored through standard monitoring process.
External Risk
  • Relates to probability that regardless of the fund’s financial performance, commercial investors will remain averse to investing in the African private equity market due to high perceived market risk or macro-economic dynamics. This risk is inherent in supporting these markets and has to be tolerated.

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 are working closely with the fund manager to improve its existing ESMS, including delivering an action plan.

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.

    March 2024
    Project number

    An identifier number shared by investments in the same project.


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


    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.

    Africa, North Africa, West Africa

    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, Consumer - other services, Financial services, Food & Agriculture

    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 :
    Start date :
    June 2020
    Amount :
    Currency of investment :
    Fund Manager:

    The company or investment fund’s place of incorporation.


Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
AutoXpress International Limited Kenya East Africa Consumer - other services April 2022 Active
Banque Atlantique (ABI) Cote d'Ivoire West Africa Financial services March 2023 Active
CMGP – CAS Morocco North Africa Food & Agriculture June 2021 Active
Fidelity Bank Plc Ghana West Africa Financial services October 2020 Active
ISON Infotel Limited Africa, Ghana, Nigeria Africa, West Africa Communications & IT services October 2023 Active
Justrite Nigeria West Africa Consumer - other services December 2022 Active
Netis Holdings Africa Africa Communications & IT services December 2023 Active

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