AfricInvest III

Egypt, Nigeria, Ghana, Cote d'Ivoire, Tunisia, Kenya Other consumer services, Financial services, Manufacturing, Food and agriculture, Education, Communications and IT Services

AfricInvest is an investment and financial services company based in Tunisia. Founded in 1994, it has dedicated investment teams focused on Africa, and employs 70 professionals based in nine offices.  The firm has two dedicated investment platforms for North Africa and sub-Saharan Africa, respectively.

AfricInvest Fund III (AF III) is the firm’s third pan-African fund which focuses on small to medium sized enterprises (SMEs). It was launched in 2014 and reached a fund size of €272.7 million at its final close in December 2016.

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

Our investment

In September 2014, British International Investment committed €25 million to AF III, alongside the IFC, and other European DFIs including Germany's DEG, Finland's FinnFund, France's Proparco and Sweden's Swedfund. Our capital supported investments in SMEs across a variety of sectors that demonstrated significant potential to grow from a local presence to a regional level.  Individual investment sizes ranged between $5 million to $15 million.

Expected impact

Many SMEs in the target regions across Africa struggle to access the finance and strategic expertise they need to expand. 

Our investment enabled the fund manager to support the development of SMEs in key sectors such as manufacturing, agribusiness, education, pharmaceuticals and financial services.

Environmental and social aspects

The fund manager has a well-established approach to environmental and social (E&S) management and we will continue to support and monitor its approach as the portfolio grows.

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.


We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

Communications and IT Services, Education, Financial services, Food and agriculture, Manufacturing, Other consumer services
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Intermediated investment
Fund manager:
Start date

For direct investments, this is the date British International Investment committed capital to the business or project.

For funds, this is the date that British International Investment committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

September 2014

For direct investments, this is the total amount that British International Investment has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that British International Investment has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.


Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Elephant Group Ltd

Elephant Group Ltd was incorporated in 1999 and is one of the leading importers of agro-commodities in Nigeria. It imports, markets and distributes rice and fertiliser in Nigeria and is amongst the top five players in the industry.

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Nigeria Africa, West Africa Food and agriculture September 2015 Active
Salvador Caetano Group

Salvador Caetano Auto Africa is a leading auto retailer with established operations in Angola and Cape Verde, with plans to expand into East Africa and Francophone West Africa.

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Africa Other consumer services November 2015 Active
One Tech Holding Group

OneTech Group is a Tunisia-based export oriented group operating in cabling, mechatronics manufacturing and ICT distribution and implementation.

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Tunisia Africa, North Africa Manufacturing December 2015 Active
Silafrica Plastics and Packaging Intl. Ltd

Silafrica Plastics and Packaging Intl. Ltd is a major manufacturer of plastics products and packings with established operations in Tanzania, Kenya and Ethiopia. It produces crates, containers, jerry cans and water storage tanks.

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Africa Manufacturing March 2016 Active
International Community Schools

The International Community School is located in Kumasi (Ghana) and was established in 2002. It currently has over 1,200 students enrolled from pre-school to senior high school on a 20 acre campus. It follows the British system of edudcation and offers the IGSCE and A level programmes at high school level.

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Ghana Africa, West Africa Education December 2016 Active
Azalai Hotels

Azalai Hotels is a regional hotel group operating in four countries: Mali, Burkina Faso, Guinea-Bissau and Benin. The group owns six hotels with 3-5 star standards.

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Africa, West Africa Other consumer services December 2016 Active
Carbon Holdings. Egypt Africa, North Africa Manufacturing January 2018 Active
Britam Holdings Africa Financial services April 2018 Active
Ison BPO Limited Africa Communications and IT Services September 2018 Active
Les Centaure Routiers Cote d'Ivoire Africa, West Africa Manufacturing November 2018 Active
Prime Bank Kenya Africa, East Africa Financial services December 2018 Active

We are now British International Investment