AfricInvest IV


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 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.

Our 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.


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.

Grid Score Contribution
2.0-2.2 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.

To help us direct our investments, we use a tool called the Development Impact Grid. The Grid scores every investment we plan out of a score of four, based on two factors: the difficulty of investing in the country and whether investment in that sector will lead to jobs.

  • Financial: 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-add: Alongside other DFIs invested in the fund, British International Investment 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: British International Investment can help mobilise through signalling effect, helping reach target fund size.
  • Alignment: 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: 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 aspects

We are working closely with the fund manager to improve its existing environmental and social management system (ESMS), including delivering an action plan.

Key facts


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

Investment type

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

Intermediated investment
Fund manager:

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
Fidelity Bank

Fidelity Bank is one of the leading banks in Ghana, with a network of 45 branches and more than 1500 employees.

View investment details

Ghana Africa, West Africa Financial services October 2020 Active

We are now British International Investment