Atlantic Coast Regional Fund

Mauritania, Senegal, Nigeria, Ghana Others, Financial services, Health, Construction and real estate, Food and agriculture, Manufacturing

Advanced Finance and Investment Group (AFIG) is an investment manager that specialises in buyouts, growth investments, and expansion capital in mid-market companies in Central and West Africa.

The Senegal-based firm was established in 2005.

The Atlantic Coast Regional Fund (ACRF) is a mid-market fund that focuses on sector-agnostic investments in countries on or near Africa’s Atlantic Coast, from Morocco to Angola.

This investment was made when British International Investment was named CDC Group. It was also was made under a previous strategy. We disclose information on all our current investments, but narrative information on our pre-2012 investments, when we introduced a new strategy, may be limited.

Our investment

In November 2013, CDC committed $18.4 million to a new rights issue in the ACRF, taking its overall commitment to the fund to $33.4 million. The fund targets investments of around $5 million to $15 million.

Expected impact

While many of the fund’s target geographies are experiencing economic growth, many operate in difficult business environments.

Mid-market companies in these regions are still struggling to raise external finance. Local banks are often under-capitalised and under-skilled, and funding from foreign banks and capital markets is largely unavailable.

Our investment enables the fund manager to address this shortage and target companies in need of expansion capital.

It focuses on businesses that are well positioned for local or regional growth in the agricultural, financial services, light manufacturing and logistics sectors, supporting wider economic growth and job creation.

The fund has invested in a Ghanaian real estate development firm, a bus assembly firm, a mine drilling services company and three subsidiaries of pan-African bank Ecobank.

Environmental and social aspects

We worked closely with the fund manager to develop and implement a robust Environmental and Social Management System (ESMS)

Key facts


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

Africa, West Africa

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.

Construction and real estate, Financial services, Food and agriculture, Health, Manufacturing, Others
Investment type

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

Intermediated investment
Fund manager:
Advanced Finance and Investment Group
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

August 2008

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
RMG Concept Limited

RMG Concept Limited is a leading manufacturer and distributor of crop protection products. It mainly targets the West and Central Africa cocoa sector.

View investment details

Africa Food and agriculture April 2011 Active
Nigerian-German Chemicals Plc

Nigerian-German Chemicals PLC is one of West Africa's leading manufacturers and distributors of speciality industrial chemicals and pharmaceuticals. It serves a number of key sectors including healthcare, agrochemicals, household consumer products and veterinary/animal healthcare.

View investment details

Nigeria Africa, West Africa Health December 2014 Active
Primrose Properties Ghana

Primrose Properties Ghana is a real estate development company with core competence in the construction of high quality residential and commercial developments.

View investment details

Ghana Africa, West Africa Construction and real estate April 2015 Active
FSDH Merchant Bank Ltd

FSDH Merchant Bank is a leading licensed merchant bank in Nigeria with subsidiaries in asset management, pension funds management and securities trading.

View investment details

Nigeria Africa, West Africa Financial services November 2016 Active

We are now British International Investment