British International Investment

Cepheus Growth Capital Fund L.P.

EthiopiaAfricaEast AfricaConsumer - other servicesManufacturing

The Cepheus Growth Capital Fund I (CGCF) is the first fund raised by the fund manager, and will focus on high-growth firms in the manufacturing, consumer services, agriculture and agri-processing sectors.

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

Our investment

Description of the investment.

In late 2017, CDC made a $15 million commitment to the first close of CGCF, alongside the European Investment Bank, which committed $15 million, and Norfund.

The fund is the first in Ethiopia to attract a significant amount of local investment.  The fund is looking to raise a total of $100 million and will target investments in the $5 million to $15 million range.

Our investment will provide much-needed capital to support the growth of Ethiopia's SMEs and the development of the country’s nascent private equity industry.

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.

In 2015, Ethiopia was the fastest growing economy in Africa and the government has ambitious goals to transform it into a middle-income country by 2025. W

ith a population of almost 100 million, 60 per cent of whom are under 25, significant energy resources and low-cost labour, it has the makings of a healthy private sector. 

However, many of the fast-growing SMEs in Ethiopia are family-owned businesses that lack the expansion capital to develop to their full long-term potential. 

As well as providing finance, the fund manager will support these businesses in enhancing their management teams, operations and corporate governance to enable them to scale-up and compete with international counterparts. This, in turn, will support job creation – direct and indirect – and contribute to the country’s wider economic growth.

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 closely with the fund manager 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.

    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, East 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.

    Consumer - other services, 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 :
    Start date :
    November 2017
    Amount :
    Currency of investment :
    Fund Manager:
    Cepheus Growth Capital Partners

    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
East Africa Lion Brands Manufacturing S.C. Ethiopia East Africa Manufacturing April 2020 Active
JP Textile PLC Ethiopia East Africa Manufacturing January 2021 Active
Komari GmbH & Co. KG Ethiopia East Africa Consumer - other services December 2022 Active
Tabor Ceramics Products S.C. Ethiopia East Africa Consumer - other services November 2019 Active
Tinaw General S.C Ethiopia East Africa Consumer - other services June 2023 Active

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