Ninety One Africa Private Equity Fund 2

Nigeria, South Africa, Botswana, Tanzania, Morocco, Egypt Communications and IT Services, Financial services, Other consumer services, Infrastructure, Education, Manufacturing

Investec Asset Management (IAM) is an international investment manager, specialising in emerging markets. The South African and UK-based firm, founded in 1991, invests across a range of asset classes including public equity, fixed income, currencies, and private equity across the globe.

The Investec Africa Frontier Private Equity Fund 2 (IAPEF 2) specialises in growth capital and buyout investments in mid-sized companies based in Africa, with a focus on sub-Saharan Africa.

The fund focuses on the consumer sector and aims to take significant minority or controlling shareholding in its portfolio companies.

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

Our investment

In 2014, CDC invested $40 million into IAPEF 2, alongside DFIs from across the US, Europe, and Africa. IAPEF 2 has a total fund size of $295 million and looks to make investments of between $15 million to $50 million in portfolio companies.

Expected impact

A lack of long-term private investment has slowed growth in Africa's expanding consumer sector, and entrepreneurs have struggled to grow their businesses and access new market opportunities.

Our investment in IAPEF 2 enables the fund manager to provide patient capital to high-growth firms across a range of consumer sectors. This continues the strategy of its predecessor fund, IAPEF 1, which invested in 10 African countries.

The fund manager will also provide strategic and operational expertise to investee companies, supporting wider economic growth and job creation.

IAPEF 2 has made several investments. These include in wiGroup, Africa’s dominant mobile transaction technology provider; Mobisol, a provider of off-grid solar home systems in Africa; SJL, a North African transport and logistics business; IDM, a South African consumer debt management company; and Kamoso, a Botswana-based consumer products retailer and distributor.

It has also made an additional investment into IHS, Nigeria's mobile telecomms company.

Environmental and social aspects

The fund manager has a well-established approach to 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, Infrastructure, 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:
Investec Asset Management
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

April 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
IHS Holding Limited

IHS is one of the largest telecommunications tower infrastructure providers in Africa. IHS currently owns over 715 towers in Nigeria where it leases space on the towers to Mobile Network Operators (MNO) under 10-15 years contracts.

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Nigeria Africa, West Africa Communications and IT Services June 2015 Active
Intelligent Debt Management (IDM)

Intelligent Debt Management is South Africa's leading and largest consumer debt consellor,offering comprehensive advice and, in conjunction with credit providers, restructures the debt of over-indebted South African consumers.

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South Africa Africa, Southern Africa Financial services July 2015 Active

wi Group is a Cape Town-based provider of a Point of Sale integrated mobile transacting platform. Its suite of software products enables its clients to run integrated mobile-based payment, loyalty, coupon, voucher, reward and gift programmes. It also operates in Nigeria.

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South Africa Africa, Southern Africa Communications and IT Services August 2015 Active
Mobisol GmbH

Mobisol is a clean off-grid energy start-up cpmpany which offers solar home systems generating enough power to light up homes, charge mobile telephones and operate electrical applicances.

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Tanzania Africa, East Africa Infrastructure September 2016 Active
SJL Magreb Morocco Africa, North Africa Manufacturing April 2017 Active
Kamoso Botswana Africa, Southern Africa Other consumer services October 2017 Active
Richfield South Africa Africa, Southern Africa Education October 2018 Active
Spinneys Retail (Egypt)

Spinneys Group is a retailer serving millions of customers everyday through hypermarkets and supermarkets in several countries across North Africa.

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Egypt Africa, North Africa Other consumer services July 2019 Active

We are now British International Investment