Our investment
Description of the investment.
Description of the investment.
We invested in the Ninety One Africa Credit Opportunities Fund 3 to mobilise commercial investors into African credit markets private credit and direct growth capital to real economy sectors in Africa.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
| Impact |
|---|
Improved economic opportunities as well as access to goods and services through increased access to credit and improved capital market development (SDG 8.1, 9.3) |
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How?
| Primary | Secondary |
|---|---|
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Catalysing markets: Our commitment to this fund is part of a broader strategy to demonstrate the commercial viability of the private credit asset class in Africa. Signposts of success include raising commercial capital, above market benchmark financial returns at the fund level, and successor fund(s) raised, with a higher percentage of commercial investors in such successor funds. |
Direct: Provision of growth capital in the form of senior debt ($10-25 million) to support up to c.40 businesses as they scale. Priority sectors include infrastructure and telecoms, banks and financial institutions, and consumer, industries and services. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Firm owners, employees, suppliers, and customers |
Pan-Africa |
Variable given deployment across countries and sectors |
How much?
| Scale | Depth/Duration |
|---|---|
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Contribution/additionality
| Contribution/additionality |
|---|
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Financial: Capital is not offered in sufficient quantity. Our capital will help the fund reach its target size; at the fund’s borrower level, capital is not available in sufficient quantity nor on the same terms. |
Risk
External RiskRelates to risk that, despite being commercially successful, the fund does not become a model that is replicated by others in the market, because of investor appetite for these markets. Execution RiskRelates to the risk that the fund will not reach target fund size or deploy as planned, which would adversely affect the direct and catalytic impact. |
Impact score
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Impact score (at point of investment)
The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. The Impact Score shown is based on the 2022-2026 Impact Score methodology. You can find out more here. The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party. |
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7 |
Environmental and social information
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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.
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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
The Investment is categorised as Medium-High E&S risk. We agreed an ESAP with the fund manager which required enhancements to its ESMS, particularly updating its exclusion list to mirror BII's, integration of GBVH, and distinguishing its approach when investing in primary loans. The fund manager is also required to develop an external grievance mechanism aligned with IFC Performance Standards 1.
Environmental and social risk
Medium-High
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]
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Key facts
- First published
:
When the investment was first published on the website database.
- March 2025
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2026
- Project number
:
An identifier number shared by investments in the same project.
- D6250
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
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, Global
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- Africa
- Sector
:
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.
- Business and consumer services, Financial services, Food and agriculture, Health, Infrastructure, Technology and telecoms
- Investment policy :
- Growth
- Investment type :
- Fund
- Start date :
- November 2024
- Amount :
- $30m
- Currency of investment :
- USD
- Fund manager:
- Ninety One Luxembourg S.A
- Domicile
:
The company or investment fund’s place of incorporation.
- Luxembourg
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.
Type of investment portfolio that each investment is made under. Since 2014, we have run two investment portfolios: Catalyst and Growth. In addition, our Kinetic Portfolio enables us to manage concessional investment strategies.
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.
- First published
Investments made by this fund into companies:
For further information about these companies, visit https://www.investec.com/en_gb.html
| Investment name | Country | Region | Sector | Fossil Fuel or Renewable Exposure | Start date | Status |
|---|---|---|---|---|---|---|
| ACIA Aero Leasing | South Africa | Southern Africa | Business and consumer services | June 2025 | Active | |
| Aéroport International Blaise Diagne SA | Senegal | West Africa | Business and consumer services | June 2025 | Active | |
| Africell Holding Ltd | Gambia | West Africa | Technology and telecoms | March 2025 | Active | |
| Asa International | Kenya, Uganda | East Africa | Financial services | September 2025 | Active | |
| Avista | Colombia | Rest of the World | Financial services | June 2025 | Active | |
| Axian Telecom | Africa, Comoros, Madagascar, Senegal, Tanzania, Togo, Uganda | Africa, East Africa, West Africa | Technology and telecoms | September 2025 | Active | |
| Banorte | Mexico | Rest of the World | Financial services | December 2025 | Active | |
| Bayfront | India | South Asia | Infrastructure | June 2025 | Exited | |
| Camusat Holding S.A.S | Botswana, Senegal | Southern Africa, West Africa | Technology and telecoms | June 2025 | Active | |
| Emergent Cold Latam | Mexico | Rest of the World | Business and consumer services | December 2025 | Active | |
| Equity Bank (Kenya) Ltd. | Kenya | East Africa | Financial services | June 2025 | Active | |
| Flamingo Group International Ltd | Kenya | East Africa | Food and agriculture | September 2025 | Active | |
| Flo Networks | Mexico | Rest of the World | Technology and telecoms | June 2025 | Active | |
| Greenko Group Plc | India | South Asia | Infrastructure | June 2025 | Exited | |
| Helios Towers PLC | Democratic Republic of Congo, Ghana, Madagascar, Malawi, Oman, Republic of Congo, Senegal, South Africa, Tanzania | Central Africa, East Africa, Southern Africa, West Africa, Western Asia | Technology and telecoms | March 2025 | Active | |
| IHS Holding Limited | Africa, Nigeria | Africa, West Africa | Technology and telecoms | March 2025 | Active | |
| Izmir and Kocaeli City Hospitals | Turkey | Rest of the World | Health | June 2025 | Active | |
| Liquid Telecommunications Jersey Limited | Kenya, Mauritius, Rwanda, South Africa, United Kingdom, Zambia, Zimbabwe | East Africa, Southern Africa, Western Europe | Technology and telecoms | March 2025 | Active | |
| Paratus | Angola, Botswana, Democratic Republic of Congo, Mozambique, Namibia, South Africa, Zambia | Central Africa, East Africa, Southern Africa | Technology and telecoms | September 2025 | Active | |
| Platcorp Holdings Ltd | Kenya, Tanzania, Uganda | East Africa | Financial services | March 2025 | Exited | |
| Standard Bank of South Africa Ltd. | South Africa | Southern Africa | Financial services | September 2025 | Active | |
| Telekom Srbija | Serbia | Rest of the World | Technology and telecoms | June 2025 | Active | |
| Tsebo Outsourcing Group | South Africa | Southern Africa | Business and consumer services | December 2025 | Active | |
| Varsity Scholastic Asia Holdings II | Vietnam | Rest of the World | Health | June 2025 | Active | |
| Zara UK Midco | Kenya | East Africa | Food and agriculture | December 2025 | Active |
