British International Investment

Ninety One Africa Private Equity Fund 2

AfricaBotswanaEgyptMoroccoSouth AfricaTanzaniaAfricaCommunications & IT servicesConsumer - EducationConsumer - other servicesFinancial servicesInfrastructureManufacturing

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

Description of the 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

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.

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 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

The fund manager has a well-established approach to environmental and social management and we will continue to support and monitor its approach as the portfolio grows.

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.

    June 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.


    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.

    Communications & IT services, Consumer - Education, Consumer - other services, Financial services, Infrastructure, 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 :
    April 2014
    Amount :
    Currency of investment :
    Fund Manager:
    Ninety One Asset Management

    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
IHS Holding Limited Africa, Nigeria Africa, West Africa Communications & IT services June 2015 Active
Intelligent Debt Management (IDM) South Africa Southern Africa Financial services July 2015 Exited
Kamoso Botswana Southern Africa Consumer - other services October 2017 Exited
Mobisol GmbH Tanzania East Africa Infrastructure September 2016 Active
Richfield South Africa Southern Africa Consumer - Education October 2018 Active
SJL Magreb Morocco North Africa Manufacturing April 2017 Active
Spinneys Retail (Egypt) Egypt North Africa Consumer - other services July 2019 Active
wiGroup South Africa Southern Africa Communications & IT services August 2015 Exited

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