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Home Finance

African Rivers Fund III reaches hard cap at US$85m

Africa Global Funds by Africa Global Funds
April 19, 2022
in Africa, Finance
Reading Time: 2 mins read
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IMF, World Bank say Africa to get US$57B from official creditors in 2020
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XSML, a fund manager active in Central & East Africa, has reached the hard cap for its African Rivers Fund III (ARF III) at $85m.

Barthout van Slingelandt, Managing Partner at XSML, said: “We have welcomed four new investors in our third fund and are excited that Swedfund, one of those new investors, increased its commitment in the first quarter of 2022, leading us to reach our hard cap.”

The top up by Swedfund adds to investments already made by FISEA, managed by Proparco (the French development institution) DALHAP (private impact investor) and Norfund (the Norwegian development fund).

Also read: New guidelines for scaling up investments for youth in agrifood in Africa

“We see Swedfund’s top-up as a testimony of trust in our model, as we start to provide liquidity to our investors in ARF III in the coming quarters – very similar to what we have done with our predecessor funds. Through our local offices, including Luanda, Angola, which is on the verge of opening in Q2, 2022, we continue to invest in local, private businesses to support economic growth and to create jobs,” said van Slingelandt.

The first close investors include BIO (Belgium Investment Company for Developing Countries), the Dutch Good Growth Fund (DGGF, managed by Triple Jump), FMO (the Dutch development bank), IFC (a member of the World Bank Group), Swedfund (Swedish development bank) and the SDG Frontier Fund (which includes nine private and institutional investors from Belgium). Most investors in Fund III have invested in XSML’s earlier funds, but DALHAP, Norfund, Swedfund and SDG Frontier Fund are new investors, demonstrating commitment and support for investing in these frontier markets.

Also read: Foreign investment – protecting African startups

ARF III targets growing, well-managed small and medium-sized enterprises (SMEs) in the Central African region covering Angola, the Democratic Republic of Congo (DRC), Uganda and the Republic of Congo and surrounding countries.

The Fund provides debt, equity and mezzanine finance to fast-growing companies in these regions with investments between $100,000 and $7.5m.

Van Slingelandt said: “We have been in full swing in the last 17 months to deploy capital and by the first quarter of this year, have committed over 55% of ARF III capital in 23 businesses.”

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Source: Africa Global Funds
Tags: africaAfrican Rivers Fund IIIAfrican Rivers Fund III reaches hard cap at US$85mAngolaARF IIIBarthout van SlingelandtDGGFDutch development bankDutch Good Growth FundFinanceFISEAFMOFrench development institutionLuandaNorfundNorwegian development fundProparcoSDG Frontier FundSwedfundtriple jumpvan Slingelandtафрикаأفريقياアフリカ非洲
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Africa Global Funds

Africa Global Funds

Africa Global Funds (AGF) provides complete coverage and analysis of the biggest players in African investment space. Drawing on an intense dialogue with a constantly expanding group of key decision-makers in the industry, we cover traditional and alternative asset classes of African asset management. From this dialogue we work hard to produce a compelling blend of hard news, incisive commentary, detailed sector and regional reports, exclusive interviews and proprietary data.

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