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AfricInvest has announced the final close of its AfricInvest Fund IV with total commitments of $411 million.

Launched two years ago with a hard cap of $400 million, AfricInvest IV (AF IV) received investment from new and returning institutional investors, development finance institutions and family offices from around the world. The Fund is the largest in AfricInvest’s history and follows on from the previous flagship fund, AfricInvest III, which closed in 2016, reaching a fund size of €272 million ($300 million).

AF IV aims to invest in mature and profitable African mid-cap companies across diverse sectors to accelerate their regional growth and deliver attractive risk-adjusted returns. The Fund also supports inclusive and sustainable development, having committed to the 2X Challenge criteria in support of women’s economic empowerment.

Since its inception, AfricInvest IV has made three investments, the first being the acquisition of a minority stake in Fidelity Bank Ghana in mid-2020. The second, in 2021, was an investment in a merger of Compagnie Marocaine de Goutte à Goutte et de Pompage’s (CMGP) with Comptoir Agricole du Souss (CAS), creating CMGP-CAS, one of Africa’s leading irrigation and agribusiness companies.

The most recent investment, in April 2022, saw the Fund, alongside the International Finance Corporation, to acquire a 36% stake in Kenya-based AutoXpress, the largest importer, distributor and retailer of tyres, auto-parts and accessories in East Africa.