AFRICA – Amethis Fund III, a pan-African fund dedicated to providing private equity growth capital to medium-sized companies across the continent, has secured €25 million (US$27.1m) from the European Investment Bank (EIB Global).
Amethis Fund III will target companies serving low- and middle-income populations in healthcare, business, manufacturing, distribution, non-banking financial, and infrastructure-related services.
The fund’s strategy aligns with the EIB’s investment objectives, emphasizing gender equality, sustainable employment, and climate considerations.
Vice President Thomas Ostros of the EIB emphasized the importance of providing African enterprises with patient equity capital to facilitate sustainable growth.
He highlighted the pivotal role of private equity funds in driving economic development, bringing external funding, knowledge, and technical expertise to local companies.
Managing Partners Luc Rigouzzo and Laurent Demey appreciated the EIB’s support, reaffirming their commitment to promoting regional integration and sustainable economic growth in Africa.
With a proven track record of supporting over 30 African companies and directly employing more than 40,000 people, Amethis aims to contribute to developing a robust economic fabric and address key sustainable development goals on the continent.
This significant investment underscores the EIB’s commitment to fostering economic development in Africa and supporting the EU’s Global Gateway strategy.
The EIB’s investment in Amethis Fund III reflects its broader commitment to supporting equity funds focused on Africa, with nearly €3 billion (US$32.5m) invested in such funds.
By adhering to best market practices regarding environmental, social, and governance (ESG) criteria, the EIB aims to maximize the impact of its investments and attract additional investors to the region.
With a strong presence in key African capitals, Amethis is well-positioned to identify new opportunities and support companies in their expansion phases, fostering value creation and positive impact across the continent.
In July last year, the International Finance Corporation (IFC) invested in the Amethis Fund III’s first closure to aid in growing medium-sized businesses in Africa across various sectors.
IFC invested €40 million (US$43.3m) in the fund as equity. The initiative also contains a co-investment envelope of up to €30 million (US$32.5m) to allow IFC to co-invest alongside the Fund in particular businesses.
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