Release date: 2 August 2018
Promoter – Financial Intermediary
TUNINVEST FINANCE GROUP SALocation
Description
The project consists of an equity participation in a EUR 120m venture capital fund focusing on innovative high-growth African small and medium-sized enterprises (SMEs), active in various sectors.
Objectives
The proposed operation concerns a participation in the AfricInvest Growth Venture Capital Fund, a closed-end venture capital fund with a target size of EUR 120m. The fund will be set up to make privately-negotiated equity and quasi-equity investments to support growing innovative companies in Africa with a predominant focus on Sub-Saharan Africa. The Fund will pursue a pan-African, multi-sector strategy, investing and developing post-revenue innovative ventures that are scaling their activities and international ventures that are developing in Africa. The fund manager will seek to create value through a hands-on monitoring approach. The team will be driving value creation within investee companies and enhancing enterprise skills, fostering the adoption of innovation through the use of technology and implementing good governance as well as best practices as per environmental and social standards.
Sector(s)
- Services - Financial and insurance activities
Proposed EIB finance (Approximate amount)
EUR 15 million
Total cost (Approximate amount)
EUR 120 million
Environmental aspects
The fund's operational guidelines provide for environmental and social due diligence of investee companies according to guidelines acceptable to the Bank.
Procurement
Not Applicable
Status
Under appraisal - 6/07/2018
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).