Orange, Saham and FinanceCom are among the contributors to the cross-border venture fund, which was formed by Bpifrance and AfricInvest.
A range of corporates have contributed to French African Fund, a cross-border investment vehicle for France and Africa that was launched on Monday.
French African Fund was formed by France’s public investment bank, Bpifrance, and private equity firm AfricInvest.
The size of the vehicle has not been disclosed but the majority of the capital has been provided by Bpifrance, financial services firm Société Générale, telecom firm Orange and Proparco, the development financial institution part-owned by French development agency AFD.
More than 25% of the capital was supplied by AfricInvest alongside insurance provider Saham, conglomerate FinanceCom, state-owned social security agency Caisse Nationale de Prévoyance Sociale de Côte d’Ivoire, public financial institution Central Bank of Kenya’s Pension Fund and private investors from Kenya and Nigeria.
French African Fund will be managed by AfricInvest, which has a total of approximately €1bn ($1.1bn) under management and operates offices in Paris, Algiers, Abidjan, Casablanca, Lagos, Nairobi and Tunis.
The fund will back small and medium-sized enterprises in France and Africa, with a view to helping them expand to the other region. Half the capital is expected to be allocated to each geographical area.
AfricInvest will also seek to facilitate partnerships with commercial, financial, industrial and technological actors.
– The original version of this article appeared in our sister publication, Global Government Venturing. Photo courtesy of Bpifrance.
