While South Africa, Kenya and Nigeria have recently emerged as key hubs for impact investors, finance is limited for SMEs operating outside of these countries. Investing in frontier markets is critical to building a vibrant private sector in underserved regions of Africa.


Ethiopia growth and transformation fund

Established in 2012, the Ethiopia Growth and Transformation Fund (EGTF) is the first ever private equity fund devoted to Ethiopia, investing in small-and-medium sized businesses, within the manufacturing and services sectors. Since the launch of the Fund, several new private equity firms have entered the Ethiopian market.

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I&P AFrique 1 & 2

I&P Afrique is an impact-oriented venture capital fund targeting high potential SMEs and microfinance institutions in Francophone West Africa. Supported by a network of regional field offices, I&P Afrique provides in-depth management support and technical
assistance to strengthen local management teams.

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African rivers fund

African Rivers Fund (ARF) is an investment fund investing in small and medium-sized enterprises (SMEs) in the Central African region. Countries covered are Burundi, Central African Republic, Democratic Republic of Congo, Republic of Congo and Uganda. The Fund aims to achieve sustainable economic development by (i) encouraging entrepreneurship in these fast growing markets and (ii) creating a local manufacturing, services and agricultural base to provide Central African economies with locally produced goods and services.

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Central african sme fund

The Central Africa SME Fund (CASF) is an investment fund investing in small and medium-sized enterprises (SMEs) in the Democratic Republic Congo (DRC) and the Central African Republic (CAR). The Fund is based on the belief that encouraging entrepreneurship in growing markets as DRC and CAR will lead to achieving sustainable economic development.

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Fanisi Fund

Fanisi Venture Capital Fund S.C.A., SICAV-SIF is a US50M fund which makes direct investments in businesses with potential for substantial growth. Fanisi Capital was founded in 2009 by the Norwegian Investment Fund for Developing Countries (Norfund) and Amani Capital Limited. The Fund focuses on a segment of the market that has to date been outside the ambit of most venture capital funds in the East African market (Kenya, Tanzania, Rwanda and Uganda). 

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Over the next 10 years, Nomou seeks to invest in and support 600 start-ups as well as existing SMEs which will create more than 15,000 sustainable jobs, and improve an estimated 195,000 livelihoods in the Middle East and Northern Africa region.


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INjaro investments

Injaro investment activities advance the social objectives of alleviating poverty and revitalizing distressed regions in West Africa. Injaro makes investments in debt, quasi-equity, and equity in small-and medium-sized enterprises along the agricultural value chain in West Africa.