The European Investment Bank announced a 25.0 million euro investment in the Amethis Fund II, the second pan-African investment vehicle of the Amethis, an investment fund manager dedicated to long-term responsible investments in Africa.
Amethis Fund II follows the same investment strategy as Amethis Fund I by providing growth capital to African mid-cap champions, through investments with an average ticket size of EUR 10.0 million-EUR 30.0 million or more through co-investment.
Other investors in the fund include the International Finance Corporation (IFC) and Proparco, and Bpifrance, the French public investment bank.
In February 2019, Amethis announced an intermediary closing of its Fund II at EUR 305.0 million. The additional funding brings the total raised amount to EUR 330.0 million.
Amethis, manages two other funds, Amethis Fund I (Pan-African focus, EUR 250.0 million), part of which is invested in Kenya’s Kenfric, a fast moving consumer goods (FMCG) manufacturer and distributor with a strong focus on confectionary, and Amethis Maghreb Fund I (North African focus, EUR 75.0 mn) and advises Amethis West Africa (West African focus, EUR 45.0 mn).
Amethis Fund II aims for geographic and sector diversification, targeting sectors delivering goods and services to the middle class of African consumers: industry, distribution, consumer goods, financial services, telecommunications, health, and education.
Amethis Fund II focuses on countries that have an economic growth driven by their strong domestic demand and that are resistant to global headwinds.
The continued capital-raising initiatives signify the increasing investor interest in the region, with investors looking to tap into the opportunities in the fast-growing private equity industry.