The Swiss Investment Fund for Emerging Markets (SIFEM) has become the latest European DFI to disclose its share of the $113 million first close earlier this month held by Uhuru Investment Partners for the firm’s first private equity fund. The development finance institution is investing $10 million to the fund, joining CDC, European Investment Bank, DEG, and Finnfund as well as Africagrow and Kuramo Capital in making commitments to Uhuru Growth Fund I.
The fund is aiming to raise $200 million in total, making it a very significant investment vehicle in its preferred target investment markets of Nigeria, Ghana, and Côte d’Ivoire which suffer from a dearth of capital. The fund’s strategy is to invest approximately $5 million in each of its deals, which are expected to primarily be in consumer-facing and financial services businesses. The goal is to help build these businesses into regional champions through a mix of capital investment and strategic operational advice, improving their corporate governance, and implementing best-practice processes and procedures.
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