Adiwalé wraps up fundraising for francophone fund

Image Credit: Picha

Adiwalé Partners wrapped up fundraising for its maiden fund last week, garnering a total of €60 million (or approximately $69 million) in commitments from a mix of development finance institutions and institutional investors. International Finance Corporation became the latest DFI to back the fund, which had already been supported in its first close in October 2019 by African Development Bank, CDC Group, DGGF, and the Banque Ouest Africaine de Développement (or BOAD), as well as Kuramo Capital.

Adiwalé Fund I’s investment strategy is to back small and medium-sized businesses in Francophone West Africa. According to the private equity firm, while countries in the sub-region account for 19% of West Africa’s GDP, SMEs operating within them attract only 7% of the region’s private equity investment capital. Geographically, the fund will prioritize opportunities in Côte d’Ivoire, Senegal, and Mali as well as review potential opportunities in Togo, Benin, and Guinea.

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