Details of the launch of a new Africa-focused credit fund emerged last week with the news that the Fund for Export Development Africa (FEDA), Afreximbank‘s impact-oriented investment vehicle, and Gateway Partners are teaming up to launch a new credit fund for the continent. The joint venture, which signals a shift from Afreximbank’s traditional trade finance focus to add another investment asset class, is the first partnership between an African development finance institution and an alternative investment manager.
The targeted size for the Africa Credit Opportunities Fund (ACOF) had not been disclosed as we went to press. According to Afreximbank’s CEO, Benedict Oramah, the institution will be making a significant investment in the new fund and will work to catalyze additional capital from other DFIs and institutional investors, both in Africa and overseas.
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