African Women Impact Fund launches with $60mln

A new gender-inclusive fund-of-funds was announced at a conference in New York during last week’s United Nations General Assembly. The African Women Impact Fund (or AWIF) will invest in women-owned or led fund managers who invest in either public or private sector businesses in high-impact, sustainable, and gender-inclusive sectors on the continent. The initiative, which is led by the Economic Commission for Africa and Standard Bank, is also supported by the Arab Bank for Economic Development in Africa (BADEA), the Motor Industry Retirement Funds (MIRF) and Copartes Pension Fund, and the African Union Commission (AUC).

BADEA is committing $15 million to the fund while MIRF and Copartes Pension Fund are transferring $45 million worth of assets they have already built by developing startup women fund managers under the African Women Impact Fund’s umbrella. The $60 million represents the first step to AWIF’s ambitious goal of investing $1 billion in women fund managers over the next decade.

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