Uhuru Growth Fund I-A SCP
The SDG Frontier Fund has invested USD 2.5 M in equity in the Uhuru Growth Fund I, a PE fund focused on the ECOWAS region
Amount
$ 2,500,000.00
Type of investment
Equity
Development impacts
- Local economic growth
- Private sector consolidation/innovation
- Promotion of ESG best practices
- Gender
Beneficiary locations
Investment field
Investment Companies & Funds
Activity
Uhuru Growth Fund I is a first-time private equity fund seeking to invest in high growth companies across the ECOWAS region, with a focus on Nigeria, Ghana, Côte d’Ivoire, and to a lesser extent on Senegal, Mali and Burkina Faso.
The Fund will invest in equity and equity-like instruments in small and medium-sized companies active in high-growth consumer facing sectors (e.g., fast-moving-consumer-goods, retail, healthcare, etc) and the financial sector (e.g., bank, insurance, pension services, financial technology).
Development impacts
-
Local economic growth
The Fund will provide long-term capital to small- and medium-sized companies in West Africa, including possible investments in LDCs and fragile states.
Large employment effects expected with the objective to support at least 3,000 direct jobs and contribute to the creation of 1,000 jobs, while actively promoting high quality jobs, fair wages and skills development.
Focus sectors with strong employment and growth enabling potential (financial services, food manufacturing and healthcare).
Support the growth of businesses into leading companies within their sectors or regional champions.
-
Private sector consolidation/innovation
Hands-on approach to value creation with a strong emphasis on enhancing the operations of portfolio companies, in optimising cost structures and balance sheets, as well as ensuring E&S compliance, improving corporate governance and supporting capacity/skills development.
Cross-border development: Uhuru is well-equipped to support regional expansion, thereby increasing resilience of investees across markets and supporting the regional economic integration.
Import substitution: Uhuru is partnering with companies that rely on local manufacturing and sourcing capacities, thereby bringing new capacity to the region, often replacing imported products with more efficiently locally produced products.
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Promotion of ESG best practices
Uhuru will spend time ensuring that their portfolio company managers understand key ESG principles and are committed to developing effective ESMSs at their respective companies. The Manager will focus on human resources management, improving labour and working conditions, enhancing occupational health and safety, and optimizing the ESG of their supply chain.
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Gender
The fund is 2X eligible as (i) women represent 50% of the staff and the fund has family friendly policies in place and (ii) Uhuru is currently drafting a voluntary an MoU committing to deploy 30 % of its funds in 2X eligible projects.
E&S Impact
Uhuru will update and improve its Sector-Specific Approach for Financial Institutions of the E&S Management System.
Situation at the time of investment
The fund has an Environmental and Social Policy and Management System in place that ensures that E&S risks are assessed and mitigated at all steps of the investment process. It outlines the E&S procedures, tools and responsibilities as well as the external Grievance Mechanism.
Risk Category: B
Other investments by
SDG Frontier Fund
- TIDE Africa II Fund (Equity) $ 2,500,000.00 (2022)
- AfricInvest Financial Inclusion Vehicle (Equity) € 3,200,000.00 (2022)
- Ezdehar Mid-Cap Fund II (Equity) $ 1,700,000.00 (2021)
- Cathay Africinvest Innovation Fund (Equity) € 4,000,000.00 (2021)
- Incofin India Progress Fund (Equity) € 3,500,000.00 (2021)
- Ascent Rift Valley Fund II (Equity) $ 4,000,000.00 (2020)
- African Rivers Fund III (Equity) $ 1,700,000.00 (2020)
- Excelsior Capital Vietnam Partners (Equity) $ 2,200,000.00 (2020)
- South Asia Growth Fund II (Equity) $ 2,200,000.00 (2020)
Read impact and news about this project
News
SDG Frontier Fund Final Closing
29-04-2022
First-of-its-kind Belgian impact fund mobilises additional private resources to support African and Asian SMEs in their growth.
News
Greener money
31-08-2021
Money is getting greener. The superlative in sustainable investing today is "impact investing". A growing global market that is already worth more than $700 billion.
Article originally appeared in MT Magazine in Dutch.
News
Repousser les frontières des investissements durables
15-12-2020
An interview with Luuk Zonneveld, An-Heleen De Greef & Eric Van den Bosch on the SDG Frontier Fund, published in L'Eventail on the 10th of December 2020, written by Cédric Boitte.
This article was published in French.
News
You'll never make the world sustainable with only public money
02-07-2020
Financial return is worth twice as much if it also helps the world move forward. The Belgian government and business world collect 50 million euros for sustainable investments in the African and Asian private sector. "Investing is better than giving," says driving force Alexander De Croo, Minister of Development Cooperation. "You will only see a return on your investment if it has really made a difference."
News
SDG Frontier Fund first closing
02-07-2020
First-of-its-kind Belgian impact fund brings together 9 private investors to support sustainable economic growth in African and Asian frontier markets.
View more of our investments in this region
Investment Companies & Funds
Metier Capital Growth Fund III
6,000,000.00
Ghana, Kenya, Nigeria, South Africa, Uganda
30/06/2023
Infrastructure
Spark + Africa Fund
350,000.00
Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Rwanda, Senegal, Tanzania, Uganda
01/06/2023
Subsidy
Investment Companies & Funds
Agri-Vie Fund II
200,000.00
Kenya, South Africa, Uganda, Zambia
21/03/2023
Subsidy
Investment Companies & Funds
Afrigreen Fund
10,000,000.00
Cameroon, Côte d'Ivoire, Ghana, Mali, Nigeria, Senegal
23/02/2023
Equity
