Uhuru Growth Fund I-A SCP

Equity : March 2022

The SDG Frontier Fund has invested USD 2.85 M in equity in the Uhuru Growth Fund I, a PE fund focused on the Ecowas region

This is an investment by SDG Frontier Fund

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

Sub-Saharan Africa: Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Mali, Nigeria, Senegal

Investment field

Investment Companies & Funds

Activity

KK.64.300 SME Fund

Organisation

Uhuru Growth Fund I-A SCP

Website

https://www.uhuruinvestment.com/

Domicile

Luxembourg

More investments in

Uhuru Growth Fund I-A SCP

Equity € 7,063,392.00 (2022)

Other investments by

SDG Frontier Fund

AfricInvest Financial Inclusion Vehicle (Equity) € 3,200,000.00 (2022)
Ezdehar Mid-Cap Fund II (Equity) € 1,700,000.00 (2021)
SDG Frontier Fund (Equity) € 6,330,000.00 (2020)
Cathay Africinvest Innovation Fund (Equity) € 4,000,000.00 (2021)
Incofin India Progress Fund (Equity) € 2,000,000.00 (2021)
Ascent Rift Valley Fund II (Equity) € 2,300,000.00 (2020)
African Rivers Fund III (Equity) € 1,500,000.00 (2020)
Excelsior Capital Vietnam Private Equity Fund (Equity) € 2,000,000.00 (2020)
South Asia Growth Fund II (Equity) € 2,000,000.00 (2020)

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.
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.
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.

Current situation

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

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 Bossche on the SDG Frontier Fund, published in Eventail on the 10th of December, 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.

Investment Companies & Funds

Ascent Rift Valley Fund II

323,539.00

Ethiopia, Kenya, Rwanda, Tanzania, Uganda

08/02/2022

Subsidy

Financial Institutions

Victoria Commercial Bank

8,149,300.00

Kenya

24/03/2022

Debt

Financial Institutions

Fidelity Bank Ltd.

32,583.00

Ghana

31/03/2022

Subsidy

Investment Companies & Funds

Uhuru Growth Fund I-A SCP

7,063,392.00

Burkina Faso, Côte d'Ivoire, Ghana, Mali, Nigeria, Senegal

31/03/2022

Equity

Enterprises

Agroserv Industrie SA

23,035.00

Burkina Faso

31/03/2022

Subsidy

Infrastructure

Spark + Africa Fund

2,444,790.00

Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Rwanda, Senegal, Tanzania, Uganda

10/03/2022

Equity

Financial Institutions

Alterfin

80,000.00

Cambodia, Nicaragua, Peru, Côte d'Ivoire, Kenya

03/03/2022

Subsidy

Enterprises

Gebana Burkina Faso

13,464.00

Burkina Faso

11/01/2022

Subsidy

Financial Institutions

Cofina Mali

3,000,000.00

Mali

22/10/2021

Debt

Financial Institutions

Cofina Mali

4,185.00

Mali

23/11/2021

Subsidy

Financial Institutions

ACEP Group

12,500.00

Burkina Faso

19/10/2021

Subsidy

Financial Institutions

KCB Kenya

28,200.00

Kenya

13/07/2021

Subsidy

Investment Companies & Funds

Lendable MSME Fintech Credit Fund

2,994,950.00

India, Indonesia, Vietnam, Kenya, Nigeria, South Africa

20/08/2021

Equity

Investment Companies & Funds

Fonds Cauris Croissance II

5,000,000.00

Benin, Burkina Faso, Cameroon, Côte d'Ivoire, Ghana, Guinea, Mali, Niger, Senegal

05/10/2010

Equity

Investment Companies & Funds

Cathay Africinvest Innovation Fund

4,000,000.00

Egypt, Kenya, Nigeria, South Africa

21/05/2021

Equity

Investment Companies & Funds

Cathay Africinvest Innovation Fund

6,000,000.00

Egypt, Kenya, Nigeria, South Africa

21/05/2021

Equity

Financial Institutions

Advans Côte d'Ivoire

2,000,000.00

Côte d'Ivoire

02/07/2021

Debt

Financial Institutions

Advans Côte d'Ivoire

54,229.44

Côte d'Ivoire

14/10/2021

Subsidy

Investment Companies & Funds

Alterfin

20,125.00

Cambodia, Nicaragua, Côte d'Ivoire, Kenya

03/08/2021

Subsidy

Enterprises

XpressGas Limited

2,444,790.00

Ghana

17/05/2021

Debt

Investment Companies & Funds

European Financing Partners S.A.

15,000,000.00

India, Kenya, Nigeria, Senegal, Tanzania, Zambia

22/12/2020

Debt

Enterprises

Société Générale d'Hôtellerie

29,727.00

Mali

26/01/2021

Subsidy

Enterprises

Agroserv Industrie SA

10,256.00

Burkina Faso

09/02/2021

Subsidy

Financial Institutions

The Currency Exchange Fund n.v.

7,091,000.00

Bangladesh, Cambodia, India, Indonesia, Myanmar, Nepal, Pakistan, Philippines, Sri Lanka, Vietnam, Bolivia, Brazil, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Paraguay, Peru, Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, Syria, Tunisia, Palestinian Territories, Benin, Burkina Faso, Burundi, Cameroon, Côte d'Ivoire, Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Kenya, Madagascar, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Uganda, Zambia

05/09/2007

Equity