Uhuru Growth Fund I-A SCP
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
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
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.
View more of our investments in this region

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Ascent Rift Valley Fund II
323,539.00
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Subsidy



Investment Companies & Funds
Uhuru Growth Fund I-A SCP
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Burkina Faso, Côte d'Ivoire, Ghana, Mali, Nigeria, Senegal
31/03/2022
Equity

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





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



Investment Companies & Funds
Alterfin
20,125.00
Cambodia, Nicaragua, Côte d'Ivoire, Kenya
03/08/2021
Subsidy


Investment Companies & Funds
European Financing Partners S.A.
15,000,000.00
India, Kenya, Nigeria, Senegal, Tanzania, Zambia
22/12/2020
Debt



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

Investment Companies & Funds
Africinvest Fund II LLC.
6,000,000.00
Tunisia, Burkina Faso, Cameroon, Côte d'Ivoire, Ghana, Kenya, Nigeria, Senegal
28/08/2008
Equity

Investment Companies & Funds
European Financing Partners S.A.
5,000,000.00
India, Kenya, Nigeria, Senegal, Tanzania, Zambia
08/12/2010
Debt


Investment Companies & Funds
Interact Climate Change Facility
6,000.00
India, Mongolia, Honduras, Côte d'Ivoire, Ghana
23/02/2011
Equity

Investment Companies & Funds
Interact Climate Change Facility
10,000,000.00
India, Mongolia, Honduras, Côte d'Ivoire, Ghana
23/02/2011
Debt

Financial Institutions
Bank of Africa Group S.A.
1,954,160.00
Benin, Burkina Faso, Côte d'Ivoire, Democratic Republic of Congo, Ghana, Kenya, Madagascar, Mali, Niger, Rwanda, Senegal, Tanzania, Uganda
30/03/2011
Equity

Investment Companies & Funds
Agri-Vie Fund II
350,000.00
Kenya, South Africa, Tanzania, Uganda, Zambia
23/11/2020
Subsidy

Investment Companies & Funds
Phatisa Food Fund 2
5,767,300.00
Ghana, Kenya, Malawi, South Africa, Tanzania, Uganda, Zambia
29/01/2021
Equity





Financial Institutions
Orabank Côte d'Ivoire
10,000,000.00
Burkina Faso, Côte d'Ivoire, Guinea, Mali, Niger, Senegal
09/02/2016
Debt


Investment Companies & Funds
European Financing Partners S.A.
6,000.00
India, Kenya, Nigeria, Senegal, Tanzania, Zambia
21/11/2003
Equity

Investment Companies & Funds
Grofin East Africa Fund LLC.
2,211,000.00
Kenya, Rwanda, Tanzania, Uganda
25/01/2006
Equity

Investment Companies & Funds
AgRIF Coöperatief U.A.
105,000.00
Cambodia, India, Mongolia, Myanmar, Bolivia, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Peru, Burkina Faso, Côte d'Ivoire, Kenya, Senegal
11/09/2018
Subsidy

Investment Companies & Funds
AgRIF Coöperatief U.A.
5,438,332.50
Cambodia, India, Mongolia, Myanmar, Bolivia, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Peru, Burkina Faso, Côte d'Ivoire, Kenya, Senegal
18/06/2015
Equity

Enterprises
Enko Education
850,000.00
Burkina Faso, Cameroon, Côte d'Ivoire, Mali, Mozambique, Senegal, South Africa
17/12/2020
Debt

Investment Companies & Funds
Zoscales Fund I
350,000.00
Ethiopia, Kenya, Rwanda, Tanzania, Uganda
23/11/2020
Subsidy


Investment Companies & Funds
Ascent Rift Valley Fund II
2,300,000.00
Ethiopia, Kenya, Rwanda, Tanzania, Uganda
17/12/2020
Equity

Investment Companies & Funds
Ascent Rift Valley Fund II
5,743,220.00
Ethiopia, Kenya, Rwanda, Tanzania, Uganda
23/12/2020
Equity

Financial Institutions
ACEP Group
30,900.00
Burkina Faso, Cameroon, Madagascar, Niger, Senegal
30/07/2018
Subsidy

Investment Companies & Funds
AfricInvest Financial Sector Limited LLC
5,000,000.00
Burkina Faso, Kenya, Madagascar, Mali, Mozambique, Nigeria, Rwanda, Uganda, Zambia
20/12/2013
Equity

Investment Companies & Funds
Adenia Capital III
100,000.00
Côte d'Ivoire, Ghana, Madagascar
05/05/2020
Subsidy

Financial Institutions
Alterfin
3,000,000.00
Cambodia, Nicaragua, Côte d'Ivoire, Kenya
15/07/2020
Debt


Investment Companies & Funds
Fairtrade Access Fund
350,000.00
Bolivia, Brazil, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Paraguay, Peru, Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Tanzania, Uganda
07/04/2020
Subsidy





Investment Companies & Funds
Zoscales Fund I
21,757.30
Ethiopia, Kenya, Rwanda, Tanzania, Uganda
12/11/2019
Subsidy


Investment Companies & Funds
Frontier Energy II
8,151,000.00
Kenya, Rwanda, Tanzania, Uganda
21/03/2018
Equity

Investment Companies & Funds
AfricInvest Financial Inclusion Vehicle
10,000,000.00
Morocco, Côte d'Ivoire, Democratic Republic of Congo, Ghana, Kenya, Nigeria, Rwanda, Tanzania, Zambia
14/12/2017
Equity

Investment Companies & Funds
Alterfin
250,000.00
Cambodia, Nicaragua, Côte d'Ivoire, Kenya
13/12/2002
Equity

Investment Companies & Funds
Fairtrade Access Fund
3,000,000.00
Bolivia, Brazil, Colombia, Ecuador, Guatemala, Honduras, Nicaragua, Paraguay, Peru, Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Tanzania, Uganda
24/10/2019
Equity



Financial Institutions
ACEP Group
4,100,000.00
Burkina Faso, Cameroon, Madagascar, Niger, Senegal
14/10/2019
Equity

Investment Companies & Funds
Verod Capital Growth Fund III
8,733,600.00
Ghana, Nigeria
25/07/2019
Equity
Investment Companies & Funds
Africa Renewable Energy Fund
8,896,000.00
Ghana, Kenya, Senegal, Uganda, Zambia
30/10/2014
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Investment Companies & Funds
Beyond the Grid Solar Fund
3,185,582.00
Burkina Faso, Côte d'Ivoire, Ghana, Kenya, Nigeria, Rwanda, Tanzania, Uganda
26/10/2017
Debt




Investment Companies & Funds
Agri-Vie Fund II
6,552,700.00
Kenya, South Africa, Tanzania, Uganda, Zambia
20/01/2017
Equity

Investment Companies & Funds
Adenia Capital IV
9,000,000.00
Côte d'Ivoire, Ghana, Kenya, Madagascar
01/11/2016
Equity

Financial Institutions
ACEP group
67,512.00
Burkina Faso, Cameroon, Madagascar, Niger, Senegal
23/07/2019
Subsidy



Investment Companies & Funds
Ethos Mezzanine Partners 3
8,868,980.00
Burundi, Ethiopia, Kenya, Malawi, Mozambique, Rwanda, South Africa, Tanzania, Uganda, Zambia
13/06/2019
Equity






Enterprises
Enko Education
2,000,000.00
Burkina Faso, Cameroon, Côte d'Ivoire, Mali, Mozambique, Senegal, South Africa
20/09/2018
Debt

Investment Companies & Funds
Adenia Capital III
5,000,000.00
Côte d'Ivoire, Ghana, Madagascar
28/02/2012
Equity

Investment Companies & Funds
Adenia Capital III
100,000.00
Côte d'Ivoire, Ghana, Madagascar
19/05/2016
Subsidy

Investment Companies & Funds
Adenia Capital III
150,000.00
Côte d'Ivoire, Ghana, Madagascar
28/09/2012
Subsidy







Investment Companies & Funds
Zoscales Fund I
4,169,100.00
Ethiopia, Kenya, Rwanda, Tanzania, Uganda
18/04/2019
Equity
