What Mastercard Foundation Africa Growth Fund does

The Mastercard Foundation Africa Growth Fund is a $200 million fund-of-funds established in 2023 and managed by the Mennonite Economic Development Associates (MEDA) Mauritius Foundation, with the Mastercard Foundation as sole anchor backer. It deploys catalytic capital and a $25M Business Development Services facility into African-owned and African-led investment vehicles, with a gender-lens mandate targeting women-led and gender-diverse SMEs across sub-Saharan Africa. As of January 2026, the Fund has made commitments to 205 investment vehicles (exceeding its 2027 target of 200), created 10,799 direct jobs and 400,000+ indirect jobs, and reached 442,846 value-chain workers across 20+ African countries.

The Fund operates a two-pronged model: direct capital commitments to African VC and growth-equity managers (portfolio includes Five35 Ventures, Chui Ventures, Janngo Capital, Aruwa Capital, VestedWorld, and others), and non-financial support delivered through Entrepreneurial Solutions Partners (ESP) and a network of African service providers. Beyond capital deployment, the Fund engages in ecosystem-building activities including the collaborative for fund domiciliation in Africa (with Stafford Law and Momentus Global), policy roundtables with bodies like the Association Ivoirienne des Investisseurs en Capital, and gender-lens investing retreats with the Criterion Institute. Returns are generated through capital gains, dividends, and interest from underlying portfolio companies, though the entity is best understood as a development finance vehicle aligned with the Mastercard Foundation's Young Africa Works strategy rather than a commercial investment manager.

Name

Mastercard Foundation Africa Growth Fund

Legal name

Mastercard Foundation Africa Growth Fund

Website

https://africagrowthfund.org

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

11–50 employees

Short description

The Mastercard Foundation Africa Growth Fund is a $200 million fund-of-funds that provides catalytic capital and business development support to African-owned investment vehicles, targeting women-led SMEs across sub-Saharan Africa to create jobs for women and youth.

Ownership category

akta.pro rank

Product category

Impact Investing / Development Finance

NAICS

Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), International Affairs (9721)

akta.pro primary industry

Impact Investment & Development Investment Funds (BPADACAO)

akta.pro secondary industries

Grantmaking & Philanthropic Funds (Institutional Donors) (BPADAOAB), SDG / Thematic Sustainable Investment Funds (FSANAJAN)

Keywords

• Fund of funds
• Catalytic capital
• Gender lens investing
• Venture capital funding
• Business development services

Headquarters

HQ city

Accra

HQ country

Ghana

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Investment Returns: As a $200 million fund-of-funds, the Fund generates returns through equity and debt investments in African investment vehicles. Returns are realized through capital gains, dividends, and interest from portfolio companies managed by the backed investment vehicles.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

The Mastercard Foundation Africa Growth Fund is a $200 million fund-of-funds that catalyzes risk capital through African-owned and African-led investment vehicles with a gender-lens investing approach. It provides catalytic capital (including warehousing and working capital facilities) to back fund managers that invest in women-led and gender-diverse SMEs across Sub-Saharan Africa, alongside a $25 million service facility that funds strategic business development support delivered through Entrepreneurial Solutions Partners.

Product overview

The Mastercard Foundation Africa Growth Fund is a $200 million fund-of-funds that operates as a single unified investment vehicle rather than a modular platform. The Fund provides catalytic capital and strategic business development support to African-owned and African-led investment vehicles, with a specific focus on empowering women-led and gender-diverse enterprises across Sub-Saharan Africa. The fund deploys capital through investment vehicles and provides a $25M service facility alongside $150M in investment capital for business development support.

Differentiator

Problem solved

Functional benefit

Products and services

• Africa Growth Fund (Catalytic Capital)
• Business Development Services (BDS)

Quantifiable outcome

• 10,799+ direct jobs created as of January 2026
• +4 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered minor, core and flagship.

• Association Ivoirienne des Investisseurs en Capital (AIIC)minorStrategic or Co-development Partner · 31 March 2026Ivorian Capital Investors Association partnering on high-level roundtable to position Côte d'Ivoire as a regional hub for fund domiciliation.
• Entrepreneurial Solutions Partners (ESP)coreImplementation/ SI/ Consulting PartnerESP is the business development partner of the Africa Growth Fund. They build and manage a network of African service providers to deliver business development services to investment vehicles and portfolio companies.
• Capital Connect Africa (CCA)flagshipStrategic or Co-development PartnerPartnership to boost investment in Micro, Small, and Medium Enterprises (MSMEs) across Africa. The partnership helps address financing gaps for emerging businesses to grow, expand, and create jobs.
• Criterion InstitutecoreStrategic or Co-development PartnerGender-lens investing retreat facilitator. 92% of participants reported meaningful shift in understanding gender from compliance obligation toward a lens for sharpening investment analysis.
• Stafford LawminorImplementation/ SI/ Consulting PartnerLegal advisory partner contributing to fund domiciliation studies and research on financial sovereignty for African investment vehicles.
• Momentus GlobalminorImplementation/ SI/ Consulting PartnerExpert contributor to the domiciliation study conducted by Mastercard Foundation with MEDA, analyzing 13 African centers and 4 global centers.
• Collaborative for Fund Domiciliation in AfricaminorStrategic or Co-development PartnerInitiative convening stakeholders across Africa to translate research into actionable policy and market reforms for fund domiciliation.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Acumen: Acumen is a nonprofit impact investment fund that deploys patient capital to early-stage companies serving low-income communities, with a similar fund-of-funds and direct investing model targeting job creation in emerging markets including Africa.
• Novastar Ventures: Africa-focused impact VC fund-of-funds and direct investor backing early-stage businesses serving East African low-income consumers. Highly comparable as an Africa-focused fund manager with gender/inclusion themes.
• Open Society Foundations (Economic Justice): Major philanthropic foundation deploying catalytic capital and fund investments to advance inclusive economic development in Africa, with comparable fund-of-funds style deployment and gender-equity focus.
• Soros Economic Development Fund (SEDF): Philanthropic-backed impact investment vehicle supporting early-stage enterprises and fund managers in emerging markets, with comparable gender lens and catalytic capital approach in African markets.

Broad incumbents

• International Finance Corporation (IFC): World Bank Group's private sector arm, investing across emerging markets including Africa with focus on development impact. Operates large fund-of-funds programs that back local VC and PE managers.
• Proparco: French development finance institution (AFD Group) investing in African private equity and VC funds with gender lens and impact mandates. Highly comparable as a fund-of-funds investor targeting African SMEs.
• British International Investment (BII): UK development finance institution deploying catalytic and growth capital into African businesses and fund managers. Comparable as a large-scale African fund-of-funds / fund investor with development mandate.
• DEG (Deutsche Investitions- und Entwicklungsgesellschaft): German development finance institution that invests in African fund managers and SMEs via fund-of-funds structures. Comparable as an institutional fund investor with development mandate across emerging markets.
• FMO (Dutch Entrepreneurial Development Bank): Dutch development bank investing in private enterprises and VC funds across emerging markets including Africa. Comparable as a fund-of-funds investor with focus on job creation and ESG outcomes.

Regional players

• Allianz Insurance Africa (impact investing arm): Limited direct comparability; included as a regional African investor with growing ESG fund deployment. Weaker fit but provides regional capital perspective.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@mastercardfdnafricagrowthfund
• LinkedInlinkedin.com/company/africagrowthfund

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mastercard Foundation Africa Growth Fund