What AAIC Investment does

AAIC Investment Pte. Ltd. (legal name: AAIC Holdings Pte. Ltd., formerly Asia Africa Investment and Consulting Pte. Ltd.) is a Singapore-incorporated private fund management company founded in 2013 that operates two Africa-focused investment funds — the Africa Healthcare Fund (AHF1, established 2017, USD 47 million) and the Africa Innovation & Healthcare Fund (AHF2, launched 2022, targeting USD 100 million, first close March 2022) — with combined AUM of USD 87 million as of October 2023. The firm has deployed capital into 60+ portfolio companies spanning healthcare delivery (dialysis via Africa Healthcare Network), digital health (MyDawa online pharmacy, Yodawy virtual pharmacy), health insurance (BIMA/Milvik), medical supplies (Revital Healthcare), AI radiology (Rology, DeepEcho), fintech (Lami, Credable), and biometric analytics (LifeQ). The firm holds direct equity stakes typically ranging from USD 100,000 to USD 20 million per deal and earns revenue through fund management fees, carried interest on successful exits, and business incubation services.

The firm operates a multi-continent office network spanning Singapore (headquarters), Kenya (Nairobi), Nigeria (Lagos), South Africa (Johannesburg), Egypt (Cairo, opened April 2023), and Japan (Tokyo via AAIC Japan Co., Ltd.). Its investment thesis combines Japanese institutional capital and operational expertise with African healthcare market opportunities, complemented by the ANZA platform (released August 2019) supporting Japanese corporate expansion into Africa. Strategic partners include Marubeni Corporation (LP in AHF2), Gavi Vaccine Alliance (up to USD 3M committed for immunization startups via INFUSE), OurCrowd (co-investment partnership), JICA, UNDP, and The Baobab Network.

Revenue mechanics rely on three streams: (1) recurring fund management fees on AHF1 and AHF2 AUM, with deal sizes ranging from USD 100K–5M (AHF1) to USD 200K–20M (AHF2); (2) carried interest from exits (demonstrated via the December 2023 USD 20 million partial exit from Africa Healthcare Network led by Africa50 and Africinvest); and (3) business incubation and market-entry advisory services for Japanese corporates. The firm is privately held with no public ticker, and revenue figures are not publicly disclosed.

Name

AAIC Investment

Legal name

AAIC Holdings Pte. Ltd.

Website

https://aaicinvestment.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Singapore-based private fund management company operating two Africa-focused investment funds (AHF1 and AHF2, combined USD 87M AUM) that invest in early-to-growth-stage healthcare and technology startups across Africa, while also facilitating Japanese corporate expansion into African markets via its ANZA platform.

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity (Healthcare-focused, Africa-focused)

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Services-Management Consulting Services (8742)

akta.pro primary industry

Healthcare Access & Life Sciences Impact Funds (FSANAJAI)

akta.pro secondary industry

Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

Keywords

• Venture capital funds
• Healthcare investments
• Africa-focused funds
• Business incubation services
• Growth capital

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees: AAIC Investment generates revenue through management fees charged on the Africa Healthcare Fund (AHF1) and Africa Innovation & Healthcare Fund (AHF2) that it manages. AHF1 has a fund size of USD 47 million with 30 portfolio companies. AHF2 targets USD 100 million with already over 25 companies invested.
2. Carried Interest: The firm earns carried interest (performance fees) from successful exits and portfolio company growth within its managed funds.
3. Business Incubation Services: AAIC Investment provides business incubation services to support portfolio companies' growth, including market entry support, partnership facilitation, and operational guidance for Japanese companies expanding into Africa.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

AAIC Investment manages two Africa-focused investment funds — Africa Healthcare Fund (AHF1, USD 47M, 2017) and Africa Innovation & Healthcare Fund (AHF2, target USD 100M, 2022) — providing growth capital, operational support, and market entry assistance to early and growth-stage healthcare, fintech, and technology startups across Africa. The firm also runs the ANZA expansion platform and delivers business incubation services to Japanese corporates seeking African market access.

Product overview

AAIC Investment is a fund management company that operates two investment funds focused on African healthcare and technology startups. The Africa Healthcare Fund (AHF1), established in 2017 with USD 47 million, and the Africa Innovation & Healthcare Fund (AHF2), launched in 2022 targeting USD 100 million, form the core investment products. Both funds focus on early to growth-stage companies in healthcare, fintech, and technology sectors across Africa.

Differentiator

Problem solved

Functional benefit

Brands

• Africa Healthcare Fund (AHF1): First Africa-focused fund established in 2017, targeting healthcare sector investments with $47M fund size
• Africa Innovation & Healthcare Fund (AHF2)
• ANZA

Products and services

• Africa Healthcare Fund (AHF1) Japan's first Africa-focused fund established in 2017, targeting healthcare sector investments across Kenya, Nigeria, South Africa, and Egypt with a fund size of USD 47 million and 30 portfolio companies. Deal sizes range from USD 100,000 to USD 5 million.
• Africa Innovation & Healthcare Fund (AHF2) Second fund launched in 2022 targeting healthcare, fintech, and infrastructure technology startups across Africa with a target fund size of USD 100 million. Deal sizes range from USD 200,000 to USD 20 million per company, with over 25 companies invested by October 2023.
• ANZA Africa Expansion Platform Africa expansion platform released in 2019 to support Japanese companies entering African markets, providing market entry and partnership facilitation services.

Quantifiable outcome

• 60+ portfolio companies invested across two Africa-focused funds
• +2 more outcomes

Named customers6 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

Six partnerships are on record, tiered core and minor.

• OurCrowdcoreStrategic or Co-development Partner · 24 July 2023AAIC Investment Fund and OurCrowd partnered to advance healthcare startups in Africa, combining AAIC's Africa healthcare fund expertise with OurCrowd's global investment platform.
• The Baobab NetworkminorStrategic or Co-development Partner · 1 May 2023AAIC Holdings invested in The Baobab Network, an Africa-focused investor network, to expand deal sourcing and investment opportunities.
• AAIC Egypt SubsidiarycoreStrategic or Co-development Partner · 20 April 2023AAIC Holdings opened a new subsidiary in Egypt, establishing presence in one of the major countries in the Middle East and Africa.
• Drugstoc and Revital HealthcareminorStrategic or Co-development Partner · 6 January 2023AAIC Investment signed MOU with Drugstoc and Revital Healthcare to support pharmaceutical supply chain and medical device manufacturing in Africa.
• Kenya Rugby Union (KRU)minorStrategic or Co-development Partner · 16 December 2022AAIC Partners Africa signed MOU with Kenya Rugby Union for sports health initiatives.
• Gavi, the Vaccine AlliancecoreStrategic or Co-development Partner · 28 August 2019AAIC partnered with Gavi to support innovative startups for immunization through Gavi's INFUSE accelerator program. AAIC committed to invest up to USD 3 million in INFUSE finalists over two years to improve vaccine access in developing countries.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Novastar Ventures: Africa-focused venture capital firm investing in early- and growth-stage companies; led Chowdeck's Series A alongside AAIC. Directly comparable as an Africa-focused VC with overlapping portfolio and similar ticket sizes.
• LeapFrog Investments: Global profit-with-purpose investment firm focused on financial services and healthcare in emerging markets, particularly Africa and Asia. Directly comparable thematic focus on healthcare access and impact investing in emerging markets.
• Acumen: Impact investment fund focused on healthcare, energy and agriculture in Africa and South Asia. Comparable as a healthcare-and-impact focused emerging-markets PE/VC with similar thesis and ticket range.
• TLcom Capital: Africa-focused venture capital firm backing tech-enabled businesses across the continent. Comparable as a fund manager deploying capital into African growth-stage startups, with overlapping geographies and sectors.
• World Innovation Lab (WiL): Japan-originated venture capital firm investing globally with focus on impact and emerging markets. Shares AAIC's Japanese origin and cross-border emerging-market investment thesis.

Broad incumbents

• Development Partners International (DPI): Pan-African private equity firm with multi-hundred-million-dollar funds targeting growth-stage companies across the continent. Comparable Africa-focused PE with broader sector mandate than AAIC's healthcare tilt.
• IFC (International Finance Corporation): World Bank's private sector arm and major DFI investing in emerging-market healthcare and venture funds. Comparable as institutional capital provider and co-investor alongside impact-oriented Africa VC/PE funds.
• JAFCO Group: One of Japan's largest venture capital and private equity firms with global exposure. Comparable as Japan-originated VC/PE manager, though with much broader sector and geographic mandate than AAIC's Africa healthcare focus.

Emerging players

• 4DX Ventures: Africa-focused early-stage venture capital fund backing tech-enabled businesses. Comparable as Africa-emerging-market VC with similar ticket sizes and focus on tech-enabled services including healthcare.
• Global Health Investment Fund (GHIF): Impact investment fund dedicated to global health, financing development of new drugs, vaccines and healthcare technologies. Comparable healthcare impact thesis though broader in geography and product stage.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/AaicInvestment
• LinkedInlinkedin.com/company/asiaafricainvestment&consulting

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments25 records

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

Frequently asked questions about AAIC Investment