AFIG Funds
AFIG Funds is a private equity fund manager providing growth equity capital (USD 3-20 million tickets) to mid-market companies across West, Central, and East Africa. The firm manages two funds totaling approximately USD 257 million in AUM, has invested in 16 portfolio companies across 13 countries, and generates revenue from management fees and carried interest paid by institutional and DFI limited partners.
- Company typePrivate
- Founded2006
- HeadquartersDakar, Senegal
- Headcount1–10
- GTM typeB2B
- OfferingServices
What AFIG Funds does
AFIG Funds (legal name: Advanced Finance & Investment Group) is a private equity fund management company focused exclusively on growth equity investments in mid-market African companies. Founded in 2005/2006 and incorporated in Mauritius with operational headquarters in Dakar, Senegal, the firm manages two private equity funds: the Atlantic Coast Regional Fund (ACRF), launched in 2008 with approximately USD 122 million in commitments, and AFIG Fund II, launched in 2016 with approximately USD 135 million. Across both vehicles, AFIG invests ticket sizes of USD 3-20 million in companies with proven track records and regional expansion potential across West, Central, and East Africa (now 32 countries). AFIG has deployed capital into 16 portfolio companies spanning financial services, agribusiness, light industrials, FMCG, packaging, mining services, and other sectors, including Ecobank subsidiaries, NEM Insurance, First Atlantic Bank, FSDH Holding, RMG Concept, and SOPROICAM. Its core differentiation is local market presence, bilingual (Anglophone/Francophone) execution capability, and a five-pillar value-creation model (HR, Financial and Internal Controls, IT/MIS, ESG) applied alongside board representation in portfolio companies. The firm is not a technology business; it is a relationship-driven, capital-deploying financial institution with no proprietary technology products. Revenue is generated through traditional PE economics: recurring management fees on committed/invested capital under management (ACRF and Fund II combined ~USD 257M AUM) plus performance-based carried interest upon profitable exits, with LPs comprising development finance institutions and institutional investors (AfDB, IFC, BII, DEG, EIB, Finnfund, Swedfund, Old Mutual, Pinebridge, Africa Re). The leadership team of four named professionals is led by founding CEO Papa Madiaw Ndiaye and CIO Patrice Backer, both Wharton MBAs with prior senior roles at JP Morgan, IFC, and other institutions.
AFIG Funds firmographics
Firmographics- Name
- AFIG Funds
- Legal name
- Advanced Finance & Investment Group
- Website
- https://afigfunds.com
- Company type
- Private
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- AFIG Funds is a private equity fund manager providing growth equity capital (USD 3-20 million tickets) to mid-market companies across West, Central, and East Africa. The firm manages two funds totaling approximately USD 257 million in AUM, has invested in 16 portfolio companies across 13 countries, and generates revenue from management fees and carried interest paid by institutional and DFI limited partners.
- Ownership category
- akta.pro rank
AFIG Funds industry classification
Industry- Product category
- Private Equity Fund Management
- NAICS
- All Other Financial Investment Activities (52399), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Impact Investment & Development Investment Funds (BPADACAO)
- akta.pro secondary industries
- ESG Integration / Responsible Investment Funds (Broad ESG) (FSANAJAL), SDG / Thematic Sustainable Investment Funds (FSANAJAN)
Keywords
Where AFIG Funds is headquartered
LocationHeadquarters
- HQ city
- Dakar
- HQ country
- Senegal
- HQ region
- Africa
Offices4 records
Markets served
AFIG Funds business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Management Fees: Private equity fund management fees charged on assets under management. AFIG Funds manages two funds: ACRF (USD 122 million) and AFIG Fund II (USD 135 million).
- Carried Interest: Performance-based carried interest from fund returns when investments are exited profitably.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
AFIG Funds product offering
Product offeringCore offering
AFIG Funds is a private equity fund management company that raises capital from institutional investors and deploys growth equity investments into mid-market African companies. It manages two regional private equity funds (ACRF and AFIG Fund II) and provides hands-on value creation support across HR, financial controls, IT/MIS, and ESG to portfolio companies operating in West, Central, and East Africa.
Product overview
AFIG Funds operates as a private equity fund management company offering two distinct investment funds. The Atlantic Coast Regional Fund (ACRF), launched in 2008 with USD 122 million, focuses on 29 countries across West, Central, and East Africa. The second fund, AFIG Fund II LP, launched in 2016 with USD 135 million, covers 32 countries and targets companies with regional 'blue chip' potential. Both funds provide growth equity investments with value-added services including governance support, operational efficiency improvements, and human resources development to portfolio companies.
Differentiator
Problem solved
Functional benefit
Brands
- Atlantic Coast Regional Fund (ACRF): The maiden fund of AFIG Funds, launched in 2008 with approximately USD 122 million in commitments, focused on 29 countries in West, Central, and East Africa.
- AFIG Fund II LP
Products and services
- Atlantic Coast Regional Fund (ACRF) USD 122 million private equity fund launched in 2008 that provides growth equity investments to mid-market companies in West, Central, and East Africa, covering 29 countries.
- AFIG Fund II LP USD 135 million private equity fund launched in 2016 that invests USD 5-20 million in growth and expansion companies across 32 countries in West, Central, and East Africa.
Quantifiable outcome
- 1,821 jobs sustained, 508 held by women, 86 new jobs created (as of September 2013)
- +1 more outcomes
Companies that use AFIG Funds
Customer profileNamed customers16 records
Segments2 records
Ideal customer profiles2 records
AFIG Funds technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AFIG Funds partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor.
- Tata IndustriesminorPartnership for automotive assembly - Senbus Industries operates the sole automotive assembly plant in Senegal in partnership with Tata Industries of India.
- Xiamen King LongminorPartnership for automotive assembly - Senbus Industries produces buses in partnership with Xiamen King Long of China.
- Ecobank Transnational IncorporatedminorAFIG invested USD 14 million in three ETI subsidiaries (Ecobank Chad, Rwanda, Liberia) for pan-African banking expansion.
Scale indicators5 records
Recent moves7 records
Expansion highlights5 records
AFIG Funds competitors and assessment
Company assessmentDirect peers
- Helios Investment Partners: Pan-African PE manager with multi-billion AUM investing in mid-market companies across Africa. Most direct comparable given similar growth-equity mandate, mid-market ticket sizing, and DFI LP base.
- Development Partners International (DPI): Africa-focused PE manager backed by DFIs and institutional LPs, deploying growth equity across the continent. Comparable in fund structure, ticket sizing and sector breadth to AFIG.
- Investisseurs & Partenaires (I&P): Francophone-Africa focused PE fund manager with multiple vintage funds and DFI backing. Highly comparable given shared regional focus and growth-equity ticket sizing.
- Vantage Capital: Africa-focused PE and mezzanine fund manager operating across the continent. Comparable in mid-market growth mandate, DFI LP base and target geographies.
- Africa Capital Alliance: West-Africa focused PE manager with multiple funds and DFI backing. Directly comparable given shared regional focus (Nigeria, Ghana) and growth-equity strategy.
- CardinalStone Capital Partners: Nigeria-headquartered PE manager with West Africa focus. Comparable in regional concentration, mid-market ticket sizing and financial-services orientation.
- Verod Capital: West-Africa (Nigeria-focused) PE manager targeting growth-stage companies across multiple sectors. Comparable given similar ticket sizes and sector mix.
- Kuramo Capital Management: Africa-focused PE fund-of-funds and direct PE manager with DFI LP backing. Comparable given shared DFI LP base and pan-African growth mandate.
Broad incumbents
- Actis: Global emerging-markets PE/infra manager with a long-standing dedicated Africa strategy. Larger and more diversified than AFIG but competes for the same mid-market growth deals and DFI capital.
Others
- African Development Bank (AfDB): Pan-African development finance institution and one of AFIG's largest LPs. Listed as a peer given its role as both capital provider and ecosystem anchor in African PE — not a direct competitor but a key counterparty.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
AFIG Funds social profiles
Digital presenceAFIG Funds financial estimates
Financial estimateRevenue estimate
Valuation estimate
AFIG Funds leadership team
Management profileNumber of profiles
Profiles4 records
AFIG Funds funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
AFIG Funds M&A and investment
M&A and investmentM&A
Investments13 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about AFIG Funds
What does AFIG Funds do?
AFIG Funds is a private equity fund management company that raises capital from institutional investors and deploys growth equity investments into mid-market African companies. It manages two regional private equity funds (ACRF and AFIG Fund II) and provides hands-on value creation support across HR, financial controls, IT/MIS, and ESG to portfolio companies operating in West, Central, and East Africa.
Is AFIG Funds a public or private company?
AFIG Funds is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was AFIG Funds founded?
AFIG Funds was founded in 2006. It employs 1 to 10 people.
Where is AFIG Funds based?
AFIG Funds is headquartered in Dakar, Senegal, in the Africa region.
How does AFIG Funds make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Who are AFIG Funds's main competitors?
Direct peers on record are Helios Investment Partners, Development Partners International (DPI), Investisseurs & Partenaires (I&P), Vantage Capital, Africa Capital Alliance, CardinalStone Capital Partners, Verod Capital and Kuramo Capital Management. Actis is listed as a broad incumbent. African Development Bank (AfDB) is listed as an others.
Does AFIG Funds have an API?
No public API is recorded for AFIG Funds.
What industry is AFIG Funds in?
AFIG Funds's product category is Private Equity Fund Management. Its primary akta.pro industry code is BPADACAO, Impact Investment & Development Investment Funds, with a secondary code of FSANAJAL, ESG Integration / Responsible Investment Funds (Broad ESG). Its NAICS code is 52399 and its SIC code is 6282.