AfricInvest Group

What AfricInvest Group does

AfricInvest Group is a Tunis-headquartered private equity firm founded in 1994 that operates a multi-strategy pan-African investment platform, deploying capital across 35+ African countries through 21+ funds that have collectively raised over USD 2 billion and invested in 200+ companies with 90+ successful exits. The firm's core offering consists of growth-capital PE funds (AfricInvest I–IV) targeting SMEs with the potential to become regional champions, complemented by regional Maghreb Private Equity Funds (I–IV) for North Africa and thematic vehicles including the AfricInvest Financial Sector Fund, FIVE (Financial Inclusion Vehicle, launched 2017), Cathay AfricInvest Innovation Fund (CAIF, 2019), and Transform Health Fund (THF).

The platform is organized around four operating subsidiaries: AfricInvest Group (parent, Mauritius-domiciled), AfricInvest Europe (a Paris-based AMF-regulated subsidiary managing the Franco-African Funds FFA 1–3 with approximately €150M AUM), AfricInvest Private Credit (a non-bank financial institution launched in 2014 with FMO, MicroVest, and Finnfund, providing structured SME debt), and the joint-venture Cathay AfricInvest Innovation Fund. The firm employs 100+ professionals across 11 offices spanning Tunis, Casablanca, Algiers, Cairo, Abidjan, Nairobi, Paris, Port Louis, New York, and Dubai.

AfricInvest's go-to-market is institutional LP distribution: development finance institutions (AfDB, FMO, Proparco, Bpifrance), commercial banks (Société Générale, BNP Paribas, Orange), pension and social security funds, and family offices commit capital to closed-end vehicles and evergreen vehicles, generating recurring management fees and carry on exits. Value creation for portfolio companies is delivered through board-level governance, managerial team strengthening, regional expansion support, and access to the firm's Africa-Europe commercial network. The firm is independent of any bank or industrial group and has co-founded AVCA and GPCA as industry-shaping associations.

Name

AfricInvest Group

Legal name

AfricInvest Group

Website

https://africinvest.com

Company type

Private

Founded year

1994

Operating status

Operating

Short description

AfricInvest Group is a Tunis-headquartered private equity firm founded in 1994 that manages 21+ funds with over USD 2 billion raised, investing growth capital in African SMEs across 35+ countries through 11 offices, and offering equity, credit, and thematic vehicles for institutional LPs.

Ownership category

akta.pro rank

Product category

Private Equity Asset Management

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399)

SIC

Investors, Nec (6799), Investment Advice (6282)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industries

SME Term Loans & Growth Capital (FSAKAGAB), SME Lending Platforms & Embedded SME Credit (FSAKAGAJ)

Keywords

• Private equity funds
• Growth capital investing
• SME financing Africa
• Venture capital Africa
• Asset management services

Headquarters

HQ city

Tunis

HQ country

Tunisia

HQ region

Africa

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Private Equity Fund Management: AfricInvest manages private equity funds that invest in African SMEs. The firm raises capital from institutional and development finance investors, then deploys it into portfolio companies for equity and mezzanine returns over a 4-6 year holding period.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

AfricInvest Group is a pan-African private equity firm that raises and manages multiple closed-end and evergreen funds investing growth capital and structured debt into small and medium-sized enterprises across more than 35 African countries. The firm takes significant minority (and sometimes majority) positions in SMEs positioned to scale regionally, provides strategic, financial, and governance support, and generates returns for institutional investors over a 4–6 year holding period.

Product overview

AfricInvest Group is a pan-African private equity investment platform that operates multiple fund products across different strategies, regions, and sectors. The core offering consists of pan-African private equity funds (AfricInvest I, II, III, IV) investing in SMEs across 35+ African countries, alongside dedicated regional funds (Maghreb PE Funds for North Africa, PMEC for Morocco, Tuninvest Croissance for Tunisia) and thematic vehicles (AfricInvest Financial Sector Fund, FIVE for financial inclusion, Cathay AfricInvest Innovation Fund for technology, Transform Health Fund for healthcare). The platform also includes two distinct subsidiaries: AfricInvest Europe (French subsidiary regulated by AMF managing Franco-African Funds for French SMEs investing in Africa, approximately €150m AUM) and AfricInvest Private Credit (non-bank financial institution providing debt financing to African SMEs with $20m equity and $50m debt facility). The firm employs 100+ professionals across 11 offices, has raised $2 billion across 21 funds, and invested in 200+ companies.

Differentiator

Problem solved

Functional benefit

Brands

• FIVE: Financial Inclusion Vehicle - an evergreen platform for investing in financial institutions in Africa.
• French-African Funds (FFA)
• Maghreb Private Equity Funds
• Transform Health Fund

Products and services

• AfricInvest Private Equity Funds (I, II, III, IV) Growth-capital private equity funds targeting small and medium-sized enterprises (SMEs) across Africa. These flagship pan-African funds take significant minority and sometimes majority positions in companies with proven track records and potential to scale regionally into 'regional champions.' Investors are institutional LPs; the firm provides strategic, financial, and governance support over a 4-6 year holding period.
• Maghreb Private Equity Funds (I, II, III, IV) Dedicated private equity funds focused on Northern Africa (Algeria, Egypt, Libya, Mauritania, Morocco, Tunisia), targeting SMEs in the Maghreb region with growth capital and strategic support. The series has raised EUR 120 million to EUR 194 million per fund.
• AfricInvest Financial Sector Fund Dedicated fund focused on the financial services sector, investing in financial institutions across Africa to promote financial inclusion. Targets banks, microfinance institutions, and other financial services providers serving underbanked populations.
• FIVE (Financial Inclusion Vehicle) Evergreen financial vehicle fund investing in financial institutions across Africa, focused on improving access to financial services for the growing African population. Has led rounds including the BFREE growth round in May 2026.
• Cathay AfricInvest Innovation Fund (CAIF) Innovation-focused fund investing in technology-enabled platforms and innovative financial services solutions across Africa. Led the $22 million Series A funding round in Kredete in September 2025 alongside Partech and Polymorphic Capital.
• Transform Health Fund (THF) Thematic fund focused on healthcare investments, supporting healthcare system strengthening and medical equipment access across Africa. Invested USD 8.5 million in Promamec (Moroccan medical equipment supplier) in December 2025.
• Tuninvest Croissance Fund dedicated to Tunisia with capital of TND 25.8 million, targeting local SME investments and growth-stage Tunisian businesses.
• PMEC (Private Equity Morocco) Single country fund targeting Morocco with capital of MAD 435 million, focused on Moroccan SME investments.
• AfricInvest Europe / Franco-African Funds (FFA 1, 2, 3) French Private Equity Company regulated by AMF (agreement number GP-16000028) managing cross-border funds dedicated to French SMEs willing to invest and grow in Africa. Invests unit tickets between €5m and €10m in minority or majority operations, with approximately €150 million under management across 20 supported companies. Recent investments include Tecofi (December 2025) and HTDS (June 2026).
• AfricInvest Private Credit Non-bank financial institution providing structured debt financing solutions to SMEs in Africa. Offers senior secured offshore lending with tenors adapted to cash generation capabilities of SMEs. Commenced operations with USD 20 million committed shareholders' equity and an initial USD 50 million debt facility.

Quantifiable outcome

• Over 900 million people provided with essential products and services including food, education, health, technology and financial products and services
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Desjardins International Development (DID)coreStrategic or Co-development Partner · 1 January 2019DID partnered with AfricInvest to support growth of EFC network of microfinance institutions across Africa.

Scale indicators10 records

Recent moves10 records

Expansion highlights8 records

Direct peers

• Phatisa: Phatisa is a pan-African private equity firm operating dedicated sector funds (food, housing, healthcare) — directly comparable in its multi-fund, sector-thematic approach to serving African SMEs.
• Actis: Actis is a leading emerging-markets private equity firm with a long-standing Africa focus, raising multi-billion-dollar funds and investing across consumer, financial services, and infrastructure — directly comparable to AfricInvest in geography, sector mix, and DFI LP base.
• Development Partners International (DPI): DPI is a pan-African PE manager raising successor funds from DFI and institutional LPs to invest in African growth-stage companies — directly comparable to AfricInvest's pan-African PE strategy and LP base.
• Helios Investment Partners: Helios is a pan-African private equity firm with multi-billion AUM investing across consumer, financial services, and TMT in Africa — directly comparable in regional footprint, DFI LP base, and SME growth-capital strategy.

Broad incumbents

• International Finance Corporation (IFC): IFC is the World Bank Group's private-sector investment arm and a major direct investor in African SMEs and emerging-market funds — comparable as a competitor for direct deals and a potential LP/investor in AfricInvest vehicles.
• TPG Rise Climate / TPG Capital Africa: TPG Rise and TPG's Africa-aligned strategies bring global institutional capital into African growth-stage investments — comparable as a competing mega-platform for large institutional LPs allocating to African PE.
• FMO (Dutch Entrepreneurial Development Bank): FMO is the Dutch development bank that co-created AfricInvest Private Credit and has invested across multiple AfricInvest funds — comparable as both a strategic partner and a co-investor in African SME debt and equity platforms.

Regional players

• Catalyst Principal Partners: Catalyst is an East Africa-focused PE firm and a co-investor with AfricInvest in vehicles like AfricInvest Azure — directly comparable in deal sourcing and East-African SME focus but with a more regionally concentrated mandate.
• Verod Capital Management: Verod is a Nigeria-focused PE firm investing growth capital in West African SMEs — comparable to AfricInvest's pan-African SME growth strategy but with a single-country geographic concentration.

Emerging players

• LeapFrog Investments: LeapFrog is an emerging-markets PE firm focused on financial services and financial inclusion in Africa and Asia — overlapping with AfricInvest's FIVE vehicle and Financial Sector Fund on financial-inclusion thematic investing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/africinvest_grp
• Facebookfacebook.com/africinvest
• LinkedInlinkedin.com/company/tuninvest

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about AfricInvest Group