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FMO invests €118m in African private equity funds05/09/2008. Source: AltAssets. 
 The Netherlands Development Finance Company (FMO) has committed €118m in total to nine African private equity funds year-to-date. The Dutch development bank has participated in the first closing of the Aureos Africa Fund and committed capital to Africinvest Fund II, a pan-African mid-market fund managed by AfricInvest Capital Partners - Tuninvest Finance Group.
The other seven funds are Cauris Croissance, an SME fund dedicated to the French-African West Africa countries; Grofin Africa Fund, a growth capital fund for East Africa; Investec Africa Frontier Fund, a pan-African private equity fund; Pan-African Investment Partners, a fund managed by the Kingdom Zephyr with a focus on larger buy-out and expansion investments; Medu Fund, a South African SME fund with Black Economic Empowerment credentials; The KIBO Fund, a new private equity fund managed by CIEL Management from Mauritius which will invest in medium-sized companies in Southern and Eastern Africa and the Indian Ocean regions; and the Investment Fund for Health in Africa, a fund focusing on private healthcare organisations in Nigeria, Ghana, Kenya, Uganda, Tanzania, Zambia and Namibia.
The nine investments in African funds represent approximately one third of FMO's total private equity investments this year, and more than half of its fund investments, by amount invested.
Yvonne Bakkum, director private equity at FMO, said, 'As a keen supporter of private equity development in emerging markets, and as one of the most active DFIs (Development Finance Institutions) in Africa, FMO is proud to be associated with these funds and their respective management teams.
'FMO's Africa portfolio is a well diversified mix of debt, mezzanine and equity investments, predominantly in the financial sector (banks, insurance, consumer finance, micro-finance institutions and private equity funds) and infrastructure (mainly energy and mining, with a recent emphasis on low income housing development),' Bakkum added.
FMO's existing portfolio in Africa totalled €925m at the end of June. It represents 26 per cent of FMO's total committed capital.
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