AfricInvest and Bpifrance are both investment firms and they have announced a joint French-African Fund (FFA) which will aim to invest in top small and medium businesses within Africa and France.
I think I am beginning to like the recent news and information I get on startups of recent. Startups in Africa have been getting pledges of investment from outside the continent, and this is a very good one for the development, economically and I any other way of the continent.
Aside from this, it also portrays that there is now a better recognition of the African continent amongst other continents in the world. It is seeming like they have discovered that there is a whole lot of potential economic powers, presently startups in Africa – they turned a blind eye on this before now.
The creativity of a black man can never be underestimated.
According to reports, The FFA will be managed by AfricInvest which is a pan-African private equity firm focused on mid-cap investments with almost €1-billion of funds under their management. They also have offices in six African countries and more in France.
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Bpifrance’s Fund of Funds executive director, Benjamin Paternot had this to say in a press release
“The cornerstone of the strategy for the French African Fund — the first cross-border fund between Africa and France — rests in AfricInvest’s ability to help French companies grow in Africa, and at the same time attract African companies to the French market,”
“The quality of AfricInvest’s experience — through its diverse team based in France and across Africa — as the well as the development potential of the African continent, have together attracted the highest quality partners in the private sector both in France and in Africa,” continued Paternot.
A part of the fund also came from African investors including Caisse Nationale de Prévoyance Sociale de Côte d’Ivoire, Saham, Financecom as well as the Central Bank of Kenya Pension Fund. The fund is also subscribed to by private investors from Kenya and Nigeria as well as AfricInvest.
This is a welcome development, what are your thoughts?