PROJECT

Projects

Summary of Investment Information

Project Number

41790

Company Name

AFRICAN DEVELOPMENT PARTNERS III LP

Date SPI Disclosed

Oct 31, 2018

Country

Africa Region

Region

Africa

Projected Board Date

Dec 7, 2018

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jul 1, 2021

Department

CTTPE - TMT, Venture Capital & Funds/Private Equity Funds

Industry

Funds

Previous Events

Approved : Jun 10, 2019
Signed : Jun 14, 2019
Invested : Sep 12, 2019

Sector

Growth Equity Fund

Project Description

The proposed project is for IFC to commit up to US$20 million, not to exceed 20 percent of total commitments, to African Development Partners III L.P. (the “Fund”), a 10-year closed-end fund targeting commitments of US$800m. The Fund has a pan-African generalist strategy and will make growth equity investments in established and growing companies with an emphasis on those benefitting from Africa’s growing middle class. The IFC Global Emerging Markets (“GEM”) Fund, managed by IFC Asset Management Company (“AMC”) is considering committing up to US$50 million to the Fund alongside IFC, not to exceed 20% of total commitments.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation