The Fund is expected to increase access to growth capital and value creation expertise for mid-market companies across Africa, South Asia and Southeast Asia. AGF III intends to follow the investment strategy of the predecessor funds managed by the Fund Manager, supporting companies operating at the intersection of financial services and technology, with around one-third of capital allocated across each of South Asia, Southeast Asia and Africa. Further, with its focus on fintech innovators, AGF III will improve access to financial services for individuals and MSMEs.

Beyond the project, IFC expects that the Fund will support investees that will develop tech-led innovative solutions to disrupt financial markets aligned with three themes: embedded finance, cashless transactions, and financial inclusion. The majority of countries in Africa and several countries South and Southeast Asia present significant opportunities for disruption in payments, consumer and enterprise finance, and for innovators leveraging data to lead product innovation and market development. IFC’s support to Apis will help promote greater integration in digital financial markets and a stronger digital economy through the creation of digital platforms and ecosystems. These business models can strengthen supply chains by reducing the role of brokers and intermediaries, improve price transparency, and have a demonstration effect by catalyzing replication from new entrants. In markets where investees grow rapidly and become sizeable market players, innovation at scale can generate large impacts on a market by pushing traditional players to innovate, including by introducing digital solutions or improving their offerings, or reducing traditional incumbents’ market share. 

IFC’s financial additionality will help the Fund reach its first close and enable the Fund to attract more follow-on equity for its investees. Whilst experienced, the Fund Manager is considered a sector specialist fund manager whose mandate includes Africa, which can make fundraising from traditional institutional private equity investors more challenging. IFC’s financial additionality is also amplified via the parallel $1 billion Apis Global Growth Fund III SCSp which shares the same investment strategy and has a wider geographic mandate that includes developed as well as emerging markets (AGF III and Apis Global Growth Fund III SCSp will invest together in all emerging markets deals according to a fixed ratio). IFC will not invest in Apis Global Growth Fund III SCSp.

IFC will provide non-financial additionality via its role in sending a signal of confidence in the Fund Manager’s ability to continue to deliver against its emerging market objectives and attract new investors. IFC’s role as a global institutional impact investor provides unique signaling support to a multi-region sector fund like AGF III, as IFC provides a consistent reference point for international investors operating beyond a country-specific lens. IFC will also work with Apis to promote gender diversity within their investment team and portfolio, and support Apis on promoting climate considerations within the portfolio also.

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2025.