51092 - ISC-Catalyst III

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Summary of Investment Information

Project Number

51092

Company Name

Catalyst Fund Resilience I, L.P.

Date SPI Disclosed

Oct 6, 2025

Country

Africa Region

Region

Africa

Projected Board Date

Nov 5, 2025

Environmental Category

FI-2 - Limited

Status

Pending Signing

Last Updated Date

Dec 10, 2025

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Dec 9, 2025

Sector

Other Non-Private Equity Fund

Additional Project Attributes

Blended Finance

Project Description

The proposed investment is an equity transaction of up to $6M ($4.5M Own Account in the senior tranche, $1.5M WeFi blended finance in the philanthropic tranche) in Catalyst Fund (the “Fund”, “Catalyst III”), a venture capital (VC) fund with a target size of $40M providing investments and venture building services to early-stage tech companies across Africa. The Fund will invest with a focus on three sectors: Fintech for climate resilience, Sustainable livelihoods, and Climate-smart essential services. The Fund's geographic distribution includes investments in Nigeria, Kenya, Egypt, Tanzania, South Africa, Morocco, Senegal, Mali and Uganda. The Fund will be managed by Catalyst Impact Partners Corp (the “Fund Manager”). The project is expected to be supported by Women’s Entrepreneur Finance Initiative (We-Fi) as described in the Blended Finance Section.

Associated Advisory Engagement

The Fund Manager participated in the Start Up Catalyst Booster one week training program in Oxford in May 2025 and will be invited to other relevant activities under the Startup Catalyst Booster Program.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	4.50

Development Impact

The Fund is expected to increase access to seed and early-stage venture capital financing and value creation services for African companies that are addressing climate mitigation or adaption challenges. Beyond the project, IFC investment is expected to contribute to strengthening the climate finance market in Africa, by supporting the development of local VC funds dedicated to climate, via demonstration and replication, enabling frameworks, and capacity building channels.

IFC's additionality is expected to be both financial and non-financial. Financial additionality involves the provision of IFC own account equity, as IFC's investment of up to US$4.5M, alongside up to US$1.5M from We-Fi, will support the Catalyst Fund in raising its first institutional pan-African venture capital fund, targeting a US$40M fund size. IFC's participation offers critical institutional support and is expected to strengthen the Fund's ability to attract additional investors. IFC will provide non-financial additionality by sharing its knowledge and networks in Africa with the Fund Manager, and support capacity building through Startup Catalyst Booster. Members of the Catalyst team have already attended a week-long training in Oxford in May 2025, which provided them with matchmaking sessions with potential LPs (organized by IFC); and offered support to build capacity on investing and fund management. IFC will also also help the Fund Manager develop its Environmental and Social Management System (ESMS) and provide guidance on applying IFC Performance Standards to manage Environmental, Social, and Governance (ESG) risks.

Indicator	Metrics	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Investees with SME Classification at time of Acquisition (%)	SME Investees (%) [Calculated]	Not Available	Not Available	Not Available
Investees in IDA Countries (%)	Investees in IDA Countries (%) [Calculated]	Not Available	Not Available	Not Available
Corporate Governance: Investees where Fund Manager has Board Seat (%)	Investee Boards with Fund Manager (%) [Calculated]	Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The proposed Project consists of an equity investment of up to US$6 million in Catalyst Fund. The Fund will primarily invest in early-stage climate-focused ventures across Africa. The E&S risks and impacts inherent in the fund’s investment activities are expected to be low to medium. As such, the Project has been categorized as FI-2 in accordance with IFC’s Sustainability Framework. The Project will not support activities on the IFC Exclusion List, coal-related activities or higher-risk business activities that may include: a) involuntary resettlement; (b) risk of adverse impacts on indigenous people; (c) significant risks to or impacts on the environment, community health and safety, biodiversity, or cultural heritage; (d) risk of retrenchment; or (e) significant occupational health and safety risks. For this Project, the Fund Manager will be required to screen prospective investments against the IFC Exclusion List, host country E&S laws and regulations, and the IFC Performance Standards (for applicable transactions).

The key E&S risks and impacts of the Project derive from the Fund Manager’s capacity to manage the potential E&S risks and impacts associated with the Fund's investment activities and its E&S capacity and systems in place to manage these risks. These risks are typically associated with labor and working conditions and resource efficiency, among others.

Catalyst is currently in the process of revising its E&S management system (ESMS). The ESMS notes the applicable requirements for prospective investments, the E&S risk assessment process (which includes pipeline screening, due diligence, E&S action plan development, venture building, and monitoring). E&S responsibilities at the Fund are managed by a part-time resource. As part of the Project, the Fund Manager will be required to hire an E&S Officer with primary responsibility and oversight of the Fund’s ESMS implementation. In addition, the Fund Manager will need to: 1) develop an E&S risk management training plan and conduct E&S risk management training for relevant staff; 2) enhance the E&S management system by aligning with the IFC Exclusion List, establishing E&S risk management procedures for follow-on investment, developing tools to support the E&S risk management process, and developing an external communication mechanism; and 3) and provide periodic reporting to IFC on the Fund’s E&S performance. IFC will review the first three E&S due diligence reports prior to the Fund's investment to support the ESMS implementation.

S.no	Title	Anticipated Completion Date
1	Designate E&S Officer	02/07/2026
2	ESMS Enhancement	10/30/2025
3	Staff Training Plan	02/07/2026
4	Staff Training	05/08/2026
5	Submit implementation report	11/15/2025
6	External Communication Mechanism	10/30/2025

Contacts

For Inquiries About the Project, Contact

Catalyst Fund
Maelis Carraro
Managing Partner
+33 07 82 11 52 83
maelis@thecatalystfund.com
Riverside Green Suites, Acacia Suite, Fl 2, Nairobi, Kenya
https://www.thecatalystfund.com/

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