51376 - SMEV Oasis Africa Fund II

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Summary of Investment Information

Project Number

51376

Company Name

Oasis Capital Ghana Ltd

Date SPI Disclosed

May 30, 2025

Country

Western Africa Region

Region

Africa

Projected Board Date

Jun 30, 2025

Environmental Category

FI-2 - Limited

Status

Pending Signing

Last Updated Date

May 31, 2025

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jul 17, 2017

Sector

Growth Equity Fund

Project Description

The proposal is for a potential equity investment into Oasis Africa Fund II (“the Fund” or “OAF Fund II”) of up to US$10 million, capped at 20% of total commitments. OAF Fund II targets small and medium-sized enterprises (SMEs) serving the growing African middle-income population using scalable business models.

The Fund will seek to build a portfolio of up to 16 investments, utilizing a mix of convertible debt, mezzanine, and equity instruments. Investment ticket sizes will range from US$1 million to US$10 million. While the primary focus will be on Ghana and Côte d’Ivoire, the Fund will also consider opportunistic investments in Senegal and Liberia.

The Fund will be managed by Oasis Capital Ghana Ltd (“the Fund Manager” or “Oasis Capital”).

Associated Advisory Engagement

IFC's advisory engagement will be delivered through capacity building at the Fund’s SME investee companies as well as any necessary support at the Fund Manager level.

Sponsor / Cost / Location

Development Impact

OAF Fund II is expected to increase access to private equity (PE) capital and value creation for SMEs in West Africa, targeting Ghana, Côte d’Ivoire, and opportunistically Liberia and Senegal. Over the past five years, PE activity in West Africa has declined. The Fund will provide equity financing and create value to portfolio companies through digitalization, product development, management hiring, operational improvements, and corporate governance. A meaningful share will also be invested in women owned and led companies. Beyond projects, the fund manager’s ability to raise a larger follow-on fund targeting four IDA countries and including funding from commercial investors is expected to demonstrate that regional and SME-focused funds in West Africa can scale, proving commercial viability and attracting international investors. However, economic and political conditions remain volatile, which could limit the growth of PE investments in the region.

IFC’s Financial Additionality through its Own Account Equity will enable the Fund to achieve its second close, especially as it targets a significant increase in fund size. PE fundraising in West Africa has stalled since 2023, hindered by macroeconomic uncertainties, political instability, and limited institutional investor engagement. Moreover, SME-focused funds are seen as higher risk and struggle to attract investment, making it challenging for fund managers like Oasis Capital to raise funds without DFI support. IFC’s Non-Financial Additionality through Non-Commercial Risk Mitigation includes signaling confidence in the Fund Manager’s ability to manage a larger fund, providing reassurance to potential new investors, including commercial investors, that the fund will reach its minimum viable size. Moreover, through Knowledge, Innovation, and Capacity Building IFC will provide continued support via SMEV Advisory to promote sustainable growth and dedicated SMEV Technical Assistance (TA) to enhance capacity building for the Fund Manager and portfolio SMEs.

Indicator	Metrics	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Median Investee IRR : investees	%	Not Available	Not Available	Not Available
Number of fund managers operating within West Africa	Number	Not Available	Not Available	Not Available
Percentage of Investees That Are Female Owned/Led	women	Not Available	Not Available	Not Available
Percentage of Investees With Revenue Growth 5 Pps Higher Than Nominal Gdp Growth : investees	%	Not Available	Not Available	Not Available
Direct Employment (#) Operations And Maintenance	individuals	Not Available	Not Available	Not Available
Female Direct Employment (#) Operations And Maintenance	individuals	Not Available	Not Available	Not Available
Investee - Direct Employment -Operations and Maintenance	#	Not Available	Not Available	Not Available
Investee - Direct Employment Female -Operations and Maintenance	#	Not Available	Not Available	Not Available
Investee - Majority female owned (#)	#	Not Available	Not Available	Not Available
Investee - Number of Senior Management Positions (#)	#	Not Available	Not Available	Not Available
Investee - Number of Women in Senior Management	#	Not Available	Not Available	Not Available
Investee - Payment to Government($M)	$M	Not Available	Not Available	Not Available
Number of Senior Management Positions	individuals	Not Available	Not Available	Not Available
Number of Women In Senior Management	individuals	Not Available	Not Available	Not Available
Payment To Government ($M)	USDMill	Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The Project entails an equity investment in Oasis Africa Fund II, a sector-agnostic fund investing in sectors such as healthcare, financial services, services, education, and real estate. The Project will not support Exclusion List activities, coal-related activities, private K-12 education, or E&S high-risk activities that may include a) involuntary resettlement, b) risk of adverse impacts on Indigenous peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage or d) significant occupational health and safety risks. The E&S risks associated with the Fund’s investment activities are considered to be medium and can be readily addressed through mitigation measures. These risks typically include life and fire safety, safeguarding and gender-based violence (GBV), waste and hazardous waste management, and occupational health and safety, among others., As such, the Project has been categorized as FI-2 according to IFC’s Sustainability Policy. The applicable E&S requirements for this Project will be the IFC Exclusion List, host country E&S laws and regulations, the IFC Performance Standards, and high-risk activities screening.

The Fund Manager is an existing IFC client with satisfactory E&S performance, and has an established E&S management system (ESMS) to identify and assess the E&S risks and impacts related to its investment activities. The ESMS describes the procedures for screening, due diligence, investment decision and monitoring. The Fund Manager has incorporated ES due diligence into the investment review process through the application of a set of tools. The Fund Manager is in the process of developing additional E&S due diligence tools, focusing on waste management, air quality management and fire & safety management, to complement the existing ones. Where gaps are identified as part of the ES assessment process, action plans are drafted as part of the ES risk assessment forms. The Fund Manager has a dedicated ESG team led by the ESG lead officer, who is responsible for overall implementation of the ESMS within the fund’s investment activities. As part of this Project, the Fund Manager will be required to enhance the ESMS by: 1) consolidating the ESMS and existing tools to provide a structured approach to E&S risk management; 2) incorporating Sexual Exploitation, Abuse and Harassment and Gender-Based Violence considerations within its due diligence procedures, 3) defining criteria for the use of third-party E&S consultants in the E&S assessment and monitoring processes; and 4) developing an external communications mechanism to receive and respond to communications received from external third-parties. In addition, the Fund Manager will augment its E&S capacity by onboarding an additional resource to provide support in the E&S risk assessment and monitoring processes. The Fund Manager will be required to provide the first three ESDDs for prospective investments prior to commitment for IFC review, to support ESMS implementation.

S.no	Title	Anticipated Completion Date
1	ESMS enhancements	06/30/2025
2	E&S Capacity	09/30/2025
3	Establish an ECM	06/30/2025

Contacts

For Inquiries About the Project, Contact

Oasis Capital Ghana Ltd
Joseph Boakye Yiadom
Managing Partner
+233 244329325
joseph@oasiscapitalghana.com
21 Boundary Rd, East Legon, Accra, P. O. Box CT1169, Cantonments, Accra
www.oasiscapitalghana.com

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