52691 - Admaius VAF II

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Summary of Investment Information

Project Number

52691

Company Name

Admaius Virunga Africa Fund II

Date SPI Disclosed

May 8, 2026

Country

Africa Region

Region

Africa

Projected Board Date

Jun 10, 2026

Environmental Category

FI-2 - Limited

Status

Pending Approval

Last Updated Date

May 9, 2026

Department

Equity Portfolio Management

Industry

Funds

Sector

Growth Equity Fund

Project Description

The proposal is for a potential equity investment into Virunga Africa Fund 2 Mauritius L.P. (the Fund or the Project), a growth equity fund targeting to raise US$500 million to invest in mid- to large-cap African companies. The Fund will pursue a generalist strategy, with a preference for sectors in which the Fund Manager has established expertise, namely healthcare, education, fast-moving consumer goods (FMCG), digital infrastructure, and financial services.

The Fund aims to build a portfolio of 10 to 12 companies, with target ticket sizes ranging from US$15–50 million, with a preference for majority ownership while remaining open to significant minority stakes where strong alignment exists.

The Fund will be managed by Admaius Capital Partners Limited (Admaius or the Fund Manager); and is a successor fund to Virunga Africa Fund I (VAF I or Fund I) of the same strategy (IFC was not an investor).

The Fund will be managed by Admaius Capital Partners Limited (Admaius or the Fund Manager). VAF II is a successor fund to Virunga Africa Fund I (VAF I or Fund I) of the same strategy (IFC was not an investor).

Associated Advisory Engagement

There are no advisory services associated with this engagement.

Sponsor / Cost / Location

Development Impact

The Fund is expected to increase access to equity capital for mid-market companies across Pan-Africa, leveraging its experience managing a previous fund with a similar strategy, in a context where companies are credit-constrained. Beyond the project, the Fund’s successful fundraising and deployment will also help strengthen competition in the African private equity market.

Indicator	Metrics	Comments
Median Investee IRR : investees	%
Percentage of Investees With Revenue Growth 5 Pps Higher Than Nominal Gdp Growth : investees	%

E&S Category Rationale / Risks and Mitigation

The project entails an investment in Virunga Africa Fund II (VAF II), a growth equity fund targeting mid-to large-cap African companies primarily in Morocco, Egypt, South Africa, Kenya, and Rwanda. Target sectors include healthcare, education, fast-moving consumer goods (FMCG), digital infrastructure, and financial services. The Environmental and Social (“E&S”) risks and potential impacts associated with prospective investments are considered limited, generally site-specific, largely reversible, and readily addressed through mitigation measures. The overall portfolio E&S risk is medium; therefore, the Project has been categorized as FI-2 in accordance with IFC’s Environmental and Social Sustainability Policy. The main E&S risks and impacts of the Project derive from the E&S risks associated with the Fund's investment activities and the Fund Manager’s E&S capacity and systems in place to manage these risks. These risks typically include labor and working conditions, occupational health and safety, waste management, and community impacts, among others. Investments in coal-related activities, K–12 education, non-RSPO palm oil, medium- and high-risk financial institutions, and Category A activities will be excluded. The applicable E&S requirements for the Fund’s portfolio are the IFC Exclusion List, the laws and regulations in the countries where portfolio companies are located, and the IFC Performance Standards. The Fund will be required to disclose medium-risk investments on a yearly basis, including their names, sectors, and locations. The Fund Manager will also be required to meet Life and Fire Safety requirements and the requirements of IFC’s Performance Standard 2 on Labor and Working Conditions.

The Fund Manager has an established E&S Management System (ESMS) dated 2024, referring to IFC Performance Standards and host countries’ relevant national laws and regulations. The ESMS and ESG Policy (2025) incorporate E&S considerations throughout the investment cycle—from initial screening and due diligence to contracting, monitoring, and exit. The ESMS also covers the Fund’s ESG vision, impact thesis, portfolio management, impact-based incentives, governance, team structure, and supporting appendices. Both the ESMS and ESG Policy detail objectives, governance, normative references, ESG integration in the investment process, internal organization, grievance mechanisms, annual ESG audits, and appendices, including the Fund’s exclusion list. As part of the project, the Fund Manager is required to formally designate an ESMS Officer for VAF II and to further improve its E&S management system and procedures (as a condition of commitment) to include the following: (i) mandating the use of external independent consultants for E&S due diligence; (ii) updating the Fund’s exclusion list to fully align with IFC’s Exclusion List activities and additional restrictions applicable to VAF II; (iii) including additional E&S provisions and requirements related to gender-based violence (GBV) and child protection and safeguarding at the portfolio level; (iv) including supply chain risk management mechanisms and requirements for agribusiness, solar projects, and healthcare projects; and (v) providing additional practical E&S tools and templates. The Fund Manager is also required to further strengthen its HR policies and procedures in line with Performance Standard 2.
IFC will review the first three Environmental and Social Due Diligence (ESDD) reports of the Fund. Additionally, the Fund is required to disclose Category B investments on a yearly basis, including their names, sectors, and locations.

S.no	Title	Anticipated Completion Date
1	Designate E&S officer	05/31/2026
2	Revise the ESMS	05/31/2026
3	Strengthen HR policies and procedures in line with PS2	09/30/2026

Contacts

For Inquiries About the Project, Contact

Admaius Capital Partners
Hannah Gilkes
Partner

Hannah.gilkes@admaius.com
1st floor, I&M Building KN03/09 Avenue, Kigali, Rwanda
www.admaius.com

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IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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