The Fund is sponsored by the Advanced Finance and Investment Group L.L.C. (AFIG) which is acting as the Fund Manager. AFIG was established in 2006 by Messrs. Papa Madiaw Ndiaye and Patrice Backer (the Managing Principals). Two other professionals, Ms. Lalya Kamara and Mr. Mezuo Nwuneli, joined the team last year. AFIG’s operations are based in Dakar, Senegal and it is fully-owned by its employees who together will also invest their own capital in the Fund. This is a first time Fund Manager and thus the management team does not have a team track record, but individual members have relevant experience and strong track record in private equity and investments in Africa. The Managing Principals have collectively over 12 years of combined experience in private equity, 10 of which is Africa-focused. The team also has over 14 years of Wall Street experience.

Other major shareholders in the Fund include Farallon Capital Management, Africa Re, Social Security of Senegal, AfDB and CDC.

IFC proposes to invest $15 million in the Atlantic Coast Regional Fund, LLC. IFC’s investment will represent less than 20% of the Fund’s total capital.

15.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	15.0

* These investment figures are indicative

The Fund Manager, AFIG, is operationally based in
Dakar, Senegal, on 83,
Boulevard de la République
Immeuble Horizons.

ACRF anticipates contributing to the private sector of several sub-Saharan Francophone countries by strengthening and improving the sustainability of at least 10 to 15 companies. Based on the existing pipeline, 30% of the target companies are SMEs that need substantial hand-holding and financial resources to become competitive businesses.

The Fund is also expected to invest in high-growth mid-size companies leading to increased employment rates at a rate higher than the local average.

The Fund will also contribute to improve corporate governance and transparency in its portfolio companies helping them to become listed companies in the local stock exchange.

The Fund has adopted the IFC environmental performance standards and is expected to help improve the environmental management of its portfolio companies.

Through its investment in the Fund and participation in the Shareholders’ Advisory Committee, IFC will have the following roles:

- Playing a catalytic role in supporting an emerging fund manager in launching one of the first private equity funds in Francophone Africa;
- Helping to adopt best-practice corporate governance and environmental and social standards at the fund and portfolio company level;
- Providing additional regional and industry experience on the Fund’s Shareholders’ Advisory Committee and through collaboration with IFC local offices;
- Providing access to additional financing to investees through IFC co-investments;
- Helping the fund manager to attract other institutional investors to reach its targeted size.
- Developing synergies with IFC local officers in Sub-Saharan Africa allowing them to provide support and intelligence to the Fund.

This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. During appraisal, IFC will analyze the fund’s expected portfolio and sectors of investment and determine the Applicable Performance Requirements if any, that would include a combination of:

- The IFC FI Exclusion List and/or
- The applicable National Social and Environmental Laws and regulations and/or
- The IFC Performance Standards

IFC will also review, if required, the capacity of the fund to manage social and environmental risks and to establish and maintain a Social & Environmental Management System (SEMS). IFC may suggest Supplemental Actions to address any gaps in the SEMS if required. The fund manager will be required to:

- Develop an, or upgrade, if necessary, any existing SEMS, prior to disbursement to the satisfaction of IFC;
- Identify responsible, qualified persons to manage and implement the SEMS;
- Commit to implement the SEMS to ensure that its investments/activities are in compliance with the - Applicable Performance Requirements
- Submit a periodic report to IFC as per a format to be provided by IFC.