The Fund’s sponsor, Kingdom Zephyr Africa Management Company, is jointly owned by Zephyr Management, L.P. (Zephyr), a New York-based investment firm, and Kingdom Holding Company (Kingdom Holding), the investment holding company controlled by HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud (Prince Alwaleed).

In addition to their existing, five-year collaboration in KZAM, each of Zephyr and Kingdom has been an active investor in Africa for more than 10 years. The management team will be based in offices in New York, London, Accra and Johannesburg.

The Fund has a target size of $500 million. IFC’s investment would be up to $50 million, not to exceed 20% of total capital commitments.

40.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	40.0

* These investment figures are indicative

The Fund is a public limited life company under the laws of Mauritius. The Manager currently has offices in Johannesburg (covering Southern Africa), Accra (West- and Central Africa), London (covering Northern Africa), and New York (back-office support) and may establish one or more additional offices in Africa (likely to be East Africa) if needed. Investments will be made in companies located throughout Sub-Saharan Africa as well as North Africa.

The Fund is expected to deliver strong development impact by:

- Encouraging economic development in general, and private sector development in particular, by investing in high-growth companies which is expected to lead to above-average rates of job creation;
- Providing much needed growth and expansion capital and value-enhancing advice to companies located in IDA/frontier-countries throughout Africa;
- Improving companies’ sustainable development by helping to implement best practice corporate governance and environmental and social standards; and
- Facilitating regional integration by helping companies to expand their operations in neighboring countries and brokering partnerships and mergers & acquisitions among private sector players in the region.

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

- Structuring the Fund’s terms to international standards to attract additional institutional investors;
- Helping to adopt best-practice corporate governance as well as environmental and social standards;
- Providing additional industry experience on the Fund’s advisory board level; and
- Ability to provide additional co-investment/debt financing as well as industry and regional expertise and support in helping companies realize their cross-border expansion strategies.

This project has been classified as Category FI 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 requirements if any, that would include a combination of: (a) the IFC FI Exclusion List and/or (b) the applicable National Environmental and Social Laws and regulations and/or (c) 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 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 activities are in compliance with the requirements
- Take action to remedy any gaps in SEMS implementation on an ongoing basis

Submit a periodic report to IFC as per a format to be provided by IFC.