InFrontier AF LP

Afghanistan Manufacturing

InFrontier is a London and Kabul-based investment firm that specialises in investments in emerging markets. The InFrontier Afghanistan Fund is the only private equity fund active in Afghanistan. It invests in businesses that have the potential to become market leaders in the country, helping to develop and build capacity in key sectors of the economy, including financial services, telecommunications, agri-processing, and healthcare

Our investment

In late 2016, CDC invested $15 million in the InFrontier Afghanistan Fund, through the Impact Fund. Other investors include the Dutch DFI, FMO, and the Dutch Good Growth Fund.

Expected impact

After a period of substantial economic growth as a result of unprecedented economic aid, Afghanistan is now focusing on building its domestic capacity and modernising its urban infrastructure, tapping into the strength of a young, internet-enabled population. Our investment in the InFrontier Afghanistan Fund can help to regenerate the Afghan economy by increasing access to finance, particularly for small and medium-sized enterprises. This will help create local job opportunities, build regional trading relationships and help attract other investors to the region.

Environmental and social aspects

We worked closely with the fund manager to develop and implement an Environmental and Social Management System (ESMS) for this first-time fund.

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

South Asia

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Intermediated investment
Fund manager:
InFrontier Ltd
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

November 2016

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.

United Kingdom

Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Alef Technology Afghanistan South Asia Manufacturing August 2017 Active
Insurance Corporation of Afghanistan (ICA) June 2018 Active
Rumi Spice December 2018 Active