GEF Africa Sustainable Forestry Fund II


The African Forestry Fund II (ASFF II) is managed by Criterion Africa Partners (formerly GEF). The fund held its first close at $81 million (alongside EIB, FMO, Obviam, BIO and the Grantham Foundation) and the manager is targeting $120 million.

Our investment

In April 2018, CDC committed $30 million to ASFF II.

Expected impact

ASFF I and II are flagship projects in the African forestry space and can demonstrate attractive returns are possible and ultimately attract additional capital to the sector. The mandate also incorporates significant skills transfer through their operations in many of the markets in which they will invest. Investments in forestry can also deliver key developmental and environmental and social benefits.

Key facts


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

Investment type

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

Intermediated investment
Fund manager:
Global Environment Fund

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.


Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status