Investec Africa Credit Opportunities Fund

Tanzania, Mozambique, Nigeria, Uganda, Kenya, Zimbabwe, Zambia, Namibia, Ghana Financial services, Construction and real estate, Infrastructure, Communications and IT Services, Manufacturing, Others

Investec Asset Management (IAM) is an international investment manager, specialising in emerging markets. The South African and UK-based firm, founded in 1991, invests across a range of asset classes including public equity, fixed income, currencies, and private equity across the globe.

The Investec Africa Credit Opportunities Fund 1 (IACO), sub-Saharan Africa’s first corporate debt fund, will provide long-term capital to businesses of different sizes and sectors across a wide range of countries in the region (excluding South Africa).

The fund aims to kick-start the development of African debt capital markets and to invest in sustainable businesses.

Our investment

In 2012, CDC invested $30 million in the Africa Credit fund. The fund is also supported by Dutch development bank, FMO. The Investec Asset Management team is aiming to raise up to $350 million for the fund from commercial investors both in Africa and beyond to provide much-needed capital to African businesses.

Expected impact

There is a shortage of credit in sub-Saharan Africa for private sector businesses.

The fund aims to bring in other institutional investors and ensure that their money will be used to provide debt capital to companies across sub-Saharan Africa.

The Investec Fund will typically provide capital to businesses and projects which already support local employment, enabling access to longer term funding.

The finance may be used as working capital or to fund expansion, enabling the creation of jobs.

Environmental and social aspects

We worked closely with the fund manager to contribute to the development and implementation of an Environmental and Social Management System (ESMS).

Key facts

Status:
Active
Region

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

:
Africa
Sector

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.

:
Communications and IT Services, Construction and real estate, Financial services, Infrastructure, Manufacturing, Others
Website:
https://www.investec.com/en_gb.html
Investment type

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

:
Intermediated investment
Fund manager:
Investec Asset Management
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

:
December 2012
Amount

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.

:
$30m
Domicile

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

:
Guernsey

Investments made by this fund

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

Letshego is a regional consumer financial services provider in sub-Saharan Africa, providing unsecured loans to employees of government and quasi government organisations utilising a payroll deduction business model.

View investment details

Botswana Africa, Southern Africa Financial services May 2010 Active
FBC Holdings Limited

FBC Holdings Limited is a diversified financial services group with interest in commercial banking, stock broking, mortgage and reinsurance services based in Harare, Zimbabwe and listed on the Zimbabwe Stock Exchange.

View investment details

Zimbabwe Africa, East Africa Financial services June 2013 Active
Africa Finance Corporation

AFC is an international finance organization established by a treaty between sovereign states.

View investment details

Tanzania Africa, East Africa Financial services October 2013 Active
Bayport Management

Bayport Management is a leading provider of unsecured credit and financial solutions to the formally employed large markets in Africa, including Zambia, Ghana, Uganda, Tanzania, Botswana, South Africa and Mozambique and Latin America.

View investment details

Africa Financial services December 2013 Active
IHS Nigeria

IHS, which was founded in 2001, is a company specialising in building towers and managing sites for mobile network operations.

View investment details

Nigeria Africa, West Africa Communications and IT Services December 2014 Active
IHS Zambia Ltd

IHS Zambia Limited is the sole and leading independent tower operator in Zambia – owning and operating over 1,700 telecommunications towers. It is a wholly owned subsidiary of the IHS Towers Group – the largest independent tower operator in Africa – which has a presence in Nigeria, Cameroon, Cote d’Ivoire, Rwanda and Zambia.

View investment details

Zambia Africa, East Africa Communications and IT Services December 2014 Active
Trade Development Bank

The Eastern and Southern Africa Trade and Development Bank - TDB Bank - is a regional development bank headquartered in Burundi. It has offices in Nairobi, Harare, and Ebene. Established in 1985, its aim is to facilitate economic growth, trade and regional integration through its role as a financial intermediary providing trade and project finance in 17 countries across East and Southern Africa. It invests in a range of sectors, including agriculture, trade, industry, infrastructure, energy and tourism and provides a range of financial products and services across both the private and public sectors.

View investment details

Africa, East Africa Financial services June 2015 Active
Karadeniz Powerships

Karadeniz Powerships is part of the energy wing of Turkey-based Karadeniz Holding. The powership is expected to generate approximate 225MW of electricity to augment Ghana's energy needs.

View investment details

Ghana Africa, West Africa Infrastructure June 2015 Active
Baía Mall (formerly RaceGame)

RaceGame is a project to develop an A-Grade shopping centre. The retail development will be on 6ha of land in an excellent location in Maputo, Mozambique.

View investment details

Mozambique Africa, East Africa Construction and real estate May 2016 Active
MTN Mauritius

MTN International is an investment holding company offering telecommunication services through its subsidiary.

View investment details

Mauritius Africa, East Africa Communications and IT Services June 2016 Active
Liquid Telecom Holdings

Liquid Telecom is a leading independent data, voice and IP provider in eastern, central and southern Africa. It supplies fibre optic, satellite and international carrier services to Africa's largest mobile network operators, ISPs and businesses. It also provides payment solutions to financial institutions and retailers.

View investment details

Africa Communications and IT Services December 2016 Active
African Export Import Bank (Afrexim Bank) Africa Financial services June 2017 Active
Centum Investment Limited Africa Financial services September 2017 Active
Seacom Limited Africa Communications and IT Services December 2017 Active
Mozaza Logistics (J&J Trucking) June 2018 Active
Equity Bank

Equity Bank was established in 1982 as a building society to serve the unbanked and to provide products and services that economically empower its customers. Its products include a diverse range and are targeted to specific needs including SME loans, microfinance and agribusiness loans

View investment details

Kenya, Uganda Africa, East Africa Financial services December 2018 Active
FirstRand Bank Limited December 2018 Active
United Bank for Africa December 2018 Active
Ecobank (Formerly Oceanic Bank of Nigeria)

Ecobank is a commercial bank in Nigeria listed on the Nigerian Stock Exchange.

View investment details

Nigeria Africa, West Africa Financial services Exited
Equity Bank

Equity Bank was established in 1982 as a building society to serve the unbanked and to provide products and services that economically empower its customers. Its products include a diverse range and are targeted to specific needs including SME loans, microfinance and agribusiness loans

View investment details

Kenya, Uganda Africa, East Africa Financial services Exited
First Bank Nigeria

First Bank of Nigeria is a multinational bank and financial services company in Nigeria.

View investment details

Nigeria Africa, West Africa Financial services Exited
Globeleq Africa Holdings

Globeleq develops, owns and operates thermal and renewable independent power plants in Africa.

View investment details

Africa Infrastructure Exited
Gruppo Limited (Ikeja Mall)

Gruppo Investment Nigeria Limited is a Nigerian-domiciled company with plans to develop a mixed-use retail and office complex located in Ikeja, Lagos,

View investment details

Nigeria Africa, West Africa Construction and real estate Exited
GTB

Guaranty Trust Bank is a Nigerian financial institution with business outlays across Anglophone and Francophone West Africa and East Africa.

View investment details

Nigeria Africa, West Africa Financial services Exited
Helios Towers Nigeria Ltd

Helios Towers is the sole provider of tower sites on a leased basis in Nigeria and in all of Africa.

View investment details

Nigeria Africa, West Africa Communications and IT Services Exited
Intrepid Aviation

Intrepid Aviation is a privately held commercial aircraft lessor which owns and manages commercial aircraft leased to airline operators worldwide.

View investment details

Namibia Africa, Southern Africa Manufacturing Exited
Kosmos Energy

Kosmos Energy is an international oil and gas exploration and production company. It has identified the Tano Basin offshore Ghana as a potential hydrocarbon system. Its first major discovery in 2007 was the Jubilee Field.

View investment details

Ghana Africa, West Africa Others Exited
Persianas Limited

The Persianas Group was founded in 1990 and is involved in the construction and management of real estate developments across Nigeria, particularly in the retail sector.

View investment details

Nigeria Africa, West Africa Construction and real estate Exited
Trade Development Bank

The Eastern and Southern Africa Trade and Development Bank - TDB Bank - is a regional development bank headquartered in Burundi. It has offices in Nairobi, Harare, and Ebene. Established in 1985, its aim is to facilitate economic growth, trade and regional integration through its role as a financial intermediary providing trade and project finance in 17 countries across East and Southern Africa. It invests in a range of sectors, including agriculture, trade, industry, infrastructure, energy and tourism and provides a range of financial products and services across both the private and public sectors.

View investment details

Africa, East Africa Financial services Exited
Zenith Bank Plc

Zenith Bank is a commercial bank listed on the Nigerian Stock Exchange

View investment details

Nigeria Africa, West Africa Financial services Exited