Adiwale Partners closes first fund at €60mn

Adiwale Partners has reached the final close of its first fund with a commitment from the IFC. Other investors are CDC Group, AfDB, The Dutch Good Growth Fund, Kuramo Capital Management and Banque Ouest Africaine de Développement (BOAD).

The fund, Adiwale Fund I, will invest between EUR 3mn to EUR 8mn per transaction, providing growth capital across French-speaking West Africa, specifically to SMEs in Côte d’Ivoire, Senegal, Mali and Burkina Faso. Relevant investment themes the fund will support are supply chains, imports substitution and backward integration in the following sectors: FMCG, health and education, business services (transport & logistics, IT, construction services), manufacturing, chemicals and pharmaceuticals.