By Africa Links 24
Published on 2024-04-18 23:11:49
EG Capital is excited to announce the welcoming of new investors into its maiden fund, EG-Economic Empowerment LP (EG-EEF), ahead of its First Closing scheduled for mid-2024. Among the new investors are African institutional investors represented by the Kenya Pension Fund Investment Consortium (KEPFIC) and several family office investors.
The EG-Economic Empowerment Fund LP (EG-EEF) focuses on providing mezzanine growth capital to mid-cap companies in East Africa and Zambia operating within the Food, Climate, Health, and Education sectors. KEPFIC, a consortium of local pension schemes, has come together to collectively assess and invest in alternative asset opportunities, including private equity and infrastructure. With assets totaling over USD $5 billion, KEPFIC has mobilized USD $115 million for alternative asset investments to date.
Sandrine Henton, founder and Managing Director of EG Capital, expressed her enthusiasm for the new partners, stating, “We are delighted to welcome new partners and work together to generate tangible returns and impact for East Africa and Zambia. Welcoming African institutional investors and family offices into the EG-EEF Fund I vintage helps us mobilize more private capital for Africa.”
Ngatia Kirungie, Head of the Secretariat at KEPFIC, highlighted the positive response from Kenyan pension funds towards investing with EG Capital in Food, Health, and Education through mezzanine growth financing. The KEPFIC Dealbook 2023 included EG Capital among 19 fund managers and investment opportunities, indicating the significant interest in the EG-EEF proposition.
The current partners of the EG-EEF fund include the endowments of the Waterloo Foundation/Whitley Asset Management, the Anesvad Foundation/EuroCapital SA, family offices, the EG Capital management team, and technical support from USAID, Prosper Africa, and 2x Global.
British Robinson, Coordinator at Prosper Africa, commended EG Capital for expanding the asset management landscape to include local African institutional investors. This collaboration reflects Prosper Africa’s efforts to increase U.S. investors in the fund and demonstrate how private capital can support entrepreneurship and diversification.
Jessica Espinoza, CEO of 2x Global, expressed her delight in supporting EG Capital through the 2x Ignite community, which focuses on emerging female-led fund managers in Africa. This support aims to increase the allocation of capital managed by women for both returns and impact, particularly in sectors related to Climate Adaptation and Gender.
EG Capital’s goal is to invest up to USD $100 million in 10-12 African SMEs and mid-sized companies, delivering returns and impact in the Food, Climate, Health, and Education sectors. The collaboration with new investors, including African institutional investors and family offices, signifies a step towards mobilizing private capital for impactful investments in Africa.
