British International Investment (BII), the UK’s development finance institution, has committed $20 million to the Alterra Africa Accelerator Fund (AAA Fund) to boost economic growth in emerging African markets.
The fund, managed by Alterra Capital Partners, focuses on mid-cap, EBITDA-positive businesses across East and Southern Africa.
The AAA Fund supports essential industries such as telecommunications, technology, financial services, consumer products, and infrastructure. By investing in these high-impact sectors, the fund aims to drive sustainable economic development while providing business solutions to underserved communities.
Strengthening Africa’s Investment Ecosystem
Alterra Capital Partners, founded by former members of Carlyle Africa and Emerging Capital Partners, is committed to fostering long-term, inclusive growth in Africa. BII’s investment strengthens this mission by providing capital to businesses that deliver essential goods and services.
A Strategic Partnership for Impact
Sara Taylor, Head of PE Funds and Co-Investments at BII emphasized that this collaboration aligns with BII’s goal of empowering businesses that drive transformative growth. Genevieve Sangudi, Partner at Alterra, highlighted that BII’s investment enhances the fund’s ability to back impactful companies.
Commitment to Africa’s Economic Future
This investment is part of BII’s broader strategy to support African development. Recently, BII also committed $30 million to African telecom infrastructure, reinforcing its dedication to fostering sustainable and inclusive economic progress across the continent.
Alterra announced its first close for the AAA Fund at $140 million in 2023 and continues to attract support from development finance institutions and commercial investors, including International Finance Corporation, Norfund AS, DEG, Standard Bank, Allianz AfricaGrow Fund and Public Investment Corporation.
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