IFC Set to Invest $26 Million in Partech’s Africa Fund II
By Annie Njanja
The International Finance Corporation (IFC), the private sector arm of the World Bank, plans to make an equity investment of up to €25 million ($26.43) into the Partech Africa Fund II (PAF II) by the Paris-based VC firm Partech. The IFC said in the disclosures that it’s eyeing a stake not exceeding 20%.
The agency said it will commit a further €15 million ($15.9 million) for future co-investment opportunities together with the fund. The PAF II will invest in “seed to Series D rounds, and follow-on rounds in top portfolio companies,” according to records by the IFC. The investment is awaiting approval.
“IFC’s proposed investment in Partech Africa Fund is an equity investment of up to €25 million, not to exceed 20% of the total Fund commitment. In addition, IFC has proposed a separate co-investment envelope of up to €15 million on a delegated authority basis, to facilitate IFC’s ability to participate in potential future co-investment opportunities alongside the Fund,” the IFC said in the disclosure.
Photo courtesy of Olumide Bamgbelu.