Amethis Finance seeks Sh36bn to invest in Africa

By professo

A Paris-based equity and debt company, Amethis Finance, is hoping to raise Sh36bn (US$347mn) for investment in 11 African countries.

The Amethis Fund II is a 10-year closed-end generalist private equity fund aiming to target mid-market firms.

The firms are to be in financial institutions, fast-moving consumer goods, healthcare, agribusiness, education, IT, and telecommunications.

The World’s Bank, the International Finance Corporation (IFC), has made a proposition of Sh1.8bn ($17mn) in equity investment for the fund.

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The countries include Kenya, Côte d’Ivoire, Nigeria, Cameroon, Ghana, Zambia, Tanzania, Mozambique, Ethiopia, Morocco, and Mauritius.

“The fund has a total committed capital target size of €300 million, of which IFC’s proposed investment is up to €15 million in equity, not to exceed 20 per cent of total committed capital,” noted the IFC.

“The growth of the fund’s portfolio companies is expected to result in strong job creation. The fund will invest in companies that focus on the lower-income emerging consumers.”

Amethis has made investments to Chase Bank, Ramco Group, and Kenafric Industries over the past few years.

Sh1bn ($10.5mn) was injected into Chase Bank in 2013 and the following year Amethis bought a 30% stake in Ramco Group for an undisclosed amount.

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