TUNISIA – AfricaGrow, an investment fund set up by Allianz Global Investors, a subsidiary of the German insurance group Allianz, and the German Development Finance Bank (KfW), has made two commitments of €15 million (US$17.5m) each for the benefit of two funds in Tunisian, SPE AIF I and Cathay AfricInvest Innovation Fund (CAIF).
It focuses on potential market leaders whose goal is to introduce established global technology concepts to the African region and to stand out mainly through innovative technologies.
“The cooperation with SPE Capital and AfricInvest gives us access to excellent partners who have convinced us with their vast network and local expertise which reflects the investment strategy of AfricaGrow”, said Martin Ewald, Managing Director and lead manager of the Allianz Global Investors investment portfolio.
“The two investments lay the foundation for a balanced portfolio, which we will enrich in the near future with other investments of capital in the African market.”Martin Ewald – Managing Director, Allianz Global
“The two investments lay the foundation for a balanced portfolio, which we will enrich in the near future with other investments of capital in the African market.”
Cathay AfricInvest Fund is an investment vehicle that aims to become the first venture capital fund targeting Africa. It was set up through a joint venture between the Chinese firm Cathay Capital private Equity and the Tunisian AfricInvest.
“With the AfricaGrow fund of funds, KfW Entwicklungsbank is implementing a key initiative of the development investment fund, which was launched by Chancellor Merkel during the “Compact with Africa” summit in Berlin in October 2018,” Jan Martin Witte, Director of the equity finance department of KfW, said.
“We are pleased that with Allianz Global Investors we have found a competent partner who drives forward the implementation of the fund of funds’ investment strategy. We are convinced that these initial investments will make a significant contribution to the creation of growth and jobs in Africa.”