ADP III aims to support established and growing consumer focused businesses to improve their processes and expand regionally across Africa.
“We are very pleased to announce our commitment to ADP III, as it fits well to Finnfund’s strategy as a development financier and impact investor,” Riikka Molander, Associate Director at Finnfund, said.
Riikka Molander – Associate Director, Finnfund
“We are particularly happy about the fund’s strong hands-on approach and its commitment to foster gender balance, equality and diversity in its portfolio companies, as well as within its own team.”
The fund is advised by Development Partners International (DPI), a private equity firm with a US$1.1 billion portfolio that has invested in 20 portfolio companies across its two former funds: ADP I and ADP II.
ADP III is aiming to invest US$40-120 milliion in 8–14 companies in different sectors. It is the first 2X Gender Flagship Fund globally.
2X Challenge is an international gender lens investing initiative that aims to increase access to finance for women-owned, women-led and women-supporting enterprises in developing and emerging countries.
Its first target to mobilise US$3billion globally by the end of 2020 was exceeded by 1.5 billion, and a new target will be launched in June.
Finnfund has been a member of 2X Challenge since 2019.