The business drew investments from groups including family offices and British International Investment (BII).

Enko Capital, an Africa-focused alternative asset manager with $1.3 billion in assets under management, has held the first close of its impact-focused private credit strategy. It has raised $100 million towards its target of $150 million at final close, with a hard cap of $200 million.

Investors in the first phase include British International Investment (BII), the UK’s development finance institution; IFC, a member of the World Bank Group; SICOM Global Fund Limited; an African asset manager; a European impact Investor; alongside African pension funds and family offices, Enko said in a statement yesterday. 

The fund provides US dollar-denominated private credit to mid-market companies across Sub-Saharan Africa, targeting established, cash-generating businesses in non-cyclical sectors such as agriculture, telecommunications, manufacturing, renewable energy, and financial services. It seeks to address the structural credit gap facing mid-sized African firms and show the commercial potential of private credit on the continent.

“Our commitment to the Enko Impact Credit Fund reflects BII’s belief in the commercial potential of private credit in Africa and its role in closing the financing gap for mid-sized businesses,” Leslie Maasdorp, CEO at BII said. “By anchoring the fund’s first close, our aim is to send a strong signal to other investors, attract additional capital and help build a viable private credit market that supports businesses critical to economic growth in Africa.”