A new joint French-African Fund (FFA) was launched with the aim to invest in startups as well as small and medium businesses within Africa and France. FFA is the first cross-border fund between Africa and France.
VentureBurn reports that the fund aims to help French companies with their expansion into various African markets as well as help African companies expand their reach into France and other EU markets.
The FFA is managed by AfricInvest, a pan-African private equity firm with almost €1-billion of funds under its management. AfricInvest has offices in six African countries and more in France. Investors subscribed to the fund include Bpifrance, Société Générale, Orange and Proparco. Part of the fund also came from African investors including Caisse Nationale de Prévoyance Sociale de Côte d’Ivoire, Saham, Financecom as well as the Central Bank of Kenya Pension Fund.
Through FFA, AfricInvest can to help French companies grow in Africa, and at the same time attract African companies to the French market,” said Benjamin Paternot, Bpifrance’s Fund of Funds executive director.
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