Tag: BluePeak Private Capital

AVCA spotlights the African diaspora, practical pathways to exits and private credit as multipliers shaping African growth

The African Private Capital Association hosted its sixth Venture Capital (VC) Summit on Monday, kicking off the industry association’s 22nd Annual Conference in Nairobi from 27 – 30 April. AVCA’s annual global gathering brings founders, venture capital investors, corporate venture arms, philanthropic foundations and policymakers together to deepen Africa’s entrepreneurial landscape.

Abi Mustapha-Maduakor, Chief Executive Officer, AVCA, opened the summit by commending the VC industry’s fortitude and ability to execute during tough economic cycles. Abi acknowledged that despite a challenging fundraising environment, “venture-backed exits reached a record high in 2025,” highlighting a pivotal shift in the ecosystem: “The centre of gravity is moving toward local capital, local expertise, and local conviction.”

A defining moment of the day was the keynote fireside chat between Boris Kodjoe, Actor, Director, Producer, Investor and Philanthropist, and AVCA CEO Abi Mustapha Maduakor. Boris underscored the role of storytelling in shaping how markets are understood and how capital flows, stating that: “Storytelling is economic architecture – those who control the narrative shape valuation, and perception is what drives investment.”

The summit then turned to the structural questions underpinning venture capital in Africa. During the panel entitled From Hype to Fundamentals: Resetting the African VC Story, panellists, including Tidjane Dème, General Partner, Partech Partners; Sapna Shah, Partner, Novastar Ventures; Fatoumata Bâ, Founder and Executive Chair, Janngo Capital, and Mohamed Eissa, Global Head, Venture Capital and Direct Investments, International Finance Corporation (IFC) exchanged views on whether imported VC models ever fully fit the continent’s realities, reflecting candidly on where expectations diverged from outcomes and assessing what has and has not worked in the market.

Outlining the roadmap for onward growth, veteran VC investor Tidjane Dème, General Partner at Partech Partners, quoted Ido Sum, entrepreneur and Partner at TLcom Capital, saying: “African venture capital isn’t broken – it’s just young.” He added that: “A decade ago, we saw around 30 deals a year; today, that number exceeds 500. We’re still building, and we can’t compare ourselves to a 50-year-old U.S ecosystem just yet. We have time.”

Mohamed Eissa, Global Head, Venture Capital and Direct Investments, International Finance Corporation (IFC), expressed that: “This ecosystem is still very young, but it has grown from about $400 million of annual investment to roughly $4 billion in just over a decade, clear evidence that the capital base is expanding, even if it’s still not enough.”

The summit featured interactive sessions on pathways to exits, with collaboration identified as key to improving liquidity. Industry leaders, including Patricia Rinke, Investment Director, AfricInvest; Ibrahim Sagna, Executive Chairman, Silverbacks Holdings; and Andreata Muforo, Partner, TLcom Capital, outlined the need to look beyond Initial Public Offerings (IPOs) and assessed the role of strategic acquisitions and Mergers and Acquisitions (M&A) as deliberate liquidity strategies.

Building on the sentiments of Boris Kodjoe, who outlined the importance of African diaspora investors participating in the continent’s growth story, Alex Rumanyika, Head, Strategy and Performance, at the National Social Security Fund (NSSF) in Uganda, issued a call to action to African institutional investors to play a more active role in scaling African businesses,

stating: “If we don’t get into this space, it is going to be an existential threat for NSSF and many pension funds. We need to diversify away from overexposure to government assets and into the sectors where jobs are actually being created.”

The VC conference was followed by a dedicated Private Credit Summit introducing leading investors who are expanding the region’s private capital ecosystem with new financing tools, reshaping how the continent competes for global capital. Nathaniel Micklem, Co-Head, Emerging Market Alternative Credit, Ninety One, said, “Private credit is one of the most exciting parts of our asset management platform – but it cannot be built using imported public equity or private-equity instincts. What works in Africa is deploying into stronger, more resilient businesses and sectors, not earlier-stage ventures or smaller SME exposures.”

Walid Cherif, Co-Founder and Managing Partner, BluePeak Private Capital, concluded by saying: “Private credit is especially suited to African markets because companies continue to perform even when exits are hard to achieve. It is an easier conversation today than it was years ago.” He expressed that underwriting must remain thoughtful and selective as managers need to resist pressure to move too fast, because credibility with Limited Partners (LPs) comes from having executed the strategy over time and returned capital, not simply from a compelling market story.

May 4, 2026
AVCA hosts maiden Sustainable Investing in Africa Summit in London

The African Private Equity and Venture Capital Association’s (AVCA) inaugural Sustainable Investing in Africa Summit opened in London yesterday, convening over 150 key private equity and venture capital stakeholders from around the globe. The event championed the industry’s growth and evolution, key players, and collective action required to increase investment in equality, diversity, and Africa’s new green economies.

Abi Mustapha-Maduakor, Chief Executive Officer, AVCA, opened the summit by setting out the imperative to pair private capital with purpose, describing it as an area where “African investors have been paving the way on sustainable investing for decades”. Concluding the opening address, she also announced that AVCA will be partnering with the Tony Blair Institute for Global Change to produce a comprehensive report that maps Africa’s climate policy landscape and the level of green investment from the private capital industry being channelled to the continent’s 54 economies.

The panel, Profiting from Parity: Closing Africa’s Gender Gap saw participants including Anne-Marie Levesque, Director, Gender & Impact Management, FinDev Canada consider the unique opportunities that the continent presents for gender-lens investing. Despite suggesting that gender and diversity finance should not be limited to women-led businesses, Matthew Davies, Chief Executive Officer, Renew Strategies said: “It’s important that our industry is intentional about ensuring that female-led businesses are provided the capital they need to succeed. We need to achieve at least 50% parity before 2030.”

‘Tokunboh Ishmael, Co-Founder and Managing Director, Alitheia IDF and Lindsey Wallace, Senior Vice-President, Strategy & Impact, Mennonite Economic Development Associates, pledged to leverage their convening power to ramp up investment for gender and diversity finance across the continent. Commenting on the evolution of gender-lens investing, Ishmael said: “We need to move from billions to trillions, and integrate net-zero commitments with this mission.”

A session unpacking the rise of sustainable investment platforms marked a focal point of the day. During the panel, Africa at the Forefront of Sustainable Investing Globally, Wale Adeosun, Founder & Chief Executive Officer at Kuramo Capital, highlighted the DFI’s anchoring role investing in Africa from as early as the 1970s. He also advocated for GP-LP strategies to back the creation of novel technologies and industries for the next generation.

Karima Ola, Partner, LeapFrog Investments, described how the popularisation and evolution of impact investing has been characterised by developing the DFI toolkit towards “intentionality” to solve local priorities, generating sustainable returns and opportunities with businesses. Ola and fellow panellists shared success stories involving the presence and performance of sustainable investing in Africa compared to insights from other emerging markets. Alison Klein, Manager Private Equity, FMO commented on Africa’s just transition and suggested that “Climate intention does not mean we can’t finance expansion in job creating sectors. It is important we develop a holistic view and utilise synergies that improve resource efficiency and economic output such as manufacturing, for example.”

These perspectives were followed by a session where next-generation founders, entrepreneurs, impact investors, and philanthropic players advancing sustainable growth across the continent discussed challenges and practical solutions for investing and innovating for social change. Panellists on the Sustainability In Practice panel included Frank Aswani, Chief Executive Officer, African Venture Philanthropy Alliance. He raised the importance of mobilising local pools of capital through innovation with financial instruments to support high-potential markets in Africa at a time of global uncertainty and instability.

During the panel Digitalisation: The Last Mile in Unlocking Sustainable Development, Shruti Chandrasekhar, Regional Lead, Africa, Disruptive Technologies & Funds, International Finance Corporation discussed the prospects of an emerging circular economy on the continent, and advised that a “unique aspect of Africa means that we’re not only fixing something that already exists but building something new and recognising that the most productive way to do that is to integrate sustainability into solutions”.

At the Financing Africa’s Climate Transition: Mitigation & Adaptation panel, Tariye Gbadegbesin, Managing Director & Chief Executive Officer, ARM Harith, drew the delegates’ attention to the need to define an adaptation framework and the feasibility of a co-benefits approach that yields outcomes in both climate change mitigation and adaptation. The panel also explored how international investment can be applied to co-investments that encourage domestic capital and support the entry of institutional investors, including pension funds, now increasingly moving into Africa’s impact space.

The Making Impact Meaningful panel assembled high-level voices from DEG, Meridiam, UN PRI, and WHO Foundation to debate how the industry can overcome greenwashing to establish detailed and context-specific metrics for sustainable investing that unify diverse approaches to how stakeholders in the private capital industry can monitor and measure social and environmental impact.

The closing session saw industry figures such as Adam Hadidi, Founder & Managing Director, BluePeak Private Capital, reflect on how collective efforts such as GP-LP structures, green bonds, and digital and crowdfunding platforms can be deployed to maximise sustainable investing. Opuiyo Oforiokuma, Senior Partner, Africa50, concluded: “Africa cannot ignore climate change simply because we are only responsible for 4% of global emissions. Asset recycling in green assets can be used as a mechanism to bring in more capital in green infrastructure”.

October 21, 2022
BluePeak’s inaugural fund announces an investment in Africure

...The investment improves access to affordable medicines to treat communicable diseases, infectious diseases such as malaria, and chronic ailments, including diabetes and cardiac conditions.

BluePeak Private Capital’s $200 million targeted impact-linked fund today announced its investment in Africure, a pioneering pan-African manufacturer and distributor of quality pharmaceutical goods with manufacturing hubs across the continent serving patients across East and West Africa.

The up to $15 million investment provides a vital capital boost to Africure and supports the company’s plan to strengthen its working capital to support the increased demand for pharmaceutical goods across its more than 10 African markets. The funding further enables Africure to realise its growth ambitions to develop a range of innovative affordable Africure brands that target chronic disease profiles such as cardiac and diabetes conditions.

Fulton Shiundu, Principal at BluePeak Private Capital commented: “Africure is a trusted manufacturing and distribution partner that has developed one of the most impactful pharmaceutical businesses across Africa. We are delighted to support the company’s growth trajectory as strengthening health systems plays a critical role in Africa’s recovery from the pandemic. Our partnership will boost access where there is an urgent need to provide quality and affordable treatment to consumers that need it the most.”

Sinhue Noronha, Founder and CEO of Africure said: “BluePeak’s investment is transformative for our business. This will act as an impetus to our growth trajectory & we are sure this will take us to a critical size. We have built a highly competitive pan-African manufacturing capability over the past 5 years. This investment will enable us to scale up significantly the number of customers we serve, as well as the number of patients we can reach with affordable, reliable treatments for communicable, infectious, and chronic diseases and conditions. I am sure that our existing capacities & those under creation will positively impact the wellbeing and quality of life of millions of Africans in need. With more than 90% of our employees being Africans, we believe that we are creating a positive impact on job creation, technology dissemination, resulting in a better standard of living.”

Founded in 2017, Africure’s portfolio of nearly 300 products spans several therapeutic areas ranging from anti-infectives, analgesics, anti-parasitic and respiratory treatments to generic drugs providing critical care for non-communicable diseases, increasingly prevalent in countries across the continent.

Africure has generated approximately $30 million of revenues and operates manufacturing and distribution facilities in Tanzania, Cameroon, Namibia, Botswana and Côte d’Ivoire, a finished goods packing unit and has a manufacturing hub under construction in Ethiopia. The firm’s combined manufacturing capacity is the largest in sub-Saharan Africa for oral solid dosage pharmaceuticals.

Sub-Saharan Africa imports more than 80% of its requirements for pharmaceutical goods. Africure is strategically positioned to boost countries’ self-reliance through increased local pharmaceutical manufacturing and access to quality, affordable generic medications that are currently served by expensive imported branded generics and numerous low quality counterfeit goods.

The investment is highly aligned with the Fund’s impact agenda and will support Africure in making a positive impact by increasing affordable access to critical medicines in countries with a high burden of disease. In terms of alignment with the 2X Criteria, Africure meets Direct Criteria 4, as the company produces a range of products used by women during pregnancy, such as folic acids and supplements that boost their iron intake. BluePeak will work closely with the company to strengthen alignment and enhance strategies that improve gender equality.

The $15 million commitment promotes UN’s Sustainable Development Goal 3- Good Health & Well-being, Goal 5- Gender Equality and Goal 8- Decent Work and Economic Growth.

April 25, 2022
BluePeak’s Inaugural Fund announces second investment in ieng, end-to-end infrastructure solutions provider to the telecommunication industry

BluePeak Private Capital – an alternative asset management firm with a strong focus on impact in Africa – today announced its investment in ieng, a pan-African provider of engineering and construction, operations and maintenance, and hybrid power solutions to Africa’s burgeoning telecom sector.

The $20 million growth capital supports ieng’s geographic expansion plan across the continent, enabling the company to provide innovative and cost-effective solutions to a broader range of clients and industries, solidifying its position as a leading provider of end-to-end infrastructure services and cutting-edge solutions. In addition, the investment advances ieng’s strategy to meet growing consumer demand for telecom infrastructure services, boosting connectivity for last-mile access and deepening the firms’ footprint by providing catalytic capital for new contracts with blue-chip clients.

Rami Matar, Partner at BluePeak Private Capital, commented: “Through reliable services and a strong track record, ieng has managed to position itself as a preeminent service provider to blue-chip telecom clients in Africa, competing head-to-head with global service providers. We are excited to support ieng and fund its growth plans as development in telecommunications narrows the gap in Africa’s digital divide and is a critical enabler of economic development, productivity, and inclusive growth.”

Rami Shibley, Founder, and CEO of ieng said: “We are excited to start this long-term partnership with BluePeak to support ieng’s continuous growth and development. The investment provides critical capital, enabling ieng to meet the increasing demand for reliable telecom services, improved connectivity, and more efficient power solutions”.

Established in 2007 in Ghana, ieng gradually expanded its operations and is today a prominent service provider to blue-chip tower companies and mobile network operators across Africa. Over the years, the company has developed an extensive track record and currently maintains a portfolio of more than 23,000 towers on behalf of clients in growing economies across the continent including Nigeria, Ghana, Kenya, Uganda, the Democratic Republic of Congo, and beyond. Further, ieng has established an in-house hybrid power solution to reduce carbon emissions of telecom towers through transformative means.

The telecommunications sector is poised for onward growth in Africa, on the back of: (i) growing mobile penetration, (ii) increasing number of internet users, and (iii) the rollout of 4G and 5G towers to improve and expand the quality of connectivity. ieng is well-positioned to leverage its competitive geographic reach and long-term relationships with clients to capitalize on the market opportunity and further scale its operations.

The investment is aligned with the Fund’s impact agenda and will support ieng in strengthening mobile and internet connectivity and promoting evolutionary hybrid power solutions.

BluePeak’s $20 million investment promotes UN’s Sustainable Development Goal 3- Good Health and Well-being, Goal 5- Gender Equality, Goal 7- Affordable and Clean Energy, Goal 8- Decent Work and Economic Growth, and Goal 9- Industry Innovation and Infrastructure.

April 4, 2022
BluePeak announces first investment from flagship $200m private capital fund to Grit, a breakthrough pan–African real estate platform

BluePeak Private Capital – an alternative asset management firm with a strong focus on Africa – today announced its investment in Grit Real Estate Income Group Limited (“Grit”), a breakthrough pan–African real estate company. The investment operationalises Grit’s development plan to boost industrial and health facilities in East Africa – improving access to essential goods and quality healthcare.

London Stock Exchange-listed Grit invests in and actively manages a diversified portfolio of high-quality assets across the continent. Founded in 2014 by Bronwyn Knight, Grit’s portfolio comprises 54 investments across more than eight countries and five asset classes.

BluePeak partnered with Ethos Mezzanine Partners, to jointly invest US$ 31.5 million in Grit in a transaction led by Ethos Mezzanine Partners. The transaction marks the inaugural investment from the BluePeak Private Capital Fund SCSp (the Fund), an impact-linked private credit and mezzanine finance facility raised during the Covid19 pandemic. BluePeak designs innovative financing solutions to scale mid-sized African businesses.

The Fund reached first close at $115 million in September 2021 and is targeting a final close of US$200 million later this year, with a hard cap of US$250 million. It provides vital growth capital to non-cyclical, growing firms, enabling them to accelerate innovation and transformation strategies and emerge from the pandemic stronger and more resilient. BluePeak’s expertise in structuring allows the team to offer a range of bespoke debt instruments, including mezzanine finance, preferred equity, convertibles, and senior debt. Investments are designed to maximise participation and impact for women and marginalised groups and targeted to sectors that directly uplift the quality of life for millions of people.

Proceeds from the Fund’s inaugural investment into Grit will be deployed to partially fund the acquisition (on a sale and leaseback basis), restoration and expansion of a prominent warehousing and manufacturing facility in Nairobi by Orbit Africa (“Orbit”). Orbit is a pioneering manufacturer of personal and home care hygiene products in the East African region.

The total purchase, refurbishment, and expansion cost of US$ 53.6 million is actualised by a US$ 25 million senior debt structure backed by the International Finance Corporation (“IFC”), a member of the World Bank Group, and US$ 28.6 million through the investment provided by BluePeak and Ethos. As one of the largest sale and leaseback transactions across sub-Saharan Africa, the deal bolsters Orbit’s balance sheet and unlocks additional cash flow to enable the company’s expansion, increasing production to meet rising consumer demand.

The facility upgrades are expected to create long-lasting positive social, economic, and environmental benefits for local communities and further strengthen the broader precinct as a prime logistics and supply chain hub. The property will also pursue an IFC EDGE green building certification. The acquisition enables Grit to accelerate the scale and transformation of industrial logistics in Africa, which should improve the continent’s competitiveness and deepen intra-African trade.

Grit will invest the remaining proceeds of the investment into St Helene Private Hospital, a freely accessible multi-specialty hospital in the Curepipe region of Mauritius, one of the island’s most densely populated areas, where there is urgent demand for quality health care. The hospital will serve patients in Mauritius and from the broader Indian Ocean region. The state of the art 80-bed facility delivers a 20% increase in the number of intensive care unit (public and private) beds on the island and will offer a full range of medical treatments including cardiology, orthopaedics, general surgery, gynaecology, and oncology.

Adam Hadidi, Managing Director at BluePeak Private Capital, commented: “Grit has built one of the largest and most diversified real estate platforms across Africa and proven the resilience of its portfolio. We are pleased to support Orbit’s acquisition and redevelopment of a one-of-a-kind industrial asset in Kenya, and the development of St Helene, to boost access to quality healthcare facilities in Mauritius.”

Bronwyn Knight, Founder and CEO of Grit said: “We are excited to start this long-term partnership with the IFC, BluePeak and Ethos Mezzanine Partners on the strength of a robust and well-established East African tenant covenant and an accretive investment and redevelopment project in a prime location. The funding will allow Grit to further increase its exposure to Kenya and the broader light industrial sector and additionally to the healthcare sector in Mauritius”.

January 19, 2022