Atlantic Coast Regional Fund LLC

active

The IFC project team proposes to make an investment of $15 million in the Atlantic Coast Regional Fund, Limited Life Company (ACRF or the Fund), a $150 million private equity fund that will target investments in high growth mid cap companies in IDA countries of the Economic Community of West African States (ECOWAS) and the Economic Community of Central African States (ECCAS) regions of Sub-Saharan Africa (collectively the Target Region). The Target Region will also include other countries such as Mauritania and Uganda. The Fund, a limited life company under the laws of Mauritius, will be managed by the Advanced Finance and Investment Group, L.L.C. (AFIG, the Fund Manager), a local fund manager, comprised of native West Africans. This Fund is considered highly developmental as, first, IFC is supporting a new local team of African professionals that were in the diaspora (mainly in the United States and Europe) who are returning to the Francophone African region and launching one of the first locally organized private equity funds; second, the growth of private equity in Francophone Africa has been slower than other parts of Africa. IFC is attempting to address this market deficiency by supporting this new Francophone team.