Investec Africa Private Equity Fund 2

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The proposed investment involves an equity investment by IFC of up to US$30 million in the Investec Africa Private Equity Fund 2 (“Investec II” or the “Fund”), a 10 year closed-end mid-cap growth fund seeking to raise up to $350 million in third party commitments. Investec II is a generalist fund that aims to make equity and equity-related investments in African companies. It is a successor fund to the Investec Africa Frontier Private Equity Fund (“Fund I”), a 2008 vintage fund with total commitments of US$155 million that is largely committed and with a performing portfolio.The Fund’s investment strategy is mid-market targeting deal sizes of US$15-40 million, with investment in a single portfolio company capped at 20%. The Fund is Pan-African, with a strategy that focuses on investing in established businesses where the Fund can invest new capital to help them expand regionally through organic or inorganic means. This is the same strategy that the Manager has successfully used in the Fund I.