Amethis announces an intermediary closing of Amethis Fund II at EUR 305m, above its original target
Amethis, the investment fund manager dedicated to long-term responsible investments in Africa, is pleased to announce an intermediary closing of its second Pan-African fund, Amethis Fund II, which collected EUR 305m from a broad range of investors in Europe and Africa, exceeding its initial target of EUR 300m. Amethis, founded by Luc Rigouzzo and Laurent Demey in partnership with the Edmond de Rothschild Group, manages two other funds, Amethis Fund I (PanAfrican focus, EUR 250m) and Amethis Maghreb Fund I (North African focus, EUR 75m) and advises Amethis West Africa (West African focus, EUR 45m).
Limited partners include existing Fund I investors and new investors, with 60 private investors representing over 75% of all commitments. The fund benefited from synergies with the Edmond de Rothschild Group’s network which granted a privileged access to qualified private investors. Both the Edmond de Rothschild Group and Ariane and Benjamin de Rothschild’s family have renewed their trust and reinvested in the new fund. Private investors count both individual and institutional investors like pension funds and the Indian Ocean conglomerate Axian Group. Amethis is also proud to have earned the support of several Development Financial Institutions like the European Investment Bank (EIB), the International Finance Corporation (IFC) and Proparco, as well as Bpifrance, the French public investment bank.
Amethis Fund II’s final closing is scheduled for May 2019, with several additional investors currently in due diligence.
Amethis Fund II follows the same investment strategy as Amethis Fund I by providing growth capital to African mid-cap champions, through investments with an average ticket size of EUR 10-30m, or more through co-investment. Amethis will continue being an active shareholder, supporting entrepreneurs by giving them access to Amethis’ international network and external growth opportunities, while improving their efficiency and governance. A key priority for Amethis Fund II is also the implementation of a rigorous and ambitious environmental and social strategy.
Amethis Fund II has already two investments in its portfolio: the first in Premium, an equipment distributor based in Morocco with activities throughout Western Africa, and the second in Merec, an integrated wheat miller in Mozambique. Amethis Fund II aims for geographic and sector diversification, targeting sectors delivering goods and services to the middle class of African consumers: industry, distribution, consumer goods, financial services, telecommunications, health and education. Amethis Fund II focuses on countries that have an economic growth driven by their strong domestic demand and that are resistant to global headwinds.
With five offices in Paris, Abidjan, Casablanca, Nairobi and Luxembourg, Amethis can rely on a team of 25 experienced professionals with high regional and sector expertise and benefits from a fruitful alliance with the Edmond de Rothschild Group. Today, Amethis has a proven track record of investment in Africa with over EUR 650m AuM and 22 deals managed.
Managing Partners Luc Rigouzzo and Laurent Demey stated: “This successful fundraising demonstrates that investors recognize Amethis’ investment strategy. With our partner the Edmond de Rothschild Group, we will continue to support the growth of our portfolio companies, by bringing them not only capital but also the access to a broad network of partners, helping them to build bridges across sectors and regions, to the benefit of all stakeholders. With this new fund, we will continue to support African entrepreneurs who are at the heart of Amethis’ value proposition to contribute to shape Africa’s future.”
Amethis is an investment fund manager dedicated to the African continent, with an investment capacity exceeding €650m, founded in partnership with the Edmond de Rothschild Group. Amethis brings growth capital to promising midcap champions in a diversity of sectors throughout the African continent. As an active shareholder, Amethis offers key support and expertise through its international network, its opportunities of external growth and its value-added governance.