The Board of Directors of the African Development Bank Group has approved an equity investment of up to USD 15 million in the Alterra Africa Accelerator Fund L.P. ("Alterra" or the "AAA Fund"), a multi-sector private equity fund dedicated to scaling high-growth enterprises across Africa.
The Bank Group’s participation will support the mobilisation of additional institutional capital and strengthen the Fund’s capacity to provide long-term growth capital to African companies with strong expansion potential. Through this investment, the Bank will help accelerate the growth of scalable businesses, particularly those driving innovation, regional expansion, and job creation.
The AAA Fund targets high-growth, mid-sized enterprises across multiple sectors in Africa. The Fund has also adopted gender and social inclusion commitments, including measures to improve representation in leadership roles and expand procurement from women-led enterprises, ensuring that its investments deliver broad-based and inclusive economic impact.
This investment closely aligns with the African Development Bank's Four Cardinal Points strategic priorities, contributing to enhanced access to capital, supporting Africa's demographic transformation, and building climate-resilient infrastructure and robust value addition across key economic sectors.
About Alterra Africa Accelerator Fund: Alterra is an independent private equity platform formed following the spin-out of the Carlyle Africa team and strengthened by professionals from Emerging Capital Partners. The management team brings more than two decades of private equity experience in Africa, with a cumulative investment track record exceeding USD 2.2 billion across multiple sectors, including telecommunications, consumer goods, logistics, financial services, and healthcare. The Fund’s strategy focuses on partnering with high-potential African companies and supporting their growth through operational improvements, technology adoption, and regional expansion while embedding strong environmental, social, and governance standards throughout the investment lifecycle.