Amethis and Edmond de Rothschild Private Equity announce the first closing of Amethis Fund III at €140 million. The fund will invest with impact in mid-sized companies in the most diversified economies of the African continent.
Amethis, the investment fund manager dedicated to responsible and impact investing in Africa and Europe, member of the Edmond de Rothschild Private Equity partnership, is pleased to announce the first closing of its third Pan-African Fund, Amethis Fund III, at EUR 140 million, on track with its EUR 450m target.
Amethis Fund III will draw on over ten years’ experience in providing growth capital to medium-sized African companies with investments ranging from EUR 25-40m (larger investments may be made through co-investment opportunities). The Fund aims to offer investors attractive returns, portfolio diversification, and positive impact. With a selective and thorough geographical approach, the fund will target both majority and minority positions, and will focus on key growth sectors such as healthcare, manufacturing and distribution (including FMCG and agribusiness), business services (including logistics and IT), energy and infrastructure related services, and non-bank financial services.
The fund will pursue the impact strategy developed by Amethis by focusing on gender equality, quality employment (with a particular emphasis on health coverage), and climate considerations. Amethis has also established a list of five ESG and Impact Objectives to which a portion of the carried interest will be linked. Amethis Fund III is 2X Challenge qualified, demonstrating its ambition and credibility as a gender-smart investment vehicle. The fund is classified as an impact fund under Article 9 of the Sustainable Finance Disclosure Regulation (SFDR) and is the first Pan African generalist fund to move into that direction.
Amethis has benefited for this first closing from the support of leading development finance institutions, the International Finance Corporation (IFC) and Swedfund, as well as from family offices and private institutions. Co-Founders Luc Rigouzzo and Laurent Demey stated: “We are proud to welcome leading investors in the third vintage of our flagship strategy. This successful first closing serves as a testament of our recognised expertise in this industry, with a diverse, high-caliber team of 45 professionals creating value from the ground. For us, this approach provides the best conditions to support African champions by helping them to enhance their governance, their efficiency and positive impact, and also by giving them access to our wide network and growth opportunities.”
Johnny El Hachem, Chief Executive Officer of Edmond de Rothschild Private Equity, added: “We share with the Amethis team a common vision and ambition of long-term responsible investment in Africa. We are convinced that the continent’s economic development must take account of environmental and social issues to ensure sustainable performance and, above all, a sustainable future. As a conviction–driven investment house, it is our responsibility to address these opportunities and challenges”.
Amethis Fund III’s final closing is scheduled for mid-2024 with a target size of EUR 450m.