IFC Private Equity Fund Investment to Support Development of SMEs and Mid-Cap Companies in...

WEBWIRE – Friday, July 04, 2008 Washington, D.C., July 2008—IFC, a member of the World Bank Group, has committed to invest in the Atlantic Coast Regional Fund, the first private equity fund managed by local professionals with a primary focus on Francophone Africa. This will support the growth and regional expansion of small and medium enterprises and mid-cap companies, most of which have annual revenues of around $50-75 million. With IFC’s support of $15 million, the Atlantic Coast Regional Fund made its first close with $75 million. About a third of its portfolio will be invested in Francophone Africa’s small and medium enterprises, and the remainder in mid-cap companies. The fund, which has its management team based in Dakar, expects to raise an additional $75 million from several private investors in subsequent closings.... [read full story]