GPCA's Africa Councilrecently gathered to compare notes on the market. Key takeaways from the discussion:
► Impact-oriented investors continue to constitute a key LP base for Africa-focused fund managers, with Mastercard Foundation, Ford Foundation and Allied Climate Partners evaluating new commitments to Africa-focused funds.
► GPs are exploring potential partnerships with African pension funds, who can evaluate returns in local currency and understand local market dynamics.
► Development finance institutions (DFIs) are seeding new investment strategies incubated by successful managers, rather than backing first-time managers.
► Investors noted that blended finance funds have yet to mobilize large-scale commercial capital into the region. Donor institutions such as aid agencies and foundations are reticent to provide concessional capital to funds with DFIs as “senior” investors.
In June 2021, AC Ventures invested in Astro Technologies, an Indonesia-based online platform offering on-demand delivery services for groceries, including ready-to-eat meals, fresh produce, snacks, household items, personal care products and medicines. AC Ventures was eager to collaborate with co-founders Marcella Moniaga and Jessica Jap, reinforcing its commitment to invest at least 40% in women-led businesses to expand female access to equity.
With AC Ventures' support, Astro built infrastructure and formally began operations in September 2021. The company experienced exponential growth since its founding. As of April 2024, Astro had 520 full-time employees, 30% of which were women. The company is intentional about how it supports its workers to encourage the recruitment and retention of women employees. Astro works with a national health insurance provider to cover health benefits such as inpatient and outpatient care for families, as well as maternity care, paternity leave, dental and vision needs.
An interactive session on Impact of and Trends in GP Stake Sales and M&A will be held the evening prior, on 18 November from 5:00-6:00 pm, where partners from Debevoise & Plimpton will examine recent trends in GP stake sales and asset management M&A.
Following the training, a GPCA Members Reception will take place for GPCA Members, global institutional investors and other invited guests.
►Klabin, a Brazil-based paper manufacturer, has agreed to transfer forestry assets valued at BRL1.8b (~USD312m) into SPVs managed by an undisclosed forestry investment fund.
