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AfricaGrow fund invests $17m in Cathay AfricInvest Innovation Fund (CAIF)

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AfricaGrow, an investment vehicle put in place by Allianz Global Investors, a subsidiary of the German insurance group Allianz, and the German Development Finance Bank (KfW).

The firm is headquartered in Tunisia but focuses companies who are interested in introducing cutting edge global technology to the Africa market through its VC fund, CAIF.

Jan Martin Witte, Director of the equity finance department of KfW, said: “With the AfricaGrow fund of funds, KfW Entwicklungsbank is implementing a key initiative of the development investment fund, which was launched by Chancellor Merkel during the “Compact with Africa” summit in Berlin in October 2018. We are pleased that with Allianz Global Investors we have found a competent partner who drives forward the implementation of the fund of funds’ investment strategy.”

“We are convinced that these initial investments will make a significant contribution to the creation of growth and jobs in Africa.” He added.

Martin Ewald, Managing Director and Lead Portfolio Manager Impact Investments of Allianz Global Investors, said: “Through the cooperation with SPE Capital Partners and AfricInvest, we have found excellent partners who have convinced us with their extensive network and local expertise and who mirror the investment strategy of AfricaGrow.”

“The two investments lay the grounds for a balanced portfolio, which we will enrich in the near future with further capital placements in the African market,” he added

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