Alitheia IDF (AIF), a women-led and women-focused private equity fund, has announced the final close of the Ksh. 11.3 billion (USD 100 million) fund with European Investment Bank (EIB). EIB was the closing investor with Ksh. 2.8 billion (USD 24.6 million).
This final close makes Alitheia IDF become the largest gender-focused private equity fund by value in Africa.
Alitheia IDF invests in growth-stage companies across six African countries, led by principal partners Polo Leteka and Tokunboh Ishmael. These countries are Nigeria, South Africa, Ghana, Zimbabwe, Lesotho and Zambia. The fund has a mandate to plug the over Ksh. 4.7 trillion (USD 42 billion) investment gap between male and female entrepreneurs as a means of catalyzing the economic power of African women as producers, distributors, and consumers.
In 2021, the fund began implementing this mandate by leading investment rounds in five women-led businesses across essential sectors including agribusiness, education, manufacturing, housing, technology, and logistics. The investee companies are Jetstream Africa (Ghana), ReelFruit (Nigeria), SKLD (formerly SchoolKits, Nigeria), AV Light Steel (South Africa) and Chika’s Food (Nigeria).
“Globally, women have tremendous purchasing power as consumers and controllers of household economics. In the same vein, women entrepreneurs have a significant presence in Africa’s SME sector with African women making up 58% of the continent’s self-employed population. However, despite this economic power and presence, African women are underserved as consumers and producers,” said Principal Partner Tokunboh Ishmael in Nigeria.
Alitheia IDF is supported by investors across four continents. These are the African Development Bank, Bank of Industry Nigeria, FinDev Canada, Dutch Good Growth Fund and the European Investment Bank.