Enko Capital Raises Credit Fund for Africa with $100M First Close
TLDR
- Enko Capital has achieved the first close of its new private credit vehicle, the Enko Impact Credit Fund (EICF), raising $100 million towards a $150 million target
- The fund will supply US dollar-denominated private credit to mid-market companies across sub-Saharan Africa, focusing on cash-generating businesses in non-cyclical sectors
- Lead investors in this round include British International Investment (BII), International Finance Corporation (IFC), and SICOM Global Fund, alongside African pension funds and family offices
Africa-focused alternative asset manager Enko Capital has achieved the first close of its new private credit vehicle, the Enko Impact Credit Fund (EICF), raising $100 million towards a $150 million target. Lead investors in this round include British International Investment (BII), International Finance Corporation (IFC), and SICOM Global Fund, alongside African pension funds and family offices.
The fund will supply US dollar-denominated private credit to mid-market companies across sub-Saharan Africa, focusing on cash-generating businesses in non-cyclical sectors such as agriculture, telecoms, manufacturing, renewable energy, and financial services. Managing Partner Alain Nkontchou said the first close “underscores growing investor confidence in Africa’s sustainable development through private credit.”
BII CEO Leslie Maasdorp said the institution’s commitment signals belief in the commercial potential of private credit in Africa and its role in closing the financing gap for mid-sized firms. The IFC has committed up to $25 million or 20 % of LP commitments — whichever is lower — to the fund.
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Points clés à retenir
Enko Capital’s EICF highlights the widening opportunity in Africa’s private credit market, where mid-sized companies often struggle to access longer-term debt. With this fund, Enko seeks to deliver both financial returns and social impact — backing SDG-aligned and ESG-oriented businesses across the continent. The fund is structured to invest in senior secured and unsecured debt and will deploy tools such as guarantees and insurance wraps to manage downside risk. For investors, the vehicle offers exposure to African growth with risk mitigation mechanisms in place and the support of established development finance partners. For the real economy, the fund addresses a financing gap that constrains business expansion and job creation. Should the full $150 million target be reached, EICF could serve as a model for private credit in Africa, enabling institutional capital to reach businesses outside the traditional venture-equity space.
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