EG Capital welcomes new partners who intend to invest into the EG-Economic Empowerment Fund LP (EG-EEF)

EG Capital, a growth investor focused on mezzanine debt investments for SMEs and mid-cap companies in East Africa and Zambia, is pleased to announce new partners will be joining the EG-Economic Empowerment Fund LP (EG-EEF) to support mid-cap companies in East Africa and Zambia within the Food, Climate, Health and Education sectors.

With two investments completing in 2024, EG-GEF aims to invest up to USD$100 million in African businesses to help them reach their full operational and growth potential. The fund target mezzanine debt investments in mid- cap companies operating in crucial growth sectors, including Food, Climate, Health and Education, offering our partners higher liquidity and downside protection mitigating exit risks via self-liquidating instruments.

KEPFIC is a consortium of local pension schemes that have come together to jointly assess and invest into alternative asset opportunities including private equity and infrastructure. KEPFIC's primary goals are (i) building trustee expertise and capacity in alternative assets and (ii) providing viable investment opportunities which have been pre-screened for suitability and investment due diligence support. The consortium members have assets of over USD $5bn in aggregate from which USD $115 million has been mobilized to date for alternative asset investments.

Ngatia Kirungie , Head of the Secretariat at KEPFIC, added: “We included EG Capital amongst 19 fund managers and other investment opportunities into the KEPFIC Dealbook 2023, and we are delighted to see the EG-EEF proposition generating significant interest from Kenyan pension funds to allocate towards investing with EG Capital in Food, Health, and Education via mezzanine growth financing.”

Existing partners to the EG-EEF fund include the endowments of the Waterloo Foundation / Whitley Asset Management, the Anesvad Foundation / EuroCapital SA, family offices, and the management team at EG Capital, as well as USAID, Prosper Africa and 2x Global.

British Robinson, Coordinator at Prosper Africa, added: “We are delighted that EG Capital, one of the partners under our Catalytic Investment Facility, is growing the asset management landscape to include local African institutional investors. This announcement builds on Prosper Africa's collaboration to increase U.S. investors in the fund and illustrates how private capital can help diversify and fuel entrepreneurship.”

Jessica Espinoza, CEO, 2x Global, added: “We are delighted to support EG Capital via 2x Ignite community of emerging female led fund managers in Africa, and growing the allocation of capital managed by women for returns and impact, particularly in the sectors EG Capital supports at the nexus of Climate Adaptation and Gender”.

EG Capital aims to invest up to USD$100 million, into 10-12 African SMEs and mid-size companies, delivering tangible returns and impact in the Food, Climate, Health and Education sectors.