By Abdoulaye Sow
The Board of Directors of the African Development Bank has approved a € 12.5 million equity investment in the first-generation private equity fund Adiwale Fund 1.
The fund, which aims to raise $ 75 million, targets small and medium-sized enterprises (SMEs) with strong growth potential in Francophone West Africa through the acquisition of minority stakes in them.
The fund manager, Adiwale Partners, which was launched in 2016, initially aims at Ivory Coast, Senegal, Burkina Faso and Mali, then will move towards Togo, Benin and Guinea with an average transaction volume of between 3 and 8 million euros.
