Aureos Africa Fund

  • Region: Africa
  • Country: Regional
  • Sector: Investment funds
  • Year: 2008
  • Domicile: Mauritius
  • Instrument: Fund
  • Commitment (MNOK) as of 31.3.2017: 130.4
  • Original Commitment (MNOK): 248.6

Aureos Africa Fund is one of the largest equity capital funds investing in small- and medium-sized enterprises in Africa.  By delivering good financial results over time, Aureos has succeeded in attracting a large proportion of private capital to the fund, which is essential in a long-term development perspective.

Among the other investors are the British CDC and the Dutch FMO, as well as IFC (The World Bank) and several private enterprises. 

Aureos Capital Limited (Aureos)

Aureos Capital Limited (Aureos) was established in July 2001 as a joint venture between the CDC and Norfund. The objective of the joint venture was to create a strong fund manager in a market where there were no strong players, and enabling mobilization of capital to developing countries far beyond what Norfund and CDC could do alone.

Aureos grew to be a global leading SME PE fund manager in emerging and developing markets. By delivering good financial results over time, Aureos succeeded in attracting an increasing proportion of private capital to the funds. Today, ‘non-DFI investors’ (including corporates, family offices, financial institutions and pension funds) is the Fund’s largest investor category. The DFI’s additional role as an investor base of the Aureos funds, as well as owners of the fund manager, diminished accordingly over time. Today, Aureos is incorporated in the  Abraaj Capital, a leading private equity investor in emerging markets.

Norfund exited Aureos Capital in 2009, but continues as an investor in the funds.

Indirect investments

Investee Sector Country
Athi River Mining (ARM) Manufacturing Kenya
Bank of Africa Banking Kenya
Brookside Dairy Manufacturing Kenya
C & I Leasing Financial services Nigeria
Computer Warehouse Communication Nigeria
Custodian & Allied Insurance Plc Financial services Nigeria
Dashen Breweries Manufacturing Ethiopia
Fan Milk International A/S Manufacturing Ghana
Harborough Limited Financial services Ghana
HFC Bank Banking Ghana
Industrial Services Holding S.A Manufacturing Ivory Coast
Les Ciments du Sahel Other industrial partnerships Senegal
Regimanuel Gray Other industrial partnerships Ghana
RJ Southey Holdings Other industrial partnerships South Africa
Seven Seas Communication Kenya
Strategic Global Aliance Manufacturing Ghana
Africa Oilfield Service INTL Other services Nigeria
Real People Investment Holding Microfinance South Africa
Deli Foods Manufacturing Nigeria
Sandbox Holdings Communication South Africa
UAP Holding Limited Financial services Kenya

Norfund - The Norwegian Investment Fund for Developing Countries

Fridtjof Nansens Plass 4
N-0160 Oslo