Aureos Southern Africa Fund

  • Region: Africa
  • Country: Regional
  • Sector: Investment funds
  • Year: 2003
  • Domicile: Mauritius
  • Instrument: Fund
  • Commitment (MNOK) as of 31.3.2017: 28.1
  • Original Commitment (MNOK): 69.0

Aureos Southern Africa Fund is an SME fund operating in the Southern African Region. It is a first generation Aureos fund and reached first closing in 2003. The fund is now in its final stage of its life and seeking to realize the assets in the remaining portfolio

Aureos Southern Africa Fund invests in small- and medium-sized enterprises in Southern Africa, with a particular focus on Mozambique, Zambia and South Africa. The fund contributes management skills, strategy and business development, and acts to improve financial management and reporting in the enterprises. The main co-investors are CDC and EIB.

The long-term development effects of this effort include sound and viable enterprises, competence enhancement and transfer, places of employment and economic growth.

The fund has reached the end of its term and is in the process of being wound up.

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
Real People Investment Holding Microfinance South Africa
Fibrex (DPI) Other industrial partnerships Angola
Golden Lay Ltd Food and agribusiness Zambia
Invescom (Telsea/Orange) Communication Madagascar
SA Block Other industrial partnerships South Africa
Scaw Other industrial partnerships Zambia
Tofo Communication South Africa
Allied catering Other industrial partnerships South Africa
Sandbox Communication South Africa
Scientific Engineering Manufacturing South Africa

Norfund - The Norwegian Investment Fund for Developing Countries

Fridtjof Nansens Plass 4
N-0160 Oslo