British International Investment

Capital Alliance Private Equity IV (CAPE IV)

GhanaMauritiusNigeriaAfricaCommunications & IT servicesConsumer - other servicesFinancial servicesFood & AgricultureManufacturingOther

Capital Alliance Private Equity IV (CAPE IV) is a $570 million fund focused on the healthcare, energy, power, infrastructure, agriculture, agribusiness, telecomms, media, technology, FMCG, and financial services sectors in West Africa. 

It focuses primarily on Nigeria, but also in neighboring countries such as Ghana, Cote d’Ivoire, Gabon, and Cameroon.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

In 2015, CDC invested $50 million into CAPE IV as an anchor investor.  

Our investment will support the growth of West African businesses in key sectors.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

Many of Africa's key business sectors remain undeveloped due to a lack of finance, challenging infrastructure and poor regulatory frameworks.

Our investment in the CAPE IV fund enables the fund manager to provide much-needed capital to support the expansion of firms in undeveloped sectors, including healthcare, financial services and telecomms.  This, in turn, will boost infrastructure investment, job creation, and the development of business skills that will support wider economic expansion across West Africa.  

The fund manager walso provides strategic and technical expertise to investee companies to boost growth and expansion.

To date (across the current and prior funds) the firm has invested in Nigeria’s leading telecomms provider, MTN Nigeria Communications, the Union Bank of Nigeria, and Continental Reinsurance, the largest private pan-African reinsurer outside of South Africa.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

We are working closely with the fund manager to improve its existing ESMS, including delivering an action plan.

Understanding our approach to environmental and social risk (PDF)

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to reportsandcomplaints@bii.co.uk or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at enquiries@bii.co.uk

  • Key facts
    Last updated

    When the last quarterly update of the website database occurred.
    :
    June 2024
    Project number

    An identifier number shared by investments in the same project.
    :
    D142
    Status

    The current status of the investment (green flag for active and red flag for exited).
    :
    Active
    Region

    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
    :
    Africa
    Sector

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    :
    Communications & IT services, Consumer - other services, Financial services, Food & Agriculture, Manufacturing, Other

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.
    Investment type :
    Fund
    Start date :
    February 2015
    Amount :
    $50m
    Currency of investment :
    USD
    Fund Manager:
    African Capital Alliance
    Domicile

    The company or investment fund’s place of incorporation.
    :
    Mauritius

    Download as PDF

    Click here to read our data guidance

Investments made by this fund into companies:

For further information about these companies, visit https://www.acagp.com/

Investment name Country Region Sector Start date Status
ACA B Holdings Limited/Union Bank Nigeria West Africa Financial services March 2018 Active
Ashwah Holdings Limited Nigeria West Africa Manufacturing June 2018 Active
Beloxxi Industries Limited Nigeria West Africa Food & Agriculture August 2016 Active
Continental Reinsurance Plc Africa, Nigeria Africa, West Africa Financial services February 2016 Active
Food Concepts Plc Nigeria West Africa Consumer - other services August 2021 Active
Global Accelerex Limited Nigeria West Africa Financial services November 2019 Active
Niger Delta Exploration & Production Plc Nigeria West Africa Other June 2016 Active
Petra Ghana West Africa Financial services February 2018 Active
Vertex Energy/First Hydrocarbon Nigeria Co Ltd Nigeria West Africa Other August 2016 Active
West Indian Ocean Cable Company Limited Mauritius East Africa Communications & IT services September 2021 Active

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