Our investment
Description of the investment.
Description of the investment.
We invested in the Ninety One Africa Credit Opportunities Fund 3 to mobilise commercial investors into African credit markets private credit and direct growth capital to real economy sectors in Africa.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
| Impact |
|---|
Improved economic opportunities as well as access to goods and services through increased access to credit and improved capital market development (SDG 8.1, 9.3) |
|
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How?
| Primary | Secondary |
|---|---|
|
Catalysing markets: Our commitment to this fund is part of a broader strategy to demonstrate the commercial viability of the private credit asset class in Africa. Signposts of success include raising commercial capital, above market benchmark financial returns at the fund level, and successor fund(s) raised, with a higher percentage of commercial investors in such successor funds. |
Direct: Provision of growth capital in the form of senior debt ($10-25 million) to support up to c.40 businesses as they scale. Priority sectors include infrastructure and telecoms, banks and financial institutions, and consumer, industries and services. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Firm owners, employees, suppliers, and customers |
Pan-Africa |
Variable given deployment across countries and sectors |
How much?
| Scale | Depth/Duration |
|---|---|
|
|
Contribution/additionality
| Contribution/additionality |
|---|
|
Financial: Capital is not offered in sufficient quantity. Our capital will help the fund reach its target size; at the fund’s borrower level, capital is not available in sufficient quantity nor on the same terms. |
Risk
External RiskRelates to risk that, despite being commercially successful, the fund does not become a model that is replicated by others in the market, because of investor appetite for these markets. Execution RiskRelates to the risk that the fund will not reach target fund size or deploy as planned, which would adversely affect the direct and catalytic impact. |
Environmental and social information
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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.
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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
The Investment is categorised as Medium-High E&S risk. We agreed an ESAP with the fund manager which required enhancements to its ESMS, particularly updating its exclusion list to mirror BII's, integration of GBVH, and distinguishing its approach when investing in primary loans. The fund manager is also required to develop an external grievance mechanism aligned with IFC Performance Standards 1.
Environmental and social risk
Medium-High
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
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Key facts
- First published
:
When the investment was first published on the website database.
- March 2025
- Last updated
:
When the last quarterly update of the website database occurred.
- March 2025
- Project number
:
An identifier number shared by investments in the same project.
- D6250
- 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, Global
- Investment type :
- Fund
- Start date :
- November 2024
- Amount :
- $30m
- Currency of investment :
- USD
- Fund manager:
- Ninety One Luxembourg S.A
- Domicile
:
The company or investment fund’s place of incorporation.
- Luxembourg
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.
- First published
