Enko Capital has reached a US$100 million first close for its flagship private credit fund, announcing the milestone in London on October 20, 2025. The close coincided with a signing ceremony held alongside British International Investment and IFC during the 2025 Annual Meetings of the World Bank and IMF. The strategy targets a final close of US$150 million with a hard cap of US$200 million, and Enko reports US$1.3 billion in assets under management as of September 30, 2025.
Fund Strategy
The fund will provide US dollar-denominated private credit to mid-market companies across Sub-Saharan Africa. It is designed for established, cash-generating businesses in non-cyclical sectors, including agriculture, telecommunications, manufacturing, renewable energy, and financial services. By structuring flexible, tailored facilities, the vehicle aims to serve well-managed enterprises that are often underserved by traditional bank lending.
Investor Participation
Anchor commitments in the first close come from British International Investment and IFC, joined by SICOM Global Fund Limited, a European impact investor, and a mix of African pension funds and family offices. The round marks the first investment executed under a partnership between BII and IFC focused on mobilizing capital for African private credit. Enko expects this coalition to catalyze additional institutional interest and deepen the market for long-tenor, risk-adjusted financing.
Market Context
Mid-sized companies across the continent face a persistent structural credit gap, with limited access to appropriately priced capital and longer maturities. Private credit can help bridge that gap by offering bespoke terms, covenant frameworks, and repayment profiles that align with operating cash flows. By concentrating on non-cyclical industries, the strategy seeks to moderate volatility while supporting expansion, modernization, and job creation.
Deployment Plan
Enko intends to originate senior secured, unitranche, and mezzanine solutions calibrated to company needs, project timelines, and sector dynamics. The investment process will emphasize governance, cash flow visibility, collateral coverage, and prudent currency and tenor risk management. Initial deployment will prioritize scalable transactions that demonstrate replicable structures and can signal the commercial viability of private credit across key African markets.
The US$100 million first close positions Enko Capital to accelerate lending to resilient African mid-market businesses while it advances toward its US$150 million target and US$200 million cap. Backing from development finance institutions and regional investors underscores the blend of impact and commercial objectives at the core of the strategy. If executed as planned, the platform could expand financing options for high-quality companies, support employment, and strengthen the continent’s growth architecture.