The International Finance Corporation disclosed a proposed equity investment of up to US$15 million in Verod Capital Growth Fund IV. It also disclosed a US$10 million co-investment envelope. The fund is targeting US$250 million for small and mid-sized companies in West Africa.
Proposed structure and approval
The proposal could total US$30 million with a US$5 million contribution from the IDA21 private sector window. IFC's board is scheduled to review the package on November 27. The final commitment remains subject to that review.
Market focus
The fund plans to invest in West African markets. It targets Nigeria, Ghana, Côte d'Ivoire, Senegal, and Cameroon. The vehicle focuses on small and mid-sized companies with growth potential.
Manager background
Verod Capital was founded in 2008 and has an advisory office in Lagos. The new fund is managed from Mauritius by Verod Capital Partners III. The fund plans to support businesses led by women.
IFC said its support could help Verod reach a first close. It may also attract other institutional investors. A final board decision has not yet been announced.