The African Development Bank (AfDB) has approved an equity investment of up to $15 million in the Alterra Africa Accelerator Fund (AAA Fund), a private equity vehicle focused on scaling high-growth businesses across the continent.
The investment is expected to help mobilise additional institutional capital while strengthening the fund’s ability to provide long-term financing to mid-sized African companies with strong expansion potential. The AfDB said the move will support businesses driving innovation, regional expansion and job creation.
The AAA Fund targets high-growth enterprises across multiple sectors, including telecommunications, consumer goods, logistics, financial services and healthcare. It also incorporates gender and social inclusion commitments, with a focus on increasing women’s representation in leadership and expanding procurement from women-led businesses.
The bank said the investment aligns with its strategic priorities, including improving access to capital, supporting demographic growth and promoting climate-resilient infrastructure and value addition across key industries.
Alterra is an independent private equity platform formed from the spin-out of the Carlyle Africa team and bolstered by professionals from Emerging Capital Partners. Its management team brings over two decades of private equity experience in Africa, with a cumulative track record of more than $2.2 billion invested across the continent.
The fund aims to partner with high-potential African companies, supporting their growth through operational improvements, technology adoption and regional expansion, while embedding environmental, social and governance standards throughout the investment lifecycle.