Tuesday, February 13, 2007
Atlantic Coast Regional Fund a $200 million regional fund focused on 28 countries on near the African Coast of the Atlantic Ocean
AFIG is currently raising the Atlantic Coast Regional Fund (“ACRF”, the “Fund”), a $100 to $200 million regional fund focused on 28 countries on or near the African Coast of the Atlantic Ocean from Morocco to Angola (the “Region”). The Fund will target strong growth companies operating in West and Central Africa, preferably with a regional scope. ACRF will consider investments in all sectors, with particular focus on industrial firms, financial institutions and companies investing in infrastructure and other related sectors.
Target companies will be mature and cash-flow generative companies operating in sectors with high entry barriers and/or enjoying market dominance. In addition, target companies will exhibit a proven track record in terms of managerial competence, satisfactory and measurable performance and a solid business plan. ACRF expects to generate a net Internal Rate of Return of 20% - 25% in US$ terms, resulting in returns in excess of two times invested capital.
Geographic Focus The Region targeted by ACRF is defined as follows:
* Western Africa encompassing the 15 Economic Community of West African States (“ECOWAS”) countries, plus Mauritania and Morocco
* Central Africa encompassing the 6 CEMAC countries, plus the Democratic Republic of Congo, Rwanda, Burundi, Uganda and Angola.