AFIG Funds

AFIG Funds is a private equity fund management company founded in 2005, with offices in Dakar, Senegal; Johannesburg, South Africa; and Washington, D.C., USA. The firm specializes in growth equity investments across diverse sectors in West, Central, and East Africa, including financial services, agribusiness, fast-moving consumer goods, and light industrial manufacturing. AFIG Funds aims to create a new paradigm for African private equity investing by mobilizing substantial local private capital alongside international private investors and development finance institutions.

The firm's investment strategy focuses on the underserved middle market, supporting local entrepreneurs to develop African companies into regional and global leaders. AFIG Funds provides not only capital but also strategic, operational, and governance support to its portfolio companies. This approach helps strengthen the local business environment and generate superior returns for investors. The firm is committed to ethical investing and combines international best practices with deep knowledge of the target region's economic environment.

AFIG Funds manages two primary funds: the Atlantic Coast Regional Fund (ACRF), launched in 2008 with total commitments of US$122.5 million, and AFIG Fund II, launched in 2016 with total commitments of US$135.1 million. Through these funds, AFIG Funds has invested in companies such as FSDH Holding, Primrose Properties, Ecobank Rwanda, Senbus Industries, Tecnicil Indústria, First Atlantic Bank, NEM Insurance, and Nouvelle Mici Embaci. The firm's investors include development finance institutions and commercial investors from Africa, Europe, and the United States, such as the African Development Bank, CDC, IFC, European Investment Bank, Old Mutual, PineBridge, and Swedfund.

AFIG Funds is led by CEO Papa Madiaw Ndiaye, who founded the firm in 2005. Prior to AFIG Funds, Ndiaye had a rich career, working at global financial institutions including the International Finance Corporation, JP Morgan, and Salomon Brothers. In June 2024, he became the Chairman of Ecobank Transnational Inc, a pan-African banking conglomerate operating in 33 African countries. Under his leadership, AFIG Funds continues to play a significant role in the development of the African private sector through strategic investments and value-added support to its portfolio companies.