Capital Alliance Private Equity IV Limited

Capital Alliance Private Equity IV Limited (CAPE IV) is a private equity fund established by African Capital Alliance (ACA) in 2016, with a capitalization of approximately $570 million. The fund primarily invests in high-growth sectors across West Africa, including business services, energy, fast-moving consumer goods, financial services, and telecommunications, media, and technology. Its geographical focus encompasses Nigeria, Ghana, Cote d’Ivoire, Gabon, and Cameroon.

CAPE IV employs a strategy of taking minority (minimum 20%) to majority stakes in growth-stage companies, with investments typically ranging from $20 million to $40 million per company. The fund seeks opportunities in well-performing companies, turnaround situations, and cross-border expansion initiatives, emphasizing partnerships with proven management teams. Notable investments include Beloxxi Industries Limited, a leading Nigerian biscuit manufacturing company, and Continental Reinsurance Limited, the largest private Pan-African re-insurer outside of South Africa.

Over its tenure, CAPE IV has demonstrated a disciplined approach to capital deployment and active portfolio management, achieving significant returns for its investors. A notable exit was the full divestment from Aradel Holdings PLC in September 2025, which delivered a 3.4x return in dollar terms, underscoring the fund's effective value creation strategies. This exit followed Aradel's successful listing on the Nigerian Exchange in October 2024, highlighting CAPE IV's commitment to enhancing the operational and commercial value of its portfolio companies.