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Fanisi Venture Capital Fund
Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 27776
Company nameFanisi Venture Capital Fund S.C.A., SICAV (dr.Eur.)
Eastern Africa Region (IDA)
Sector1Private Equity/Venture Cap Fund - Regional
Environmental categoryFI
Date SPI disclosedNovember 19, 2009
Projected board dateDecember 21, 2009
Previous EventsInvested: May 24, 2010
Signed: February 15, 2010
Approved: February 4, 2010
  Overview     Sponsor/Cost/Location     Development Impact     Contacts     Attachments  

Project description
Fanisi Venture Capital Fund S.C.A., SICAV-SIF (the “Fund”) is targeting $50 million to make privately negotiated equity and quasi-equity investments in start-ups, early stage and growth orientated small and medium sized enterprises (SMEs) primarily in the East African region (the “Region”) comprising of Kenya, Uganda, Tanzania and Rwanda. The Fund’s maximum size is $55 million. The Fund will target investments of between $ 0.5 and 3 million per Portfolio Company with the goal of investing in about 10 -12 SMEs at any one time and intends to focus on growth-orientated SMEs in various sectors with specific emphasis on Agri-business, Retail, ICT/Technology, Financial Services, Manufacturing, Media, Transportation, Logistics/Distribution, Tourism and Housing sectors.

In addition to the SME Fund, the Fund Manager plans to raise a Business Advisory Services Facility (the “BAS Facility”), an integrated US$3-4 million BAS Facility to be funded by grants with an initial approval in principle of US$2 million from Norfund.