Lightrock set to secure anchor investment for new $200m Africa fund
The private investment arm for the World Bank is set to make a $20m LP investment in Lightrock's new Africa fund, according to a recent disclosure seen by Impact Loop.
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The International Finance Corporation (IFC) has proposed a $20m commitment to Lightrock Africa Fund II, a new growth equity vehicle targeting between $150m and $200m in capital.
IFC, the private sector arm of the World Bank, disclosed the proposed investment, which is still pending final approval, on its project portal Friday.
The LP investment would be deployed alongside a $5m vehicle to co-invest with Lightrock.
Fund strategy
The fund will pursue a generalist strategy across Kenya, Nigeria and South Africa, according to the proposal, with opportunistic investments elsewhere on the continent. It aims to back eight to twelve companies, writing cheques of $10m to $20m for minority stakes alongside board seats.
Lightrock has made eight investments in Africa to date, including Nigerian fintech Moniepoint and off-grid solar company Sun King.
Lightrock was spun out of LGT Group in 2021, the private banking arm of Liechtenstein's Princely dynasty. The London-headquartered firm focuses on climate tech, healthcare, and fintech, and is led globally by CEO Pål Erik Sjatil.
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