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The International Finance Corporation has disclosed a proposed commitment of up to $20 million into the Lightrock Africa Fund II (LRAF II). IFC also revealed a $5 million co-investment envelope.
LRAF II aims to raise $150 million-$200 million. The fund will pursue a generalist strategy, primarily targeting Kenya, South Africa and Nigeria, while also exploring opportunistic investments across the rest of the continent.
Lightrock plans to build a portfolio of eight to 12 fast-growing companies. It expects to invest $10 million–$20 million per deal and target significant minority stakes. The strategy includes negotiating board seats.
LRAF II will be advised by Lightrock Kenya, the African subsidiary of Lightrock Group, which was established as an independent investment platform in 2021 and is headquartered in London.
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