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Proparco, the French development finance institution, has committed $17.25 million to the Alterra Africa Accelerator Fund LP (AAA Fund), a pan-African growth equity fund managed by Alterra Capital Partners.
The AAA Fund invests in profitable, growth-stage businesses across Africa, with a focus on East and Southern Africa. Alterra targets domestic-facing companies that serve basic consumer and vital business needs.
The fund’s current portfolio includes Chill Beverages, a South Africa-based beverage company, and ARP Africa Travel Group, an East Africa-focused travel operator, as well as Java House and Cobra Group.
Tibor Asboth, head of private equity for Africa and Mediterranean at Proparco, said: “Proparco is very pleased to support Alterra at this important moment for the fund. We were attracted by the quality of the team, the clarity of its strategy, and its strong on-the-ground understanding of African markets. Alterra has built a compelling platform to back ambitious businesses that are creating jobs, expanding access to essential goods and services, and contributing to more resilient growth across the continent.”
Genevieve Sangudi, partner at Alterra Capital Partners, commented: “We are delighted to welcome Proparco to the AAA Fund at final close. Their commitment is a strong endorsement of what we have built at Alterra: an Africa-rooted firm, a high-quality portfolio, and a disciplined investment strategy. We are proud to have them alongside us as we continue backing companies that are creating jobs, strengthening key industries, and driving growth across the continent.”
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