In the fund’s second closing in July 2022, the European Commission partnered with IFU, Denmark’s development finance institution, investing in the catalytic tranche. Additionally, a private foundation from Switzerland contributed to the equity tranche, while a donor-advised fund managed by ImpactAssets in the US invested in the catalytic and senior debt tranches.
During the third closing in September 2023, the U.S. International Development Finance Corporation (DFC) joined, investing in the senior debt tranche.
These four investors joined 12 other entities, including development finance institutions, foundations, family offices, and pension funds, which participated in the fund’s first closing at $41 million in March 2022.
Xavier Pierluca, Spark+’s investment director and Enabling Qapital’s managing partner, expressed satisfaction in collaborating with esteemed organizations dedicated to clean cooking in sub-Saharan Africa. He emphasized their contributions across all tranches of Spark+, highlighting their role in accelerating the fund’s deployment strategy.