The International Finance Corporation (IFC), a member of the World Bank Group, is looking to invest up to $10 million in Oasis Africa Fund II (OAF Fund II), a West Africa-focused private equity fund targeting scalable small and medium-sized enterprises (SMEs) across the region. The fund has a target size of $70 million, although it can extend to $100 million.
The fund announced its first close of $33.3 million last year with capital commitment from local investors such as the Development Bank Ghana and Venture Capital Trust Fund. The fund is expected to invest between $1 million and $10 million in 16 companies, providing a mix of convertible debt, mezzanine, and equity instruments across sectors such as healthcare, manufacturing, financial services, food services, housing and hospitality, private education and tech-enabled businesses. While the fund’s primary focus will be on Ghana and Côte d’Ivoire, it will also consider opportunistic investments in Senegal and Liberia.
Founded by Matthew Boadu Adjei in 2010, Oasis Capital currently manages over $61.5 million in assets across two funds, focused on the West African region. Its marquee businesses in Ghana include Legacy Girls College, Everpure Ghana Water, SINEL Specialist Hospital, and Metropolitan Health.
