The AAA Fund aims to invest in a wide range of businesses that provide essential consumer products, services, and business solutions.

The primary focus will be on companies in East and Southern Africa.

Alterra was established in 2020 after the Carlyle Africa team spun out on its own. Later, the Anglophone team from Emerging Capital Partners also joined the firm.

Sara Taylor, Head of Private Equity Funds and Co-Investments at BII, expressed confidence in the partnership:

“We’re excited to work with Alterra’s experienced team to help support economic growth in Africa. Our investment in the AAA Fund allows us to reach a wide range of companies and contribute to sustainable and inclusive development,” she said.

Geneveive Sangudi, a Partner at Alterra, welcomed the new support:

“We’re pleased to have BII on board. Their commitment brings credibility and strengthens our mission to drive inclusive growth in Africa. This funding will help us invest in businesses that are transforming key sectors like telecommunications, technology, business services, consumer goods, and retail.”

The AAA Fund reached its first close in 2023 with $140 million and continues to attract backing from various development finance institutions and commercial investors, including the International Finance Corporation, Norfund, DEG, Standard Bank, Allianz AfricaGrow Fund, and the Public Investment Corporation.