The World Bank Group member also indicated it may allocate an additional $5 million through a co-investment facility to participate directly in select deals alongside the fund.

LRAF II is targeting a total capital raise of between $150 million and $200 million.

The fund intends to follow a broad investment strategy, focusing primarily on opportunities in Kenya, South Africa, and Nigeria, while remaining open to promising ventures in other African markets as opportunities arise.

The fund is expected to support a relatively concentrated portfolio. Lightrock plans to invest in roughly eight to twelve companies, focusing on businesses that demonstrate strong growth potential and the ability to scale across markets.

Individual investments are anticipated to range from $10 million to $20 million, with the fund typically taking meaningful minority shareholdings and seeking board representation as part of its governance approach.

Lightrock’s broader investment philosophy centers on backing companies that combine commercial growth with measurable social or environmental impact.

The global investment platform, headquartered in London, manages billions of dollars in assets and has built a track record of supporting mission-driven businesses across several regions, including Africa.

Lightrock Kenya will provide advisory services for the new fund, the firm’s Africa-focused subsidiary.

The unit operates as an independent investment platform within the wider Lightrock Group and plays a central role in identifying and managing opportunities on the continent.

Through the proposed commitment, IFC aims to help mobilize additional capital for high-growth African enterprises.