The fund will provide growth capital to established African businesses, with 50% of its capital expected to be allocated to North Africa.

The EIB published the proposal on October 15, 2026, and lists the operation as under appraisal.

Its participation remains subject to approval and agreement on final terms, so the disclosure does not represent a completed investment or a fund close. The bank plans to invest through a Luxembourg-based vehicle.

Virunga Africa Fund II will target healthcare, education and training, fast-moving consumer goods, digital infrastructure, and financial services.

An International Finance Corporation disclosure describes a planned portfolio of 10 to 12 companies, with individual investments ranging from $15 million to $50 million.

The strategy favors majority ownership but allows substantial minority stakes where the fund and company management have closely aligned interests.

The planned portfolio places the fund’s focus on established, medium-sized and larger businesses rather than early-stage ventures.

Its investment approach continues the strategy of Virunga Africa Fund I and concentrates on sectors where Admaius has existing experience.

The manager has its main presence in Rwanda, supported by regional offices across Africa and an international office in the United Kingdom.

For prospective portfolio companies, the proposed financing would combine long-term equity capital with active involvement from the fund manager.

The EIB says the approach is intended to strengthen company management and operations, support local employment, and help businesses withstand supply disruptions and changes in demand. These are stated investment objectives rather than results already achieved.

The proposed North African allocation also connects the fund to the European Union’s Southern Neighborhood and Global Gateway priorities.

The EIB expects the operation to support commercial links between Europe and Africa and create additional financing opportunities.

If approved, its participation would add institutional capital to a strategy focused on expanding established African businesses in essential consumer, service, and infrastructure sectors.