The fund, spearheaded by Enko Capital, is aimed at closing at $150 million in the second half of 2026, with a firm cap of $200 million.

Its strategy is stated to involve crafting bespoke financing solutions for mid-sized African enterprises, helping to bridge a funding gap estimated at about $330 billion in the region’s mid-market. 

In announcing the investment, PIC Chief Executive Patrick Dlamini remarked that promoting economic and financial inclusion is central to the firm’s intermediary mandate.

He said Enko Capital offers an appropriate vehicle to fulfil that mandate while also delivering returns to clients. 

From Enko’s side, Managing Partner Alain Nkontchou welcomed the investment, emphasizing that this deepens a relationship with the PIC dating back to 2016.

He described the commitment as a vote of confidence in the fund’s model and in the growth potential of Africa’s private-credit sector. 

The investment marks one of the more visible moves by institutional capital into Africa’s private-credit space, a segment which is gaining traction as firms seek alternatives to traditional equity or public-market financing. 

PIC itself is among the continent’s largest asset managers, with over $204 billion of assets under management.

Its participation signals an enhanced appetite for strategies that align impact objectives (e.g., supporting African businesses) with financial return mandates.

For Enko Capital, the milestone anchors the new fund, which has reportedly already achieved a first close (including backing from the British International Investment, or BII) at around US$100 million.