The proposal includes a separate $20 million co-investment envelope to invest alongside the fund, which will target mid-sized African businesses.

CAPE V is seeking $500 million in investor commitments, with a maximum fundraising limit of $750 million. Its mandate covers Africa exclusively, with investments expected to concentrate on sub-Saharan markets.

IFC’s proposed participation remains a potential investment rather than a completed funding commitment.

The fund plans to invest between $20 million and $80 million per transaction and build a portfolio of 10 to 15 companies.

It will pursue controlling interests or significant minority stakes, positioning ACA to influence business strategy through its ownership holdings.

The separate co-investment allocation would provide an additional route for IFC to participate in individual transactions alongside CAPE V.

Founded in 1997, ACA is chaired by co-founder Okechukwu “Okey” Enelamah.

The firm’s published information states that it has raised more than $1.2 billion across four private equity funds.

Its investment approach combines capital with active involvement in portfolio companies, including work to strengthen management, governance, and operating performance.

The proposed investment would extend a relationship between IFC and ACA that dates to IFC’s investment in CAPE I in 1999.

IFC subsequently backed other ACA funds and approved a $40 million investment in CAPE IV in 2015.

ACA announced that the fourth fund had raised approximately $570 million in August 2016, attracting pension funds, sovereign wealth funds, development finance institutions, and other institutional investors.

ACA’s previous investments illustrate the range of businesses its funds have financed. IFC’s published CAPE IV portfolio includes food businesses, financial services providers, consumer goods manufacturers, and digital infrastructure company WIOCC.

These holdings provide relevant background on ACA’s investment experience, although they do not establish CAPE V’s eventual sector allocation.

If completed, IFC’s fund investment and co-investment envelope would support a financing structure that combines pooled capital with additional investment in selected companies, expanding the capital available through ACA’s next fund.