Alongside that anchor commitment, IFC has also green-lit a US$5 million co-investment envelope, enabling it to participate directly in certain portfolio deals alongside the fund.

Summit Africa reports that, to date, roughly about US$50–52.5 million has been committed to SPEF II, moving the fund closer to its target size of between R2.5 billion and R3.0 billion (approximately US$175 million).

With these commitments in place, the firm is preparing to begin deploying equity capital soon, with an investment focus on small- to mid-sized companies operating in financial services, ICT services, and the food supply-chain sectors

This new fund builds on the first fund launched by Summit, which, since 2019, has invested about US$115 million.

The decision by IFC to commit to SPEF II reflects confidence in Summit Africa’s track record and its strategy of combining financial performance with social impact.

As Summit’s Managing Partner, Tomi Amosun, said, having IFC as a strategic partner reinforces the firm’s ability to draw further support from both local and global institutional investors, while backing businesses that offer solid commercial returns and drive wider impact, such as enhanced financial inclusion, digital access, and food security.

On its part, IFC, through its Vice President for Africa, Ethiopis Tafara, said its investment in SPEF II aims to unlock growth and transformation in the region.

By funding local fund managers like Summit Africa, IFC aims to channel capital where it’s most needed: into small and medium-size businesses with the potential to scale, create jobs, and promote access to finance, digital tools and essential goods.

The sectors targeted — financial services, technology, and food processing — are viewed as critical for advancing food security, expanding digital and financial inclusion, and fostering sustainable economic growth across Southern Africa.