The Fund’s investments will be in companies in consumer-driven sectors, including light industrials, fast-moving consumer goods, education, financial services and agro-processing.
Local media reports on Thursday said that the ticket size for each investment would be between $ 5 million and $20 million.
“The Fund will help accelerate investments in small and medium scale enterprises (SMEs) in the West African region.
“This is key to job and wealth creation, knowledge transfer and scaling up of local businesses,” said Abdu Mukhtar, the African Development Bank’s Director of Industrial and Trade Development.
“The Fund will provide an important vehicle to growing SMEs in Africa, which are a key pillar to the continent’s industrialization drive,” he added.
The Fund Manager, Verod Capital Partners, is an experienced indigenous private equity firm with extensive knowledge of the Anglophone West Africa market.
It also possesses a strong record of accomplishment in SME investments.
The reports noted that since 2008 Verod Capital Partners has invested in 16 SME companies in the region.