Averroes Finance III is the third fund of funds launched by Bpifrance Investment and subscribed to by Proparco and Bpifrance Private Equity. In 2002, Proparco and Bpifrance Investment established a strong partnership via the creation of two funds of funds, Averroès Finance and Averroès Finance II, which aim to support SME development in the Mediterranean region viaequity investments in regional venture capital funds.
Proparco’s financing will contribute to the creation of Averroès Finance III, the successor of the Averroès Finance I and II funds of funds. Its geographical area of operation will be extended to Sub-Saharan African, in addition to the Maghreb and Mashreq regions, which are already covered by the first two funds. This fund will mainly target venture capital focused on financing SMEs and midcaps.
This operation will contribute to the development of venture capital in Africa, where capital provision still remains extremely limited for companies. The provision of financing to SMEs and midcaps will contribute to developing and boosting the local economic base, which creates wealth and employment.
This information is given at the time of signature, without prejudice to any developments in the operation/project