1. What is the company Advanced Finance and Investment Group (AFIG) ?
AFIG is a Mauritius based private equity fund management company founded in 2005. AFIG has offices in Dakar, Johannesburg and Washington DC.
With the launch of the Atlantic Coast Regional Fund (ACRF), AFIG manages one of the most important private investment funds operating in Africa, which has the specificity not only to be based on the continent but to have been set up by Africans. ACRF’s financial structuring combines African and international capital and is dedicated to regional investments in Central and West Africa. The Fund’s ambition is to strengthen the most promising companies and to offer its investors superior returns.

2. Who are the members of the AFIG team ?
The AFIG team consists of professionals with a solid international experience and exposure, as well as an extensive knowledge of the targeted countries’ markets and actors
The team consists of: Papa Madiaw Ndiaye (CEO and Founding Partner), Patrice Backer (COO and Director), Mezuo Nwuneli (Director), Lalya Kamara (Investment Officer) and Monira Diallo (Legal Affairs). This multilingual team has over 21 years of collective experience in private equity (of which 19 in Africa), 14 years in Wall Street and 45 years in or on Africa.

3. What is the Atlantic Coast Regional Fund (ACRF) ?
ACRF is a regional fund with a target capitalization of USD 150 million and invests in companies based in the Economic Community of West African States (ECOWAS) and the Economic Community of Central African States (ECCAS), as well as Morocco, Mauritania, Uganda and Rwanda, all of which are economically integrated to ECOWAS and ECCAS.
ACRF targets mid-size, strong growth companies operating in West and Central Africa, preferably with a regional scope.

4. In which industries does ACRF invest ?
ACRF is a generalist fund and considers investments in all sectors, with a particular focus on companies operating in agribusiness, financial services, infrastructure, light manufacturing, logistics, and transportation.

5. Why do you invest in already established companies ?
Companies in Africa face challenges associated with making the transition from local operations to large-scale cross-border businesses. AFIG seeks to provide the leverage necessary to accelerate the growth of these companies. This is why ACRF is positioned as a growth and expansion fund. AFIG assists portfolio companies during that critical phase by providing them with financial and managerial resources to exploit real opportunities and have a healthy growth in a global competitive environment.

6. What are the relationships between AFIG and ACRF ?
ACRF was launched in July 2008 by AFIG, which acts as its manager. As such, AFIG identifies companies of potential interest, proceeds with the Fund’s investments and follows-up on the portfolio companies until exit. A Management Contract ties AFIG and ACRF.

7. Who are ACFR’s investors ?
AFIG raised almost half of the Fund’s capitalization in its first closing and has mobilized leading institutional investors in Africa: development financial institutions (African Development Bank, CDC, European Investment Bank, FinnFund, and IFC) and international investors (such as Africa-Re), alongside AFIG.

8.Does AFIG perform other types of transactions such as buy-outs ?
AFIG targets high-performing, profitable companies seeking growth/expansion capital. AFIG does not invest in start-ups, turnaround or buy-out situations.

9. How does AFIG differentiate itself from other African risk-capital companies ?
The uniqueness of AFIG’s strategy stems primarily from the following factors:
(1) management team: the makeup and caliber of its team entirely African who combine international training and expertise together with a deep knowledge of local market ;
(2) size (USD 150 millions) and investment focus of the Fund (capital-expansion): unlike almost all private equity funds active in Africa which are divided in funds smaller than USD 100 millions or larger than USD 200 millions and therefore focus on expansion or take-over of very small or very large size companies, AFIG targets “mid-market” investments opportunities;
(3) value-add: AFIG brings a range of services to its portfolio companies by helping them develop their business plans and strategies, strengthen their human resources management practices, implement international standards of corporate governance and best business practices, optimize their capital structure and negotiate and arrange additional financing and/or liquidity event.

10. What are AFIG’s criteria when selecting companies in which to make investments ?
AFIG targets companies with a proven track record in terms of managerial experience alongside strong growth potential. AFIG seeks companies that satisfy the following investment criteria: an exceptional management team with a compelling vision for the business and willing to collaborate with a financial investor, a proven financial and operational track record, a strong growth or potential for growth, a commitment to transparency, proven sustainable industry competitive advantages, attractive valuation of a minority stake in the company, and an ability to achieve a profitable liquidity events in the medium term.

11. What is the average size of ACRF investment ?
The Fund’s targets investments from USD 3 millions to USD 15 millions, with the sweet spot being around USD 10 millions.

12. Does AFIG always insist on having a seat at the Board of Directors of its portfolio companies ?
AFIG’s objective is to combine financial contribution and assistance in the fulfillment of its portfolio companies’ expansion plans. The best way to achieve this goal and to demonstrate a genuine involvement in the future of the company is for AFIG to have board representation.
While respecting management operational independence, AFIG wants to be involved in the set-up of business objectives and strategy, as well as performance indicators. AFIG’s priority is to create long term value and therefore beyond a simple representation in the capital of the company.

13. Beyond financing, what does AFIG bring to a portfolio company ?
The Fund’s investment vision is to offer real added value to its portfolio companies, notably by assisting them in strategic planning and operational execution, screening and recruiting management team members and building management capacity, strengthening corporate governance practices and implementing financial controls, positioning and preparing portfolio companies for liquidity event.

14. What is the usual investment process ?
Identification of target companies can be variously sourced. The company’s management can approach AFIG, but usually AFIG relies on its team international network as well as recommendations made by its investors and partners to identify companies of potential interest
When the target is identified, the investment process is as follows:

15. Which exit strategies does AFIG use ?
One of the key criteria AFIG considers when making an investment is the ability to achieve a liquidity event over three to seven years. The exit strategy is always well-thought through in order to secure the combined interests of the Fund, the company, its founding members and management.

16. How can I send my business plan to AFIG?
We recommend you fill in the online form on AFIG website, it will allow us to have a better idea of your company or its projects.
You can also contact an AFIG team member in order to send him or her directly your business plan and communicate on your financing needs.