French development finance institution Proparco has committed $17.25 million to the Alterra Africa Accelerator Fund LP (AAA Fund), a pan-African growth equity fund managed by Alterra Capital Partners.
The commitment underscores Proparco’s confidence in Alterra’s strategy of backing high-quality African businesses with strong growth potential, job creation capacity, and long-term value creation across the continent.
The AAA Fund targets profitable, growth-stage, market-leading companies across Africa, with a focus on East and Southern Africa. It invests in domestic-facing businesses serving essential consumer and business needs, working closely with management teams to support scale-up and operational expansion.
Current portfolio companies include Chill Beverages, Java House, ARP Africa Travel Group, and Cobra Group, spanning South Africa, Kenya, Tanzania, Uganda, and Rwanda. Collectively, these firms support more than 4,000 direct jobs, with 48% of employees female and 60% under the age of 35.
Proparco said the investment aligns with its mandate to support private sector-led development and its three impact priorities: building a sustainable and resilient economy, protecting the planet, and reducing inequalities. The institution also highlighted its approach of backing experienced fund managers with strong local expertise and disciplined investment processes.
“Proparco is very pleased to support Alterra at this important moment for the Fund. We were attracted by the quality of the team, the clarity of its strategy, and its strong on-the-ground understanding of African markets,” said Tibor Asboth, Head of Private Equity Division, Africa and Mediterranean at Proparco.
“Alterra has built a compelling platform to back ambitious businesses that are creating jobs, expanding access to essential goods and services, and contributing to more resilient growth across the continent.”
Genevieve Sangudi, Partner at Alterra Capital Partners, welcomed the investment, saying it validates the firm’s strategy and execution.
“We are delighted to welcome Proparco to the AAA Fund at final close. Their commitment is a strong endorsement of what we have built at Alterra: an Africa-rooted firm, a high-quality portfolio, and a disciplined investment strategy,” she said.
“With final close completed, Alterra will continue executing its strategy of backing businesses that can scale with the right capital and active partnership,” the firm added. “Our approach is rooted in close engagement with management teams, disciplined value creation, job creation, skills development, women’s empowerment, and climate mitigation and adaptation.”