Apply to the Fund

How We Select Investment Vehicles

Selecting Investment Vehicles for the Mastercard Foundation Africa Growth Fund is a meticulous process. Each Investment Vehicle undergoes careful screening to ensure alignment with our Investment Policy and eligibility criteria, including a strong commitment to advancing gender equity in entrepreneurship.

Investment Criteria

We Are Prioritizing Specific Funds

The Fund invests in African-owned and African-led Fund Managers, including Female-led fund managers, first-time fund managers, private equity funds, venture capital funds, debt funds, permanent capital vehicles, etc. These funds need to demonstrate commitment to gender, diversity, equity, and inclusion; they should invest in SMEs with a ticket size range between US$50k to US$4 million that invest in high-impact sectors and operate in Sub-Saharan Africa.

We welcome applications throughout the Sub-Saharan African region and in countries aligned with the Young Africa Work (YAW) strategy, namely Ethiopia, Ghana, Kenya Nigeria, Rwanda, Senegal, and Uganda.

Funds Must Invest in Key Industries Aligning with Promising Sub-Saharan Opportunities

Our investment lens is set on the dynamic landscape of sub-Saharan Africa, where possibilities abound. We maintain a sector-agnostic approach, welcoming opportunities in specific industries that align with our mission:

Agribusiness
Light Manufacturing
Education
Health
Technology and Innovation
Hospitality and Tourism

Funds Must Demonstrate a Dedication to Gender, Diversity Equity and Inclusion

We actively seek and collaborate with Investment Vehicles dedicated to advancing gender equity in entrepreneurship. Investment Vehicles must implement strategies and practices that address gender-related considerations throughout the investment cycle. This approach aims to eliminate biases and enhance women’s access to investment capital, supporting women-owned businesses.

The Application Process

1. Investment Vehicles Apply for Funding

Using our online application form, a founder or manager for an African-owned, African-led Investment Vehicle domiciled in Africa must send details about their fund to the Africa Growth Fund team for review and analysis.

2. We Review Applications and Contact Shortlisted Candidates

Our first round of revision is handled by our partner Investisseurs & Partenaires (I&P), a pioneering impact investment group entirely dedicated to financing and supporting small and medium-sized enterprises and start-ups in Sub-Saharan Africa. Their team will assess the eligibility of every Investment Vehicle that applies the the Africa Growth Fund.

3. The Investment Committee Evaluates and Selects Investment Vehicles

Our Investment Committee is an independent body that relies on comprehensive due diligence findings and ensures Applicants’ alignment with The Fund's strategy and Investment Policy. Following their comprehensive assessment, the final approval rests with the Foundation Council. This meticulous dual-check system ensures alignment with our mission and a judicious approach to impactful investments.

4. Capital and Funding is Disbursed

Our Capital and Funding is disbursed in forms such as debt, equity, quasi-equity, or a tailored mix of investment instruments. Our goal is to pave the way for impactful investments that resonate with the diverse needs of the African business landscape.

5. SME’s are Funded by the Investment Vehicles

Fulfilling our goal of boosting employment opportunities and economies all over sub-Saharan Africa.

Before you apply, review our FAQs

Make sure all your questions are answered before you start the process

Learn More