Proparco Commits $17.25m to Alterra Africa Accelerator Fund to Back High-Growth African Businesses
Proparco, the French development finance institution, has committed USD 17.25 million to the Alterra Africa Accelerator Fund LP (AAA Fund), a pan-African growth equity fund ......
Black News 
Proparco, the French development finance institution, has committed USD 17.25 million to the Alterra Africa Accelerator Fund LP (AAA Fund), a pan-African growth equity fund managed by Alterra Capital Partners. Proparco’s commitment reflects its confidence in Alterra’s strategy of backing high-quality African businesses with the potential to grow, create jobs, and build long-term value across the continent.
The AAA Fund invests in profitable, growth-stage, market-leading businesses across Africa, with a focus on East and Southern Africa. Alterra targets domestic-facing companies that serve basic consumer and vital business needs and works closely with management teams to help them scale. The Fund’s current portfolio includes Chill Beverages, Java House, ARP Africa Travel Group, and Cobra Group, spanning South Africa, Kenya, Tanzania, Uganda, Rwanda and beyond. Together, these businesses support more than 4,000 direct jobs, with 48% of employees female and 60% under the age of 35.
Proparco’s investment is aligned with its mandate to support private sector-led development and with its three impact objectives: building a sustainable and resilient economy, protecting the planet, and reducing inequalities. It also reflects Proparco’s longstanding approach of backing experienced fund managers with strong local knowledge, disciplined investment processes, and a clear commitment to responsible growth.
“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. 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.”
– Tibor Asboth, Head of Private Equity Division, Africa and Mediterranean, Proparco
“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. We are proud to have them alongside us as we continue backing companies that are creating jobs, strengthening key industries, and driving growth across the continent.”
– Genevieve Sangudi, Partner, Alterra Capital Partners
With final close completed, Alterra will continue executing its strategy of backing businesses that can scale with the right capital and active partnership. Alterra’s approach is rooted in close engagement with management teams, disciplined value creation, and a strong focus on job creation and skills development, women’s empowerment, and climate change mitigation and adaptation.
