How many investments has AFIG made?

AFIG has 21 tracked investments.

What stage does AFIG invest at?

AFIG invests at the Growth stage.

What sectors does AFIG focus on?

AFIG focuses on Sector Agnostic.

Where is AFIG located?

AFIG is headquartered in Port Louis, MU.

Does AFIG lead rounds?

Yes, AFIG leads investment rounds.

AFIG

Private equity

Port Louis · Growth · 8 people tracked

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Investment thesis

AFIG Funds is a private equity investor centered on Africa, backing local entrepreneurs and helping African companies scale into regional and global champions. Beyond capital, the firm applies a structured value-addition approach across five pillars covering human resources, financial and internal controls, IT/MIS, and ESG, aiming to improve portfolio company performance and benefit surrounding communities. It manages regional funds including the Atlantic Coast Regional Fund and AFIG Fund II, providing growth and expansion equity to companies across West and Central Africa with the goal of building African regional 'blue chip' businesses.

Invests inSector AgnosticAfrica Port Louis

Source: firm website, verified Sep 27, 2026.

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Stage

Growth

Port Louis, MU

Leads rounds

Leads

Instruments

Equity

Tracked investments

Team · 8 people

from the firm's website

Papa

Before AFIG Funds, Papa co-founded and served as Investment Director at Emerging Markets Partnership (now ECP) and was one of three partners who raised and managed the USD 407 million AIG African Infrastructure Fund. His earlier career spanned IFC's investment department, Salomon Brothers, and JP Morgan's Emerging Markets Group, and he served as economic and financial advisor to the President of Senegal.

Papa Madiaw Ndiaye· CEO & Founding Partnerin

Founding Partner and CEO of AFIG Funds, leading strategy, LP relationships, and chairing the Investment Committee. Previously co-founded Emerging Markets Partnership and helped raise the USD 407 million AIG African Infrastructure Fund, worked at IFC, JP Morgan, and Salomon Brothers, and advised Senegal's President on economic affairs.

Kelechi· Nigeria

Kelechi joined AFIG Funds in 2013, having previously originated and executed infrastructure transactions at Argentil Capital Partners and worked with IFC's Infrastructure and Natural Resources Group and ARM Investment Managers in Nigeria. A Nigerian citizen, he sits on the boards of five African companies.

Patrice· Austin, Texas, United States

Prior to AFIG Funds, Patrice led PromoCapital Haiti S.A. and earlier built a Wall Street career at JP Morgan, working in Latin America M&A and co-managing the credit derivatives desk before heading the finance desk. He was appointed to the Finance and Risk Committee of the Global Partnership for Education in 2021.

Patrice Backer· Chief Investment Officer & Partnerin

Partner and CIO of AFIG Funds overseeing the full investment process, investor relations, and fundraising, and serving on multiple portfolio company boards. Previously led PromoCapital Haiti and held roles at JP Morgan in Latin America M&A and emerging markets trading.

Kelechi Okoro· Director· Nigeria

Director at AFIG Funds since 2013 responsible for sourcing, executing, and managing investments, and serving on the boards of several African companies. Previously worked at Argentil Capital Partners, IFC's infrastructure group, and ARM Investment Managers in Nigeria.

Aïssatou· Menlo Park, California, United States

Before AFIG Funds, Aïssatou worked as an Office Manager at A.P. Moller-Maersk. A Senegalese citizen, she holds a master's degree in International Business from the University of Lille 2 in France.

Aissatou Dia· Office Manager· Senegalin

Office Manager at AFIG Funds handling administrative and back-office operations, logistics, accounting, and supplier relationships. Previously an Office Manager at A.P. Moller-Maersk.

What they invest in

from 4 of 21 portfolio companies

Fintech ×3Advanced Manufacturing ×1Hardware ×1InsurTech ×1Mobility & Transportation ×1

HQs:Nigeria×2Ghana×1Senegal×1

Investments · 21 tracked

founders shown can be your intro path

First Atlantic Bankfirstatlanticbank.com.gh in 𝕏

First Atlantic Bank (FAB) is a Ghanaian bank offering digital banking services including mobile and internet banking, mobile money merchant collections, POS terminals, USSD banking, and online payment gateways for individuals, SMEs, and corporate institutions.

FintechAccra, GH

FSDH Merchant Bankfsdhmerchantbank.com

FSDH Merchant Bank is a Nigerian merchant bank that provides financing and banking services, including funding options for small and medium-sized enterprises (SMEs) in Nigeria.

Fintech

Nem Insurancenem-insurance.com in 𝕏

NEM Insurance PLC is a Nigerian general insurance company offering life and non-life insurance products, with operations extended to West Africa including Ghana.

FintechInsurTechLagos, NG

Senbus Industriessenbus.com in

SENBUS is a Senegalese vehicle assembly manufacturer, the first vehicle assembly plant in French-speaking West Africa, producing minibuses, pickups, trucks, refrigerated trucks, tricycles, and special vehicles such as ambulances and armored military vehicles.

Advanced ManufacturingHardwareMobility & TransportationThiès, SN

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Axis PensionsAxis Pensions GroupDeep Drilling CompanyEcobank ChadEcobank LiberiaEcobank RwandaEltonFSDH Holding CompanyNigerian German ChemicalsNouvelle Mici EmbaciPrimrose PropertiesPrimrose Properties GhanaRmg Concept LtdSoproicamTecnicil IndustriaTecnicil IndústriaTecnicil Indústrias

Fund performance · per public LP disclosures

as of Jun 2025

Fund	Vintage	Committed	Net IRR	TVPI	DPI
AFIG Fund IILPs: Chicago Teachers' Pension Fund	2020	—	-10.6%	0.93x	0.33x

Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).

Frequently asked questions

How many investments has AFIG made?: AFIG has 21 tracked investments.
What stage does AFIG invest at?: AFIG invests at the Growth stage.
What sectors does AFIG focus on?: AFIG focuses on Sector Agnostic.
Where is AFIG located?: AFIG is headquartered in Port Louis, MU.
Does AFIG lead rounds?: Yes, AFIG leads investment rounds.

Media · Podcasts & interviews

featuring the team

L'Interview : Papa Ndiaye, Président directeur général du Fonds AFIG - Sénégal

Africa 24 · Papa

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