EG Capital, a growth-oriented private equity impact firm and client of IQ-EQ, has announced the anchor closing of its maiden fund, EG-Economic Empowerment Fund LP (EG-EEF), which will invest in medium-sized businesses in the food, health, education and climate resilience sectors in East Africa and Zambia.
Alongside its Investment Committee members and smaller angel investors, the management team at EG Capital has committed US$2 million to the fund as part of the anchor close, demonstrating confidence in the fund's strategy.
The EG-EEF Fund is targeting US$100 million in commitments, which includes a substantial pool of capital from institutional investors (family offices, pension funds, banks, sovereign wealth funds) as well as local African institutional investors.
EG Capital's management team made the announcement on 14 December 2022, during the U.S. Africa Business Forum in Washington D.C., where the EG-EEF Fund was one of the investments selected for the Deal Room by Prosper Africa. EG Capital is also one of seven fund managers selected for the first Africa cohort of the 2X Ignite GP Sprint, part of the 2x Collaborative programme to facilitate capital allocation to emerging diverse fund managers.
Sandrine Henton, Managing Director at EG Capital commented: “We seek to partner with best-in-class sponsors to create solutions for their highest quality assets in food, health, education and climate resilience in East Africa and Zambia. We’re excited to build on our partnership with existing and new investors to realise attractive returns and measurable impact in high-growth, defensive sectors. We believe there is additional value that can be unlocked by investing at the nexus of gender and positive climate action, particularly for women and young people.”
IQ-EQ welcomed EG Capital has a new client earlier this year. Commenting on the anchor close, IQ-EQ's Group Head of Fund and Asset Managers, Justin Partington, said: “The initial anchor closing of its first fund is an important milestone for EG Capital. We are extremely proud of the success that the team at EG Capital has achieved thus far in our partnership together as part of IQ-EQ Launchpad, a unique initiative that aims to support women launching their first fund.’’