A Netherlands-based fund manager is working on plans to launch its sophomore Sub-Saharan Africa (SSA)-focused generalist vehicle.
Goodwell Investments is set to launch uMunthu Inclusive Growth Investment Fund II (uMunthu II), which is targeting approximately $181.9 million (€150 million) at final close.
The target size of the latest vehicle is 50% higher than the €100 million it was looking to raise with its predecessor, uMunthu Inclusive Growth Investment Fund.
Goodwell is looking to raise the capital from private investors, high-net-worth individuals, family offices and foundations.
uMunthu II will receive funds from a feeder vehicle, Goodwell Microfinance Development Company V (Goodwell V), which is targeting €50 million at final close.
The latest feeder fund follows in the footsteps of Goodwell Impact Privak – another feeder fund, which was set up to target €10 million at final close.
“We are convinced that businesses led by local entrepreneurs are the key drivers of inclusive growth in Africa,” said Nico Blaauw, director of communications at Goodwell. “Our portfolio companies are showing average revenue growth of over 50% per annum.”
Goodwell V has been structured as an LP-GP fund, with a 10-year lifespan.
The main fund, uMunthu II, follows in the footsteps of its predecessor of looking to back financial services, energy, agriculture, logistics and healthcare deals, across SSA.
uMunthu II will look to allocate 75% of its capital across agriculture deals.
The vehicle will also look to seal follow-on investments in the existing portfolio companies.
Greenberg Traurig is legal advisor on the feeder fund.
CSC is fund administrator on the feeder fund.
Full fund details will be available shorty