BluePeak Private Capital is on track to raise $250m (£189m) for its African private credit fund aiming to invest in underfunded mid-sized companies.
“We are targeting $250m on the top side of the fund,” said Walid Cherif, BluePeak’s founder and managing partner, in an interview with Bloomberg.
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“The demand for private credit on the continent will get even further exaggerated with what is happening globally”.
The fund raised £80m in its first close from European development finance institutions, including British International Investment , FMO and Swiss Investment Fund for Emerging Markets.
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African businesses are increasingly looking to private credit for funding as banks are tightening their lending due to current global economic conditions.
These companies face an annual funding gap of around $330bn, according to the International Finance Corp, part of the World Bank Group.
