British International Investment (BII), the United Kingdom’s development finance institution, has committed $20 million to the Alterra Africa Accelerator Fund (AAA Fund), a private equity initiative designed to fuel business expansion across the continent. Backed by Nigerian billionaire Aliko Dangote, the fund is focused on strengthening mid-cap companies in key sectors such as telecommunications, technology, financial services, consumer products, logistics, and infrastructure.
The AAA Fund is managed by Alterra Capital Partners, a firm established in 2020 by former executives of global investment giant Carlyle Group. The fund aims to raise $500 million to drive business growth and economic transformation in Africa. So far, it has secured $140 million, drawing investments from high-profile individuals and institutions, including Carlyle co-founders David Rubenstein and Bill Conway, as well as financial entities like Norfund AS, Standard Bank Group Ltd., International Finance Corp. (IFC), Germany’s Deutsche Investitions- und Entwicklungsgesellschaft (DEG), and Allianz SE’s AfricaGrow fund.
Africa’s rapidly growing population and rising consumer spending present vast opportunities for investment. The AAA Fund targets companies that are well-positioned to meet the continent’s increasing demand for essential goods and services. By supporting mid-cap businesses that are already generating stable earnings, the fund aims to create jobs, boost productivity, and contribute to long-term economic development.
Alterra Capital Partners operates from offices in Johannesburg, Nairobi, and Mauritius, bringing together a team with over 100 years of combined experience in private equity. This expertise enables the firm to identify high-potential businesses and provide the capital and strategic support needed for their expansion.
BII’s $20 million investment reinforces the growing interest of global investors in Africa’s economic potential. The commitment reflects confidence in the continent’s business environment and its ability to deliver strong returns while driving positive social impact.
As African economies continue to grow, private equity investments like the AAA Fund are expected to play a crucial role in accelerating business development, fostering innovation, and improving living standards. The backing of major financial institutions and influential investors signals a new wave of capital inflows that could reshape Africa’s business landscape and unlock new opportunities for sustainable growth.
