EIB Considers $85M Commitment to Admaius Capital’s $500M Virunga Africa Fund II
The European Investment Bank evaluates a anchor equity ticket in the Luxembourg-domiciled growth buyout vehicle, joining a DFI consortium alongside the IFC, EBRD, Proparco, DEG, and Qatar Investment Authority.
LUXEMBOURG & KIGALI — The European Investment Bank (EIB) is evaluating a $85 million (€76 million)commitment to Virunga Africa Fund II (VAF II), a $500 million (€447 million) Pan-African growth equity vehicle managed by private capital firm Admaius Capital Partners.
Currently under appraisal by EIB Global, the proposed equity ticket aligns with the EU’s Global Gateway strategy and EIB Global’s strategic directive, mandating a 50% capital allocation to North Africa and the EU Southern Neighbourhood to accelerate cross-border EU-Africa trade and enterprise resilience.
DFI Consortium & Fund Architecture
Dominated by institutional and development finance institution (DFI) capital, the Luxembourg-structured vehicle serves as a successor to Admaius’s initial Virunga Africa Fund I:
- LP Syndicate: EIB joins a multi-lateral institutional LP backing group that includes Team Europe partners (EBRD, Proparco, DEG), the World Bank Group’s International Finance Corporation (IFC), and sovereign capital from the Qatar Investment Authority (QIA).
- Deployment Mandate: Targets 10 to 12 growth equity and buyout investments, taking majority or controlling minority stakes with ticket sizes averaging $40 million to $50 million per portfolio company.
- Core Markets: Primary deal-sourcing activities focus on Egypt, Morocco, Kenya, Rwanda, and South Africa.
Target Sectors & Value Creation Model
Building on Admaius’s hands-on operational model, Virunga Africa Fund II delivers patient risk capital to mid-cap companies benefiting from African demographic expansion:
- Focus Industries: Healthcare, Fast-Moving Consumer Goods (FMCG), Education & Training, Digital Infrastructure, and Financial Services / Fintech.
- Operational Value Creation: Prioritizes supply chain localization, governance institutionalization, sustainable job creation, and export expansion into European corridors.
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