CIFA will invest throughout Africa, with focus on the larger markets, namely South Africa, Nigeria, Egypt, Morocco/Algeria, East Africa and Francophone West Africa.

Although the fund will invest across a broad range of sectors, it will target, in particular:

• financial services
• consumer businesses
• natural resources
• telecommunications

Typical investments will include:

• expansion and replacement capital
• management buyout/buyins
• privatisations
• mezzanine finance

Investors in CIFA include Canadian International Development Agency (through the Canada Fund for Africa program) and CDC Group plc.

CIFA is managed by a joint venture of Actis and Cordiant.