Alitheia IDF

Size of fund:

Mauritius-based Alitheia IDF, also called Alitheia Identity, is unusual in at least two ways. First, it's a private equity fund run by women. Second, it says it is the only growth-stage investor in Africa committed to investing in gender-diverse teams as a means to drive impact and return. Alitheia's business case points to a McKinsey report finding that African companies in the top quartile with regard to women's representation have outperformed industry EBIT margins by an average of 14 percent. The firm has offices in Mauritius, Lagos, and Johannesburg, and invests in six countries: Nigeria, South Africa, Ghana, Zambia, Zimbabwe, and Lesotho. It invests across a range of industries, including but not limited to agribusiness, consumer goods, health, education, creative industries, and financial and business services. Seeded with $12.5 million by the African Development Bank, Alitheia closed a $75 million fund in 2017. It's looking for companies with less than $10 million in annual revenue and fewer than 100 employees.

Note: Alitheia IDF's chief investment officer is also the co-founder of Alitheia Capital, which is a more traditional private equity fund operating in Nigeria.