Montreal (Quebec), 17 December 2025 – Canada’s bilateral Development Finance Institution, FinDev Canada, announces a USD 20 million commitment to Ninety One’s Africa Credit Opportunities Fund III (ACO3 or the Fund), a private credit fund providing financing to enterprises and infrastructure projects across Africa and other emerging markets. The Fund is managed by Ninety One, an international investment manager with an extensive track record in Africa and global emerging markets.
The Fund is expected to reach a final close of over USD 400 million in early 2026, and has already onboarded committed investors, such as International Finance Corporation, British International Investment, the Swiss Development Finance Institution, and several other institutional investors with the Standard Bank of South Africa as a credit provider.
FinDev Canada’s commitment will enable ACO3 to extend critical financing to African enterprises often underserved by local banks, including 2X-aligned businesses and those operating in Least Developed Countries (LDCs). The financing will help create employment opportunities, enhance the provision of goods and services for businesses and consumers, and strengthen regional economic development.
ACO3 aims to deliver competitive returns for investors while promoting economic growth through sustainable investment in Africa and other emerging markets. The Fund’s investment strategy seeks to enhance communities, the environment, and regional productivity, promoting environmental and social objectives through its sustainability framework. Notably, Standard Bank has provided USD 45 million in funding through a sustainability-linked loan, aligning with the Fund’s climate and social impact goals.
Additionally, the Fund is committed to advancing gender equality across its portfolio and within its operations. This includes integrating a gender lens throughout its investment cycle, supporting women entrepreneurs, and addressing gender-related gaps such as women’s representation in leadership positions and employment opportunities.
ACO3 will primarily invest across Africa, including LDCs, such as Angola, Mozambique, Malawi, and Rwanda, while also exploring select opportunities in emerging markets outside of the continent. The portfolio will cover a diverse range of sectors, including agriculture, financial services, consumer goods, business services, manufacturing, and technology.
While the Fund’s primary interventions will be through private markets, its participation in the bond market plays a strategic role in mobilising capital and advancing the development of Africa’s debt capital markets.
To date, Ninety One’s Africa Credit Opportunities strategy has invested over USD 1.2 billion across more than 20 countries, supporting sectors such as infrastructure and telecoms. The strategy has helped recipient countries close infrastructure funding gaps and has achieved its return targets, while contributing to the UN Sustainable Development Goals.
“Private credit can be a powerful tool to help local enterprises in Africa overcome financing barriers. That’s why, we are pleased to partner with Ninety One by investing in ACO3, deepening our presence in the region and reinforcing Canada's leadership in development finance. This partnership reflects FinDev Canada’s commitment to expanding private sector engagement, developing local markets, supporting jobs, and strengthening gender equality,” said Paulo Martelli, VP and Chief Investment Officer, FinDev Canada.
“We welcome FinDev Canada as an investor in our Africa and Emerging Markets focused private credit strategy. Their confidence in ACO3 reflects the strength of our investment approach, the depth of our platform, and the wealth of compelling opportunities across our markets. This partnership not only reinforces our commitment to delivering value for investors but also strengthens our presence in Canada, where we have maintained a footprint for nearly a decade,” Kobina (Kobi) Sam, Managing Director, Emerging Market Alternative Credit, Ninety One.
About FinDev Canada
FinDev Canada is Canada’s bilateral Development Finance Institution (DFI), supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and advisory, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and Paris Agreement commitments. Find out more about FinDev Canada at www.findevcanada.ca.
About Ninety One
Ninety One is an active, global investment manager managing USD 204.8 billion in assets (30.09.25). Our goal is to provide long-term investment returns for our clients while making a positive difference to people and the planet. Established in South Africa in 1991, as Investec Asset Management, the firm began as a small start-up offering domestic investments in an emerging market. In 2020, as a global firm proud of our emerging market roots, we demerged to become Ninety One. We are committed to developing specialist investment teams organically. Our heritage and approach let us bring a different perspective to active and sustainable investing across equities, fixed income, multi-asset and alternatives to our clients - institutions, advisors and individual investors around the world.
For more information, please visit NinetyOne.com
About ACO3
ACO3 pursues an all-weather private credit strategy, investing predominantly in senior loans issued by market leading businesses and infrastructure entities across Africa and other Emerging Markets. The fund aims to deliver stable cash yields and resilient total returns through strong underwriting, broad diversification, and a focus on capital preservation. It follows a buy-and-hold approach to achieve consistent returns with low loss rates, while maintaining flexibility to invest in public credit and sovereign debt when market dislocations create attractive opportunities. The strategy also promotes environmental and social characteristics in line with EU SFDR Article 8.
Media Contacts
FinDev Canada:
Ninety One:
Jeannie Dumas, Jeannie.dumas@ninetyone.com
Sophie Svestad, Sophie.svestad@ninetyone.com