Africa Credit Opportunities Fund III

December 17, 2025

FinDev Canada commits USD 20 million to Ninety One’s Africa Credit Opportunities Fund III to support inclusive economic growth across Africa

Press Release

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.

Summary of Anticipated Development Impacts

MARKET DEVELOPMENT

Stimulate growth of businesses: The Fund is expected to provide financing to businesses in key sectors across Africa, including in LDCs, helping to address persistent financing gaps left by traditional banks. The Fund’s private credit approach is anticipated to offer longer‑term, tailored, and non‑dilutive financing solutions. This support is expected to enable businesses to scale, create and sustain jobs, and strengthen the availability of essential goods and services for enterprises and consumers in target markets.
Deepen African debt capital markets: Through its participation in the bond market, and at times serving as an anchor investor, the Fund helps mobilize capital and supports the development of African debt capital markets.

MARKET DEVELOPMENT

Stimulate growth of businesses

The Fund is expected to provide financing to businesses in key sectors across Africa, including in LDCs, helping to address persistent financing gaps left by traditional banks.

GENDER EQUALITY

Increased adoption of gender‑equality related best practices: ACO3 aims to mainstream a gender lens throughout the investment cycle, with a focus on identifying and addressing gender‑related gaps. This is particularly important given that women‑owned and women‑led businesses in Africa remain significantly underserved, facing a multi‑billion‑dollar financing gap as they receive a disproportionately small share of available private capital.
2X alignment: Across Africa, women are underrepresented in senior management and board positions, limiting their influence over strategic decision‑making and constraining inclusive economic growth. In contrast, women represent 57% of senior management, 50% of the Board and 58% of staff at Ninety‑One South Africa, exceeding 2X region and sector thresholds. Furthermore, ACO3 has committed to ensuring 30% of its borrowers are 2X‑aligned at entry, reinforcing its dedication to advancing gender equality across its portfolio.