Investisseurs & Partenaires (I&P) is an impact investing group fully dedicated to Sub-Saharan Africa. I&P gathers four impact funds representing €125 million and has supported about 80 small and medium enterprises based in 15 Sub-Saharan African countries.

History

I&P was created in 2002 by Patrice Hoppenot, former co-founder of BC Partners and expert in private equity issues. In 2011, Jean-Michel Severino, previously CEO of the French Development Agency (2001-2010) and Vice-President of the World Bank for Asia (1996-2000), took over the management of the company. I&P currently employs about 30 people, based in Paris and six African local offices (Burkina Faso, Cameroon, Ivory Coast, Ghana, Madagascar, Senegal)

 

I&P’s mission is to contribute to the rise of a sustainable and dynamic private sector in Sub-Saharan Africa. Since the beginning, Investisseurs & Partenaires has aimed to support African entrepreneurs, able to build profitable and sustainable activities with high local added value. For this reason, I&P has developed a specific approach combining financial tools and strategic/operational support.

 

I&P gathers different impact funds to support the growth of its partner companies, covering financing needs ranging from €30,000 to €3 million. Click here to discover our impact funds →

Timeline

  1. The Beginnings

    Patrice Hoppenot, the former co-founder of BC Partners, started a venture capital initiative dedicated to African entrepreneurs. His idea was to use his skills and experience in private equity to support a greater cause: the economic development of Sub-Saharan Africa.

    I&P Développement (IPDEV), a fund with €2m of registered capital, was launched thanks to Patrice and its fellows. In the same year, Patrice hired the first investment officer of I&P, Sébastien Boyé.

    In 2003, I&P made its first investments in African-based Small and Medium Enterprises (SMEs): CAMED, the third pharmaceutic distributor in Mali and the only actor selling generic drugs and LEGENI, the first private laboratory for geothermic and environmental studies in Niger.

  2. A Learning Experience

    In 2006 I&P realized its second increase in capital and for the first time opened up its capital to Development Financial Institutions (in other words to Official Development Assistance). This growth of capital was key to ensure the sustainability of the project and to validate its economic model. The European Investment Bank and Proparco (the private branch of the French Development Agency) both invested €3m in IPDEV.

    Looking at it now, the emergence of I&P was the symbol of a deeper shift in development aid: the rise of the private sector in the funding and dispatching of Official Development Assistance.

    In 2007, five years after its creation, I&P’s portfolio included a dozen of SMEs and Microfinance institutions, in Cameroon, Mali, Niger, and Senegal. There were 3 full-time investment officers: Sébastien Boyé, Jérémy Hajdenberg, and Pierre Carpentier.

  3. Handover and Scaling Up

    In 2011, Patrice Hoppenot retires and hands over to Jean-Michel Severino, former Executive Director of the French Development Agency (2001-2010). This transition boosted a strategic consideration in process at I&P: the group had to adapt the models of its impact funds to the size of the investment tickets.

    To efficiently reach start-ups and very small enterprises I&P developed IPDEV2, an innovative program consisting in incubating and sponsoring 10 African-based impact funds in 10 countries. These impact funds would be managed by African teams and mostly capitalized by African investors. They aim to locally develop a strong base of entrepreneurs by supporting start-ups and young enterprises showing a substantial growth potential and whose financial needs will lie between €30k and €300k.

    Read more on the program IPDEV2

     

    In parallel I&P launched a pan-African fund, I&P Afrique Entrepreneurs (IPAE), provided with €54m and targeting higher investment tickers to support SMEs and entrepreneurial projects that would be more mature.

    Read more on IPAE

  4. Consolidation and Deployment of Local Teams

    With the launch of IPAE, I&P opened its first African-based offices in order to facilitate the business development and the day-to-day collaboration with portfolio companies. I&P inaugurated new local offices in Ghana, Cameroon, Senegal, and Madagascar (2012), in Côte d’Ivoire (2014) and in Burkina (2015).

    In October 2015, I&P realized the first closing of IPDEV2. The sponsored local funds started their activity. In addition to Sinergi Niger that was operational since 2006, Sinergi Burkina and Teranga Capital (in Senegal) were inaugurated and could work with small and very small enterprises via an adapted financial support. Sinergi and Teranga made their first investment operations, respectively with Siatol and OuiCarry.

     

      Explore:

    First closing of the I&P Développement Fund 2 (IPDEV 2)

    • Inauguration of Sinergi Burkina (2015) and Teranga Capital (2016)

  5. 15 years of commitment to support entrepreneurship in Africa

    Building on its 15-year experience in financing and supporting African entrepreneurs, Investisseurs & Partenaires (I&P) is developing a consulting activity, I&P Conseil, aiming to improve the business environment and develop the entrepreneurial ecosystem in Africa.

      Read more on &P Conseil

     

    In 2017, I&P hopes to reach a new milestone with the launch of the fund I&P Afrique Entrepreneurs 2  (IPAE 2) and the second closing of IPDEV 2 will help the fund to successfully attain the amount of €20m and to complete the entire investment program: 10 impact funds in 10 different countries during 10 years and eventually supporting 500 SMEs and creating 15,000 jobs over the period.

    This way I&P supports its goal to create local financing capacities, to promote entrepreneurship and local talents in Africa, and to actively contribute to the realization of the Sustainable Development Goals across the continent.

      Read more on I&P Afrique Entrepreneurs 2's first close

Investment Thesis

 

I&P works exclusively with start-ups and SMEs based in Sub-Saharan Africa and in the Indian Ocean, with the strong conviction that these enterprises actively contribute to a sustainable and inclusive growth on the continent.

 

The team of I&P is based in Paris and six African offices: Abidjan, Accra, Antananarivo, Dakar, Douala and Ouagadougou. I&P also sponsors and works with African investment teams, based in Niamey (Sinergi Niger), Ouagadougou (Sinergi Burkina), Dakar (Teranga Capital), Abidjan (Comoé Capital), and Antanarivo (Miarakap).

 

I&P's investment thesis is driven by the will to answer the financing and support needs of the SMEs of the ''missing middle''.

We observe indeed a significant lack of formal SMEs in Sub-Saharan Africa, which is commonly referred as the "missing middle" phenomenon. These enterprises face three major obstacles impeding their growth: a very limited access to long-term finance, a limited access to skills and low governance and management practices

 

And yet African SMEs have a key role to play for the development of the continent. It is indeed acknowledged that these enterprises:

► Create sustainable employment, for both qualified and unqualified workers

► Develop market-based solutions and improve access to essential goods and services

► Build and structure local economic fabrics

► Contribute to political stability and social redistribution

 

A real financial and strategic support is therefore necessary, which can notably be provided by impact investors.

 

Sub-Saharan Africa: A dynamic region with lingering challenges to address

Since 2000s, Sub-Saharan Africa countries have outperformed the rest of the world in terms of economic growth, with an annual GDP growth superior to 4.5% on average. By 2050, the GDP of Africa should be multiplied by 7, equaling China’s current GDP. Driven by a range of structural factors (demographics, macroeconomic policies…), this growth makes that Africa has become one of the most dynamic regions of the world.

This dynamism should not however conceal the serious challenges the continent is facing, at social, political, environmental and economic levels: 41% of Sub-Saharan Africans live in extreme poverty, macro-economic trends are deteriorating because of the fall in commodity prices, the continent is struck by the impacts of climate change...

 

Read I&P's Study “Africa’s century”

Vision & Values

Vision

We believe that the development of Sub-Saharan Africa entails a strong and responsible private sector carried by entrepreneurs and small enterprises, which are able to provide access to essential goods and services and are concerned by the Environmental, Social and Governance issues at all decision-making levels.

 

Mission

Contribute to sustainable development and social stability on the African continent by financing and advising entrepreneurs, project initiators and African SMEs who are willing to achieve economic, environmental and social performance.

 

Ambition

In the ten years to come, our aim is to contribute to create or develop at least 600 projects, create at least 20,000 jobs and make a difference in the lives of at least 200,000 people, as well as to demonstrate the viability of our model and plead the case of Africa in the world.

Values

Entrepreneurial spirit

Innovation and pragmatism are at the heart of our approach, to support the growth of the partner companies and to manage day-to-day projects.

Commitment to development

I&P pays particular attention to the promoters and their vision of society, convinced that African entrepreneurs actively contribute to a more responsible and evenly distributed growth in Africa.

Integrity

This value is essential for implementing trustful relationships with the investors, entrepreneurs and all of the communities. The integrity of I&P’s teams is one of its key action principles in the field.

High Standards

This value is essential for our investors as it is a guarantee for the quality of the management and economic efficiency of our investments.  It is a key success factor for our projects.

Our Code of Ethics
I&P's Carbon Footprinting Strategy

In alignment with its ESG strategy, I&P is committed to calculate and reduce its environment footprint. The carbon neutrality of our offices and transportation is a key objective. To this purpose we compensate for emissions we cannot reduce through the financing of carbon projects. Indirect emissions from plane travels account for 99% of our total carbon footprint: travelling remains at the core of our activity despite the set-up of local offices in Africa to reduce long distance journeys.

Compensation strategy (2015-2016)

Our Ecosystem

I&P is a member of:

EMPEA

GIIN

I&P is signatory of :

Team

Adama Fofana

Investment Officer

Adama Fofana

Investment Officer

Adama joined the team of Comoé Capital in 2018 as an investment officer.

Aïcha Savadogo

Investment Officer

Aïcha Savadogo

Investment Officer

Investment Officer at Sinergi Burkina since May 2016

Alexis Thirouin

Financial Officer

Alexis Thirouin

Financial Officer

Alexis is Financial Manager of the fund I&P Développement since 2012

Alia Drouin

Investment Officer

Alia Drouin

Investment Officer

Alia is an investment officer at Miarakap, an impact fund dedicated to SMEs and startups in Madagascar.

Baafour Otu-Boateng

Investment Manager

Baafour Otu-Boateng

Investment Manager

Based in Accra, Baafour is in charge of I&P’s portfolio in Ghana.

Benjamin N'Dri

Executive Manager of the African Club of Entrepreneurs

Benjamin N'Dri

Executive Manager of the African Club of Entrepreneurs

Benjamin joined the team in 2017 as the Executive Manager of the African Club of Entrepreneurs, an association that gathers I&P’s investees.

Brigitte Abbé

Analyst

Brigitte Abbé

Analyst

Brigitte Abbé is anlyst for the Ivoirian impact fund Comoé Capital since January 2018.

Cécile Carlier

Director I&P Conseil

Cécile Carlier

Director I&P Conseil

Clémence Bourrin

PR & Communication Officer

Clémence Bourrin

PR & Communication Officer

Clémence joins the team in 2015 and works on I&P’s communication and advocacy campaigns.

David Munnich

Chief Operations Officer IPDEV2

David Munnich

Chief Operations Officer IPDEV2

David joined I&P in 2009 and is in charge of the new strategy of I&P Développement II (IPDEV2).

Davy Soubeiga

Investment Manager

Davy Soubeiga

Investment Manager

Davy Soubeiga works as Investment Manager at Sinergi Burkina since 2018

Djibo Ibrahima

Managing Director of Sinergi Niger

Djibo Ibrahima

Managing Director of Sinergi Niger

Djibo manages Sinergi since 2006, to supports Nigerian SMEs

Dyane Tchagag

Office Manager

Dyane Tchagag

Office Manager

Elodie Nocquet

ESG & Impact Director

Elodie Nocquet

ESG & Impact Director

Elodie joined I&P in 2009. She is in charge of I&P’s ESG and Impact policy

Emilie Debled

PR and Business Development Director

Emilie Debled

PR and Business Development Director

Emilie joined the team in 2012 and in charge of I&P’s communication, advocacy, partnerships and fundraising

Emmanuel Cotsoyannis

Managing Director of Miarakap

Emmanuel Cotsoyannis

Managing Director of Miarakap

Emmanuel Cotsoyannis is the founder and Managing Director of Miarakap, an investment fund based in Madagascar sponsored by I&P.

Fatou Diop

Investment Officer

Fatou Diop

Investment Officer

Investment Officer at Teranga Capital

Fiona Randriamampionona

Financial Officer

Fiona Randriamampionona

Financial Officer

Based in Madagascar, Fiona Randriamampionona joined I&P in September 2018 as Administrative and Financial Manager.

Francis Owusu

Investment Manager

Francis Owusu

Investment Manager

Francis joined the team in 2018 as an Investment Officer in the Accra office, and is focused on the IPAE 1 and IPAE 2 activities in Ghana and Nigeria.

...

Germaine Nagalo

Administrative Assistant and Accountant

Germaine Nagalo

Administrative Assistant and Accountant

Germaine joined Sinergi Burkina in September 2014 as Administrative Assistant and Accountant.

Herinantenaina Rabemanantsoa

Investment Officer

Herinantenaina Rabemanantsoa

Investment Officer

Herinantenaina Rabemanantsoa est chargée d’investissement chez Miarakap, fonds d’impact sponsorisé par I&P dédié aux PME et aux start-up malgaches.

...

Hugues Vincent-Genod

Investment Manager

Hugues Vincent-Genod

Investment Manager

Hugues joined I&P in 2011 and works on IPDEV2.

Ibrahima Dosso

Research Officer

Ibrahima Dosso

Research Officer

Ibrahima joined I&P team in 2016 as PhD candidate and Research Officer on ESG/impact issues.

Isabelle Colin

Human Ressources and Administration Director

Isabelle Colin

Human Ressources and Administration Director

Isabelle Colin joined I&P in February 2006 and is mainly in charge of human resources for Paris and local offices

Issa Sidibé

Managing Director of Comoé Capital

Issa Sidibé

Managing Director of Comoé Capital

Issa Sidibé joins the team in 2017 as CEO of Comoé Capital, an impact fund based in Côte d’Ivoire and sponsored by I&P

Jean-Michel Severino

CEO

Jean-Michel Severino is the CEO of I&P since 2011. He is a former Vice-President for Asia at the World Bank and a former Chief Executive Officer of the French Development Agency (AFD).

...

Jérémy Hajdenberg

Chief Investment Officer

Jérémy Hajdenberg

Chief Investment Officer

Jérémy is in charge of the SMEs and MFIs portfolio in Senegal, Benin, Mali, Uganda and Eastern Africa

Karim Ismaël

Investment Officer

Karim Ismaël

Investment Officer

Karim joined Sinergi Niger's investment team in 2012

Khadija Thouré

Investment Officer

Khadija Thouré

Investment Officer

Khadija joined Teranga Capital investment team in March 2018.

Laetitia Latreille

Chief Financial Officer

Laetitia Latreille

Chief Financial Officer

Laetitia joined the team in 2008 as I&P’s Chief Financial Officer

Landry Parkouda

Investment Manager

Landry Parkouda

Investment Manager

Landry joined the IPAE investment team in 2018. Based in Ouagadougou, he is in charge of the portfolio in Burkina Faso, Mali and Niger.

Mamadou Gueye

Investment Manager

Mamadou Gueye

Investment Manager

Mamadou joined the team of Teranga Capital in July 2017 as Investment Manager.

Mamadou NDAO

Investment Manager

Mamadou NDAO

Investment Manager

Mamadou Ndao joined the team in 2015. After three years in Dakar, he joined the team dedicated to I&P Développement 2 in Paris.

Mialy Ranaivoson

Investment Manager

Mialy Ranaivoson

Investment Manager

Based in Antananarivo, Mialy is in charge of the portfolio in Madagascar and in the Comoros since 2012.

Mohamed Ngom

Investment Officer

Mohamed Ngom

Investment Officer

Mohamed joined the team of Teranga Capital in 2018.

Nathaniëlle Razanajatovo

Investment Officer

Nathaniëlle Razanajatovo

Investment Officer

Nathaniëlle joined I&P in April 2018. Based in Antananarivo (Madagascar), she is in charge of the Indian Ocean portfolio.

Nouss Bih

Investment Manager

Nouss Bih

Investment Manager

Nouss joins the team in 2016. Based in Abidjan, she is in charge of I&P portfolio in Ivory Coast.

Olivier Furdelle

Managing Director of Teranga Capital

Olivier Furdelle

Managing Director of Teranga Capital

Olivier Furdelle is the co-founder and Managing Director of Teranga Capital, an impact fund dedicated to small enterprises in Senegal.

Pascaline Mouzou

Administrative Assistant

Pascaline Mouzou

Administrative Assistant

Pascaline joined the team in July 2016 and works on Administrative and Human Resources issues

Raphaël Dumont

Investment Manager

Raphaël Dumont

Investment Manager

Raphaël joins I&P in 2016 and is based in Douala (Cameroon). He is in charge of the portfolio in Central Africa.

Samuel Monteiro

Research Officer

Samuel Monteiro

Research Officer

Samuel joins the team in 2016 as a PhD candidate and Research Officer on ESG and impact issues. 

Sébastien Boyé

Chief Investment Officer

Sébastien Boyé

Chief Investment Officer

Sebastien joined I&P in 2002 and is in charge of the SMEs and MFIs portfolio in Niger, Burkina Faso, Ghana, and Ivory Coast.

...

Sidy Niang

Investment Manager

Sidy Niang

Investment Manager

After a few years in Ouagadougou, Sidy is now based in Dakar and in charge of IPAE portfolio in Senegal.

Sophie Ménager

Financial Manager

Sophie Ménager

Financial Manager

Sophie Ménager is Financial Manager of the fund I&P Afrique Entrepreneurs since 2014.

Thomas Lauruol

Investment Director

Thomas Lauruol

Investment Director

Thomas joined I&P in 2009 and follows the portfolio in Burkina Faso, Benin, Mali and Senegal.

Tom Dilly

Project Officer - Education

Tom Dilly

Project Officer - Education

Tom works as Education Project Officer since October 2018, as part of the International Volunteer Program of the Government of Monaco.

Yacine Simporé

Investment Officer

Yacine Simporé

Investment Officer

Yacine joined I&P in 2018 as Investment Officer in the I&P Développement 2 project.

Advisors

Annie Ferton

Advisor

Annie Ferton

Advisor

Advises I&P since 2008, member of the board of Directors of IPAE fund

Bruno Caire

Advisor

Bruno Caire

Advisor

Bruno started working for I&P in 2007. Since then, he has carried out numerous missions with investment managers, visiting companies before and after the I&P investment.

...

Christian Lepage

Christian has been working with I&P since 2010. He regularly advises the portfolio companies.

Christine Descamps

Advisor

Christine joined I&P in 2015 and brings her expertise in branding and marketing to the companies of I&P's portfolio.

Daniel Poisson

Advisor

Daniel Poisson

Advisor

Hervé Schricke

Advisor

Hervé Schricke

Advisor

President of Club Afrique - AFIC

Olivier Lafourcade

Chairman of the Board IPDEV

Olivier Lafourcade

Chairman of the Board IPDEV

Member of I&P Développement Board and Investment Committee since 2004

Pierre Ewenczyk

Advisor

Pierre Ewenczyk

Advisor

Pierre supports I&P on macroeconomic issues in Sub-Saharan Africa.

Stéphane Gompertz

Advisor

Joined the team of I&P’s advisors in 2016 to bring his support and expertise on diplomatic and security issues.

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