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About IPAE 1

IPAE 1 is the second fund launched by I&P to support entrepreneurs seeking economic growth and societal impact.

It targets SMEs operating in Sub-Saharan Africa and the Indian Ocean whose financing needs are higher than the companies supported by IPDEV 1 and IPDEV 2, ranging from €300,000 to €1,5 million.

Calendar        2012-2017
Size                €54 million
Status            Fully invested
Portfolio        29 investissements, dont 2 sorties
Tickets          €300,000 - €1,5 million
Key takeaways

⇒ 12 different countries, half of which are classified as Least Developed Countries.

The companies operate in a dozen different sectors (Food, Microfinance, Construction, Transport, Health, Services, IT, Energy...).

A combination of companies at different stages of growth, with around ¼ investing in start-ups and ¾ investing in companies in expansion phase.

IPAE1's partner companies are showing strong growth: the revenues of portfolio companies have increased by an average of +17% since IPAE1's investment.

The fund has fully exited 2 companies and has completed 7 partial exits or exits in progress.

 

IPAE 1's portfolio

Pecheries-du-Sud

Pêcheries du Sud

Société Malienne de Blanchisserie

Carrières et Chaux du Mali

Neurotech

Ultramaillle

Barajii

Barajii

Enko Education

Africa Radio

Africa Radio

investisseurs et partenaires tincy boulangerie

Tincy Boulangerie

I&P Madagascar Scrimad

SCRIMAD

PEG Africa

Ghana Eden Tree Investisseurs et Partenaires

Eden Tree

ENVAL Laboratoire

Investisseurs et partenaires iot madagascar

Indian Ocean Trepang (IOT)

Nest clinique investisseurs partenaires

NEST

Trianon

ITG Store

Sofamac

delta senegal i&p

Delta Irrigation

RICA Services Côte d'Ivoire I&P

Conergies

Pharmivoire Nouvelle I&P

Pharmivoire Nouvelle

Bakou Logistics

Voltacars Rental Services

Carrières du Moungo

Acep Burkina

Finance Trust Bank

ACEP Madagascar investisseurs partenaires

Acep Madagascar

Banque de Développement des Comores

IPAE 1's governance

IPAE 1 is governed by 3 bodies:

• Chaired by Jean-Michel Severino, the board is composed of:
• Ms Annie Ferton
• M. Mamadou Lamine Loum
• M. Abdoulaye Bio Tchané
• M. Olivier Lafourcade
• M. Roshan Nathoo
• M. Philippe Ledesma

Every month the following professionals from the private equity and the development sectors meet to discuss on ongoing projects and investment decisions.

  • Olivier Lafourcade, Consultant, former director at the World Bank
  • Luc Rigouzzo, CEO of Améthis Finance, former CEO of Proparco
  • Jean-Michel Severino, CEO of I&P and former CEO of AFD (2001-2010)
  • François Wohrer, CEO of Compagnie Financière Degroof and former Senior Investment Officer at IFC 
  • Hervé Schricke, President "Club Afrique", AFIC
  • Ann Katrin Dolium, Expert on ESG and CSR issues
  • A member of the I&P team

Composed of representative of key investors of the fund, it meets at least twice a year to give another perspective on potential conflicts of interest and on the funds activities.

IPAE's investment team

Asif Noorani

Investment Manager

Asif Noorani

Investment Manager

Asif Noorani is an Investment Manager in I&P’s Nairobi office. He joined in July 2020 to grow I&P’s investment activity in East Africa.

Baafour Otu-Boateng

Investment Director

Baafour Otu-Boateng

Investment Director

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

Era Andriambololona

Investment Officer

Era Andriambololona

Investment Officer

Based in Madagascar, Era joined the investment team of the fund I&P Afrique Entrepreneurs in 2019.

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.

...

Idrissa Wone

Investment Officer

Idrissa Wone

Investment Officer

Idrissa joined the team in 2019 as an Investment Officer in the Dakar office.

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

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.

Mialy Ranaivoson

Investment Director

Mialy Ranaivoson

Investment Director

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

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.

Oty Kévin Aie

Investment Officer

Oty Kévin Aie

Investment Officer

Kevin joined I&P in 2019 as an Investment Officer for IPAE 1 & 2 in Côte d'Ivoire.

Sébastien Boyé

Chief Investment Officer

Sébastien Boyé

Chief Investment Officer

Sebastien joined I&P in 2002 and oversees the portfolio in Ghana, Côte d'Ivoire and in the Sahel region.

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.

Soraya Ouertani

Head of Legal

Soraya Ouertani

Head of Legal

Soraya Ouetani joined Investisseurs & Partenaires in September 2020, as a legal officer for the funds I&P Afrique Entrepreneurs.

Vivian Tchatchueng

Investment Manager

Vivian Tchatchueng

Investment Manager

Based in Douala, Vivian is in charge of I&P's portfolio in Cameroon and Central Africa.

Latest IPAE 1 News

PEG Africa sponsored by USAID to bring electrification to off-grid health clinics in Africa
Entrepreneurs | 27/10/2020  PEG Africa is one of the 9 solar energy companies sponsored by USAID to provide reliable, affordable off-grid electricity to nearly 300 healthcare facilities in sub-Saharan Africa. PEG Africa aims to bring off-grid solar energy access to rural and peri-urban communities in West Africa...

Publication of the ESG and Impact reports of IPAE 1 and IPAE 2
News | 08/07/2020  Inaugurated in 2012, I&P Afrique Entrepreneurs 1 (IPAE 1) fund closed its investment period in 2017 with 29 African SMEs in its portfolio. The publication of this annual report, in a period of disinvestment, thus allows us to evaluate the main impacts of the fund and its portfolio...

An article relates the story of Ghanaian company Eden Tree
Entrepreneurs | 24/06/2020  The online magazine "How we made it in Africa" publishes an interview of Catherine Krobo Edusei, CEO and founder of Eden Tree. The company, supported by IPAE 1 since 2015, has become the leading independent provider of fresh fruits, vegetables and herbs in Ghana. The article relates the...

Enko Education opens a new primary school in Burkina Faso
Entrepreneurs | 10/06/2020  The African international network Enko Education announced today the launch of a new primary school in Ouagadougou, Burkina Faso. In order to meet the growing demand from parents, this school will be the primary section of the international school Enko Ouaga Campus. Enko Ouaga Campus...

3 questions to... Frédéric Wybo, Director of Ultramaille
Entrepreneurs | 29/01/2020  Based in Madagascar for nearly 30 years, Frédéric Wybo is the founder and current CEO of Ultramaille, a Malagasy company specialized in mid- and high-end fashion knit wear. Ultramaille has been supported by I&P since 2016, through its fund I&P Afrique Entrepreneurs 1. The team...

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