I&P completes a first closing of €41 million for the I&P Afrique Entrepreneurs 3 fund

Investisseurs & Partenaires (I&P) announces the first closing of its fund I&P Afrique Entrepreneurs 3 (IPAE 3) at €41 million, underscoring the renewed and strengthened confidence of its long-standing partners: the European Investment Bank (EIB), the West African Development Bank (BOAD), Bpifrance, and Proparco through its FISEA initiative. With the support of the European Commission, through its EFSD+ program, FISEA is providing a €7 million catalytic junior tranche, enhancing the fund’s risk-return profile, and enabling the mobilization of additional capital. 

IPAE 3 targets a total fund size of €70 million. A second closing is planned for the second half of 2026 as due diligence processes continue and discussions progress with prospective new investors. 

View the press release

A fund dedicated to the "missing middle"

IPAE 3 follows on from IPAE 1 and IPAE 2 and responds to an ongoing need: financing the “missing middle,” that crucial segment of African SMEs that are too large for venture capital but still too small for traditional private equity.

The fund will invest in 15 to 20 SMEs in West Africa and Madagascar, through minority equity or quasi-equity stakes, with tickets ranging from €1 million to €5 million. The targeted companies operate in key sectors such as education, healthcare, energy, agri-food, financial services, logistics, and manufacturing.

An impact strategy focused on climate and gender

IPAE 3 incorporates an ambitious impact approach structured around two priorities:

• climate, with systematic due diligence, dedicated action plans for 100% of companies, and a target of at least 15% decoupling between revenue growth and emissions;
• gender, with a portfolio that is 100% aligned with the 2X Challenge and a target of at least 30% female entrepreneurs.

A €1.2 million technical assistance fund will provide support to portfolio companies on operational, ESG, and climate needs in order to amplify impact and performance.