Canada’s bilateral Development Finance Institution, FinDev Canada, has announced a $20m commitment to Ninety One’s Africa Credit Opportunities Fund III (ACO3) , a private credit fund providing financing to enterprises and infrastructure projects across Africa and other emerging markets.

“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.

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 $400m 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 $1.2bn 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.

“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.