International Finance Corporation (IFC), a member of the World Bank Group, has invested $20m (approximately R350m) in Summit Private Equity Fund II (SPEF II). 

IFC has also approved a $5m  (approximately R88m) co-investment envelope to participate alongside the Fund in investments that amplify IFC’s broader impact objectives.

Ethiopis Tafara, IFC Vice President for Africa said: “IFC’s investment in Summit Africa’s Private Equity Fund II is about unlocking potential and driving transformation. By supporting local fund managers, we channel capital where it’s needed most, helping small and mid-sized businesses scale and become engines of growth. Focusing on sectors like financial services, technology, and food processing, the fund will help improve food security, increase access to finance and digital tools, and generate jobs that change lives across Southern Africa.”

Summit Africa, a specialist black-owned and managed impact investment manager and licensed financial services provider, has secured approximately R900m in investment commitments ($50m) toward the Fund’s target size of R2.5bn to R3bn and will imminently commence deploying equity capital into its investment pipeline of small-to-mid-market companies in the financial services, ICT services, or food supply chain sectors.

SPEF II will invest in small-to-mid market companies across financial services, ICT, and food security.

Key investment priorities include: Financial & digital inclusion: Expanding access to financial services and ICT services; Food security: Backing scalable businesses in food processing, packaging, and distribution to reduce waste and improve access; and Transformation & diversity: Supporting portfolio companies to align with the global 2X Challenge framework.

SPEF II follows Summit’s first fund, which has successfully invested $115m since 2019. 

Fund I delivered both measurable impact and strong commercial performance, validating Summit’s sector-focused and thesis-driven approach to delivering commercial returns alongside significant social impact.

Tomi Amosun, Summit Managing Partner, said “The IFC’s backing supports Summit’s position as a leading impact-focused private equity platforms in Southern Africa: “We are honoured to welcome IFC as a strategic partner in SPEF II. Their commitment affirms our investment strategy and strengthens our ability to mobilise further support from local and international institutional investors towards SPEF II’s investment and social impact objectives."

With IFC’s support, we will back companies that deliver both strong commercial returns and systemic change in financial inclusion, digital inclusion, and food security.”