The Public Investment Corporation (PIC), which manages just over 3.5 trillion Rand ($ 204bn) in AUM, has invested $30m into Enko’s private credit fund. 

Patrick Dlamini, Chief Executive Officer of the PIC, said: “Driving economic and financial inclusion is one of the pillars of our intermediaries mandate. Enko Capital provides the vehicle to deliver on this strategy and the broader mandate of generating returns for our clients. Partnering with Enko, British International Investment (BII) and other institutions will expand the availability of flexible capital to mid-sized African businesses, helping to scale employment, industrial capacity and long-term value creation across the continent. There is growing demand for private credit on the continent for businesses to broaden their funding options.”

The fund is targeting a final close of $150m in H2 2026, with a hard cap of $200m.

This investment marks a significant achievement for Enko Capital in its diversification into private credit as a key pillar of its investment strategy. 

This further underscores Enko Capital’s ability to deliver differentiated access to underpenetrated mid-market small and medium enterprises (SMEs) opportunities, that meets the growing demand for sustainable investments. 

With African mid-market SMEs facing an estimated funding gap of $330bn, the private credit fund aims to play a crucial role in bridging this financial shortfall.

The fund’s primary objective is to provide bespoke financial solutions necessary to support growing companies in Africa, thereby promoting their operational longevity. 

Funding from the PIC further ratifies the emergence of private credit as a strategy that minimises the delays to investment returns common with other private investment types: a self-liquidating investment opportunity which offers investors risk-adjusted returns while demonstrating significant impact on the continent. It also signifies growing confidence in Africa's economic potential and the role of private capital in driving sustainable growth.

Leslie Maasdorp, Chief Executive Officer of BII, said: “We are delighted to welcome the PIC as a partner in supporting Enko Capital’s private credit fund. This is the first investment under our landmark partnership signed in South Africa earlier this year. It exemplifies our shared commitment to accelerate collaboration and unlock more opportunities for transformative investments and sustainable economic growth across the African continent.”

Alain Nkontchou, Managing Partner of Enko Capital, added: “This investment from the PIC further strengthens Enko Capital’s partnership with the PIC, an institution that has supported Enko Capital since 2016. We are also excited to be part of the first transaction executed under the recently signed BII – PIC landmark partnership to advance vital investments across Africa."