Inside Capital Partners has announced the successful first close of its second fund, Inside Equity Fund II (IEF II), with $55m in commitments.

This initial round has been secured thanks to substantial commitments from both existing and new investors. Returning investors are Dutch Good Growth Fund (DGGF) and Terra Mauricia (one of the largest conglomerates in Mauritius). 

New investors in IEF II include U.S. International Development Finance Corporation (DFC - the U.S. government’s development finance institution), IFC - International Finance Corporation, a member of The World Bank Group, Swedfund International (Sweden’s development finance institution), Mauritius Investment Corporation (MIC) Ltd and BIO - the Belgian Investment Company for Developing Countries (Belgium’s development finance institution).

Inside, a private equity firm specializing in supporting the growth of promising and impactful SMEs across the South East Africa region (primarily Zambia, Madagascar, Mauritius, but also Tanzania, Mozambique, and Malawi), said it extends its thanks to its investors for this opportunity to continue fostering sustainable growth in this overlooked region. 

This milestone marks a significant achievement in Inside’s ongoing commitment to long-term growth and development within the region, the PE firm said.

This second fund follows the successful deployment of Fund I, the first fund of $35m, which has been fully invested in six innovative and impactful companies.

These SMEs are active in waste recycling, renewable energy, packaging, building materials and hospitality industries. IEF II will continue the strategy of supporting local champions across sectors that are meaningful for the region.

“We are thrilled to reach this crucial milestone for our second fund,” said Jerome Lagesse, Managing Partner at Inside. “With a focus on making a long-term impact and being a change driver for a region dear to our hearts, Inside has made the deliberate choice of focusing on countries underserved by traditional capital providers and investing in developing local talent." 

"Despite the current complex environment, the enthusiasm from our investors strongly recognizes our vision and certainly allows us to capitalize on the work started with the first fund by sending a positive message to the markets about the potential of this region. We invite strong entrepreneurs and talents, sharing the same mindset, to reach out to discuss collaboration opportunities.”