KIGALI, RWANDA, 2 November 2021 – The Kigali International Financial Centre, the destination of choice for compliant and professional financial services and cross-border investments in Africa, announces the establishment of the $250 million Virunga Africa Fund I (the ‘Fund’), which will invest in vital sectors that will drive economic and social transformation across the African continent.
The Fund will have its Head Office in Kigali and will be domiciled in the Kigali International Financial Centre (KIFC), which offers a safe, compliant, and centralized holding presence for financial activities across Africa and is ranked by the Global Financial Centres Index (GFCI) among the financial jurisdictions to become more significant in the future.
The two anchor investors of the Virunga Africa Fund I are the Qatar Investment Authority (‘QIA’) and Rwanda Social Security Board (‘RSSB’). The Fund is managed by Admaius, an independent investing firm comprising one of the most experienced pan-African investment teams working on the ground.
Target investments through the Virunga Africa Fund I will improve access to essential services such as healthcare, education, digital infrastructure, and financial services across the region, to support the development of a more dynamic private sector and reduce dependence on imports. The Fund will leverage strong in-house and industry sector expertise to guide businesses through digital transformation and create long-term value, capitalising on post-Covid opportunities, strong demographic tailwinds, and secular growth trends.
Nick Barigye, CEO of Rwanda Finance Limited, the agency leading the development and promotion of the Kigali International Financial Centre, said: “The choice to host the fund in the Kigali International Financial Centre is a great signal to the attractiveness and compliance of our jurisdiction for Pan-African investment. Rwanda possesses strategic advantages that provide a competitive proposition for increased alternative capital deployment across the region: location and connectivity, ease of doing business, and a reputation of excellence, efficiency, and transparency. We look forward to the Fund’s success and welcome more regional and international players who wish to transform the investment landscape of Africa, to KIFC.”
Regis Rugemanshuro, CEO of the Rwanda Social Security Board, said: “Virunga Africa Fund I is a great opportunity and reflects our strong belief and confidence in the investment opportunities on the African continent. The fund will unlock tremendous value and deliver developmental impact for the continent, especially contributing to the recovery of the African economy post the Covid-19 pandemic. We appreciate QIA for partnering with RSSB as cornerstone investors on this historical opportunity that will improve lives of the people of Rwanda and Africa.”
