Grace Ashiru
Admaius Capital Partners has launched Virunga Africa Fund II, targeting $500 million in growth equity across five markets: Egypt, Kenya, Morocco, Rwanda and South Africa.
The fund plans to back between 10 and 12 companies, deploying tickets of $15 million to $50 million per investment. It will primarily seek majority stakes, though strategic minority positions remain on the table. Target sectors include healthcare, education, FMCG, digital infrastructure and financial services, with a focus on mid- to large-cap businesses at the growth stage.
The International Finance Corporation (IFC) has proposed a $25 million commitment to the fund, which would make it one of the larger DFI anchor positions in an African growth equity vehicle this cycle.
Virunga Africa Fund II follows the $280 million Fund I, which closed in 2022 and backed eight companies including MFS Africa and Cerealis. The successor vehicle more than doubles its predecessor’s target, a signal of both portfolio performance confidence and Admaius’ read on where patient growth capital can find the most traction across the continent.
The launch comes as African private equity fundraising shows early signs of recovery after a difficult 2025. Disclosed commitments reached $870 million in the first months of 2026, supported by renewed DFI activity. Admaius’ strategy of concentrating on established businesses in sectors tied to Africa’s demographic and consumer growth positions the fund toward the less volatile end of the African PE risk spectrum, which is likely part of the LP pitch given the current fundraising climate.
