FinDev Canada, the country’s bilateral development finance institution, has announced a $20 million investment in Africa Credit Opportunities Fund III (ACO3), managed by Ninety One. This strategic commitment aims to strengthen access to private credit for businesses and infrastructure projects across Africa and other emerging markets.
ACO3 is a private credit fund designed to provide flexible financing solutions to enterprises that often face significant barriers to accessing traditional capital. By bridging this gap, the fund supports economic growth, job creation, and market development in regions where financing options remain limited.
The fund is targeting a final close of over $400 million by early 2026. It has already attracted a strong consortium of investors, including the International Finance Corporation (IFC), British International Investment (BII), and the Swiss Development Finance Institution, alongside other institutional backers. Standard Bank of South Africa is serving as the credit provider for the fund.
Paulo Martelli, Vice President and Chief Investment Officer at FinDev Canada, emphasized the importance of private credit in driving inclusive growth:
Private credit can be a powerful tool to help local enterprises in Africa overcome financing barriers. That’s why we are pleased to partner with Ninety One by investing in ACO3, deepening our presence in the region and reinforcing Canada’s leadership in development finance. This partnership reflects FinDev Canada’s commitment to expanding private sector engagement, developing local markets, supporting jobs, and strengthening gender equality.
Kobi Sam, Managing Director for Emerging Market Alternative Credit at Ninety One, welcomed the partnership:
We are delighted to have FinDev Canada join our Africa and Emerging Markets-focused private credit strategy. Their confidence in ACO3 reflects the strength of our investment approach, the depth of our platform, and the wealth of compelling opportunities across our markets. This partnership not only reinforces our commitment to delivering value for investors but also strengthens our presence in Canada, where we have maintained a footprint for nearly a decade.
