South African private equity firm Summit Africa has secured a significant investment commitment from the International Finance Corporation (IFC), marking a major milestone for its second private equity fund, Summit Private Equity Fund II (SPEF II). IFC has committed $20 million to the fund and approved an additional $5 million co-investment envelope to support targeted transactions.
Summit Africa has already raised approximately R900 million (about $52.5 million) toward SPEF II’s target size of R2.5 billion to R3 billion (roughly $174.8 million). The fund is set to begin deploying equity capital into its robust pipeline of small-to-mid-market companies operating in high-impact sectors such as financial services, ICT services, and food supply chains.
The fund will drive financial and digital inclusion, job creation and food security through investment in small-to-mid market companies. A key investment priority includes financial and digital inclusion by expanding access to financial services and ICT services. Additionally, it will prioritize investments in food security by backing scalable businesses in food processing, packaging, and distribution to reduce waste and improve access.
The fund will also prioritize transformation and diversity by supporting portfolio companies to align with the global gender-equality initiative 2X Challenge framework.
Meanwhile, Summit’s first fund, SPEF I, has successfully invested $115-million since 2019. It delivered both measurable impact and strong commercial performance, which validates Summit’s sector-focused and thesis-driven approach to delivering commercial returns alongside significant social impact, the company says.
Tomi Amosun, Managing Partner at Summit Africa, commented:
We are honoured to welcome IFC as a strategic partner in SPEF II. Their commitment validates our investment strategy and strengthens our ability to attract additional support from both local and international institutional investors. With IFC’s backing, we aim to invest in businesses that deliver strong commercial returns while driving systemic change in financial inclusion, digital access, and food security.
Ethiopis Tafara, IFC Vice President for Africa, added:
IFC’s investment in Summit Africa’s Private Equity Fund II is about unlocking potential and driving transformation. By supporting local fund managers, we channel capital where it’s needed most—helping small and mid-sized businesses scale and become engines of growth. By focusing on sectors like financial services, technology, and food processing, the fund will help improve food security, expand access to finance and digital tools, and create jobs that change lives across Southern Africa.
