Alterra Africa Accelerator Fund Manager Affirms Commitment to Gender Equity through Active ESG Management
Woman welding for legacy portfolio company following completion of technical training program
Africa-focused private equity group Alterra Africa Accelerator (AAA) Fund Manager proudly qualifies for the 2X Challenge 2023, a milestone that underscores the group’s commitment to advancing gender equity within the industry and throughout its investment portfolio.
German Development Finance Institution (DFI) Deutsche Investitions- und Entwicklungsgesellschaft (DEG) signed a Memorandum of Understanding with AAA Fund LP in acknowledgement of the Fund Manager’s proactive commitment to drive positive change in the industry.
AAA Fund LP and its Fund Manager qualify based on the following criteria:
Leadership: women constitute 42% of Fund Manager senior management, with a commitment to maintaining 33% female directors on its board.
Employment: women represent 42% of the Fund Manager workforce, complemented by policies that strive to address barriers to women’s quality employment.
Investment: the Fund Manager pledges to work with all investee companies to align with at least one gender-based target. The Fund will focus on female representation in senior management positions, on the board of directors, and within the overall workforce, and will work with investee companies to develop sound policies that support women’s access to quality employment.
AAA Fund Manager’s leadership team comes from two leading Africa-focused private equity groups: Alterra Capital Partners, a Carlyle Group Inc spin-out, and Emerging Capital Partners LLC. AAA Fund Manager’s gender-based commitment is based on extensive industry experience and represents part of a larger responsible investment approach that incorporates Environmental, Social, and Governance (ESG) and impact considerations throughout the investment process.
The fund announced a first round close of US$140 million in October 2023 with major private and DFI investors. They plan to invest in the telecommunications, technology, logistics, healthcare, consumer, and retail sectors.
AAA Fund Manager remains steadfast in its commitment to responsible investment, pledging to champion gender equity across its operations and investments. This recognition serves as an acknowledgment of the Fund Manager’s efforts to foster a more equitable future on the African continent.
About the 2X Challenge:
Launched at the 2018 G7 Summit, the 2X Challenge has significantly surpassed its original 2018-2020 target to mobilise US$3 billion in gender lens investments and raised more than US$27 billion to date.
At the G7 Summit 2021, 20 global DFIs and MDBs committed to a new and more ambitious target of US$15 billion for the period 2021-2022. This second round of the 2X Challenge has again exceeded its target and collectively raised gender lens investments totaling US$16.3 billion, benefitting 473 businesses across all global emerging market regions. This brings the total investments under the 2X Challenge since 2018 to US$27.7 billion.
