With a current AUM of US $64 million, Spark+ General Partner has announced the second and third closings of the Spark+ Africa Fund.
The goal of Spark+, the first impact debt fund, is to expand the clean cooking industry in sub-Saharan Africa.
The European Commission, acting on its own behalf and in collaboration with IFU, the Danish development finance institution and a first closing investor, invested in the catalytic tranche of the fund during its second closing in July 2022.
The US International Development Finance Corporation (DFC), the country’s development finance organization, made an investment in the senior debt tranche during the third closing in September 2023.
Twelve family offices, pension funds, foundations, and development finance organizations participated in the Fund’s initial US$41 million closing in March 2022, and the four investors in its second and third closings joined them.
“We are pleased to be working with such prestigious organisations committed to clean cooking in Sub-Saharan Africa. Their commitments in all tranches of the blended structure of Spark+ will be catalytic to accelerate the Fund’s deployment strategy,” said Xavier Pierluca, investment director of Spark+ and managing partner of EQ.
