Japan’s AAIC announces second close of Africa-focused second healthcare fund

Image credit: AAIC

Updated on Nov.1 at 11am: Correction Line section was removed.

AAIC Investment announced on Thursday that the amount raised by the Africa Innovation & Healthcare Fund (AHF) II, which was announced its first close in April, has reached $40 million US at its 2nd close phase. The company has set the final fund size at US$150 million and expects to continue raising funds in the future. Combined with AHF I ($47 million), which was launched in 2017, the firm’s AUM (assets under management) has reached $87 million so far.

AHF II has apparently been funded by Asahi Intec (TSE: 7747), Eisai (TSE: 4523), Ohara Pharmaceutical Industry, Marubeni (TSE: 8002), Development Bank of Japan, QR Investment by Hokkoku Financial Holdings Group (TSE: 7381), and TOPPAN Holdings (TSE: 7911) and among others. Of these, Marubeni follows their previous investment in AHF I.

AHF I has competed its mission by investing in 30 companies while AHF II has so far invested in 15 companies including Aumet (pharmaceutical B2B marketplace connecting pharmacies and suppliers in Jordan, Egypt, Turkey, and Saudi Arabia), The Baobab Network (startup accelerator based in Nairobi, Kenya), CredAble (digital banking service for sub-Saharan Africa), and Yodawy (pharmacy benefit management service in Egypt).

Porfolio of AHF I
Image credit: AAIC

via PR Times