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With a $400 million fundraise target, Alterra welcomes BII as a new LP joining its ambitions to support promising businesses across the African continent.
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The mid-cap fund focuses on opportunities that drive financial inclusion, digital transformation and job creation.

London/Nairobi, 17 March 2025 – Alterra Capital Partners, an Africa-focused private equity firm, today announced a $20 million commitment from British International Investment (BII), the UK’s development finance institution and impact investor, to the Alterra Accelerator Africa Fund (AAA Fund). The AAA Fund is focused on impactful investments across key sectors in Africa which drive financial inclusion, digital transformation, job creation and women’s empowerment.

The Fund is managed by a team of experienced pan-African private equity experts, with a proven track record that spans more than two decades of backing market leading businesses on the African continent and accelerating their transformation. Alterra was formed in 2020 when the Carlyle Africa team spun out; subsequently the Anglophone team of Emerging Capital Partners joined Alterra.

BII’s investment will support AAA Fund’s capital deployment into a diversified portfolio of impactful businesses. These businesses provide essential consumer goods, services and business solutions primarily in East Africa and Southern Africa.

AAA Fund is proudly qualified as a 2X Investment in 2023 under the 2X Challenge, of which BII is a founding member. As part of this, Alterra has committed for all of its portfolio investments to align with at least one of the 2X Criteria over the life of the Fund. This will be achieved through Alterra’s proactive approach to working with investees on gender value-add opportunities.

Sara Taylor, Head of PE Funds and Co-Investments at BII said: “We are delighted to work with Alterra’s experienced team to advance our mission of empowering businesses that drive growth in Africa’s emerging economies. Our investment in the AAA Fund, ensures our capital reaches a diverse range of companies, fostering productive, sustainable and inclusive economic development.”

Geneveive Sangudi, Partner at Alterra, commented: “We are thrilled to welcome BII as an investor in our Fund. BII’s commitment adds invaluable credibility and resources to our strategy of advancing sustainable and inclusive growth in Africa. This commitment will further accelerate our efforts to invest in transformative businesses across the continent, particularly in high growth and high impact sectors including telecommunications, technology, business services, consumer and retail.”

Alterra announced its first close for the AAA Fund at $140 million in 2023 and continues to attract support from development finance institutions and commercial investors, including International Finance Corporation, Norfund AS, DEG, Standard Bank, Allianz AfricaGrow Fund and Public Investment Corporation.

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About Alterra Capital Partners

Alterra Capital Partners (“Alterra”) is an Africa-focused private equity firm that partners with exceptional entrepreneurs and management teams to grow their businesses. Alterra targets domestic-facing companies that serve basic consumer and vital business needs.

Alterra was formed in 2020 by former members of the Carlyle Africa team. The Alterra team has 100+ years of combined private equity experience and invested $1.9 billion of capital into 20 companies across Africa. The Alterra team has lived and worked on the continent for decades and leverages its substantial experience and deep networks to drive the growth of its investments.

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