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Advanced Finance & Investment Group
Advanced Finance & Investment Group maintains its headquarters in Port Louis, Mauritius. Public records identify the firm as an asset manager with a private...
Advanced Finance & Investment Group
Advanced Finance & Investment Group maintains its headquarters in Port Louis, Mauritius. Public records identify the firm as an asset manager with a private equity subtype. Its listed website is www.afigfunds.com. The firm lists strategy coverage that includes co-investment, early-stage start-up, expansion and late-stage growth, plus restructuring. No specific portfolio companies, co-investors or geographic allocations beyond the headquarters jurisdiction appear in available records. Deployment occurs through direct positions rather than fund-of-funds vehicles. No additional offices, team size or adjacent vehicles are recorded. No operational events from the last 24 months are documented in the consulted sources.
General information
Firm type
Private Equity
Year founded
2005
Location
Region
Africa
Country
Mauritius
City
Port Louis
Corporate office
Port Louis, Mauritius
Principals
Papa Madiaw Ndiaye
CEO
Patrice Backer
Chief Investment Officer
Kelechi Okoro
Director
Sector focus
Frequently asked questions
Who runs investment decisions at AFIG Funds?
CEO Papa Madiaw Ndiaye and CIO Patrice Backer lead the investment committee. Ndiaye was previously a partner at EMP and co-manager of the $407 million AIG African Infrastructure Fund; Backer ran a $7 billion credit derivatives desk at J.P. Morgan before joining. Director Kelechi Okoro, based in Nigeria, executes and monitors portfolio positions.
How is AFIG Funds structured — is it a family office, a fund manager, or a hybrid?
AFIG is an independent private-equity asset manager, not a family office. It manages closed-end commingled funds raised from development finance institutions, institutional investors and private LPs. The firm has not disclosed any permanent co-investment vehicle, but its DIR structure places Ndiaye and Backer as the key principals.
What is AFIG Fund II, and how does it differ from the earlier ACRF vehicle?
AFIG Fund II is a $135 million regional fund launched in 2016 with a mandate to invest in African companies capable of becoming regional blue chips. The earlier Atlantic Coast Regional Fund, at $122 million, closed in 2008 and focused on accelerating local champions. Both funds operate across West and Central Africa with similar growth and expansion-stage strategies.
Which sectors does AFIG Funds actively invest in, and which does it avoid?
Confirmed portfolio positions span financial services (FSDH Merchant Bank, AXIS Pensions), insurance (NEM Insurance), and real estate (Primrose Properties Ghana). The firm has not publicized sector exclusions, but its five-pillar ESG framework — HR, financial controls, IT, internal controls, and ESG — is applied to every holding, suggesting a bias toward governance-intensive industries.
Does AFIG participate in fund commitments or only direct deals?
AFIG makes direct equity and growth-capital investments, conducts restructurings, and engages in co-investments alongside its limited partners. It does not market itself as a fund-of-funds, and all publicized investments are direct deal-level positions in operating companies.
Where does AFIG source its proprietary deal flow?
The firm sources through its three-hub architecture: the Mauritius headquarters handles fund administration, the Dakar office covers Francophone West Africa, and the US office connects to international co-investors. Ndiaye’s deep ties to Senegalese government circles and Backer’s Wall Street network provide additional origination channels.
What is the relationship between AFIG and the Senegalese government?
CEO Papa Madiaw Ndiaye served as Special Advisor for Economic and Financial Affairs to the President of Senegal in 2000 and chaired the Presidential Economic & Financial Advisory Council. There is no disclosure of current government mandates, but those historical ties inform the firm’s regional access.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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