# Advanced Finance & Investment Group

Advanced Finance & Investment Group is a Private Equity based in Port Louis, Mauritius.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Port Louis, Mauritius
- **Region:** Africa
- **Address:** Port Louis, Mauritius
- **Founded:** 2005
- **Assets under management:** Undisclosed
- **Website:** www.afigfunds.com
- **LinkedIn:** https://www.linkedin.com/company/afig-funds

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Financial Services
- Insurance
- Real Estate
- Infrastructure

## People

- Papa Madiaw Ndiaye — CEO
- Patrice Backer — Chief Investment Officer
- Kelechi Okoro — Director

## 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.

### 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.

### 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.

## Related profiles

- [Advanced Asset Management](https://altss.com/profile/advanced-asset-management)
- [Advanced Financial Strategies](https://altss.com/profile/advanced-financial-strategies)

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Last updated: 2026-07-06T00:30:35.392Z

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