Investisseurs & Partenaires

I&P operates as a hybrid impact investor combining direct SME investments with a fund-of-funds program. The direct arm, through the IPDEV and IPAE fund series, takes minority equity and quasi-equity stakes in African small and medium enterprises. The fund-of-funds strategy anchors and seed-invests in independent local fund managers across Francophone and Anglophone Africa. This dual approach gives I&P both portfolio-level exposure and ecosystem influence, helping address the continent's shortfall of Africa-based fund managers with institutional track records.

Investment decisions are led by Deputy CEO and Chief Investment Officer Jérémy Hajdenberg, who oversees the firm's deal teams and partner fund relationships. Jean-Michel Severino, I&P's founder and President, provides strategic direction and chairs the investment committee. Regional investment directors based in Abidjan, Dakar, Antananarivo, and Nairobi originate and manage local portfolio positions, with final approval resting with the Paris-based investment committee.

I&P targets sectors where small and medium enterprises play a critical role in delivering essential goods and services. Core sectors include financial inclusion through microfinance institutions and SME banks, agribusiness and food processing, off-grid and renewable energy access, affordable healthcare services, and private education. The firm explicitly avoids extractive industries, large-scale infrastructure, and businesses that do not demonstrate a measurable development impact.

I&P was founded by Jean-Michel Severino after his tenure as CEO of the Agence Française de Développement (AFD). The firm operates independently from AFD, but AFD has been a limited partner in I&P's funds through its private-sector financing arm, Proparco. Other development finance institutions, including the European Investment Bank and the International Finance Corporation, have also committed capital to I&P vehicles. This DFI backing provides I&P with patient capital that matches the long-duration investment needs of African SMEs.

I&P operates a dedicated technical assistance facility that provides pre- and post-investment operational support to portfolio companies. This includes governance strengthening, financial management training, environmental and social management system implementation, and strategic planning. The facility is funded through grants from development partners, allowing I&P to offer this support independently of transaction economics. The firm views management capacity, not capital, as the primary constraint on African SME growth.

No. While I&P was historically concentrated in Francophone West and Central Africa, reflecting its Paris headquarters and initial investor base, the firm has expanded significantly into Anglophone Africa. The IPAE 2 and IPAE 3 fund generations include investments in countries such as Ghana, Kenya, and Uganda. I&P's Nairobi office, opened in the mid-2010s, anchors its East African coverage. The firm now pursues a pan-Sub-Saharan Africa strategy, with Francophone and Anglophone markets both core to its mandate.