# FONSIS

FONSIS is a Sovereign Wealth Fund based in Dakar, Senegal.

## Overview

- **Organization type:** Sovereign Wealth Fund
- **Headquarters:** Dakar, Senegal
- **Region:** Africa
- **Address:** Dakar, Senegal
- **Founded:** 2012
- **Assets under management:** $1B – $5B (Altss estimate)
- **Website:** fonsis.sn

## Regulatory record

- **Reports private funds:** No

## About

The Sovereign Fund for Strategic Investments (FONSIS) is a sovereign wealth fund established in 2012 in Dakar, Senegal. FONSIS invests in projects with economic impacts, partnering with the private sector to attract and channel private capital into sectors. Its investments support SME growth and national production, aiming to reduce imports and preserve environmental capital.

## Sectors

- Infrastructure
- Energy Transition & Renewables
- Real Estate
- AgriTech & FoodTech
- Private Equity

## People

- Babacar Gning — Directeur Général
- Amadou Hott — Founder and former CEO

## Questions

### Who runs investment decisions at FONSIS?

Babacar Gning serves as the Directeur Général (CEO) and is the key investment decision-maker. He succeeded founder Amadou Hott, who established the fund in 2012 and later became Senegal's Minister of Economy, Planning and Cooperation. FONSIS operates under a board chaired by the Minister of Economy and Finance, with the State of Senegal as its sole shareholder.

### Does FONSIS invest directly or via fund commitments?

FONSIS overwhelmingly favors direct co-investment over fund commitments. The fund takes minority equity stakes in project-specific vehicles designed to attract foreign operating partners. Its banner energy investments — the Kaél and Kahone solar plants — were executed alongside Engie and Meridiam, while its real estate projects such as Diamniadio Integrated Industrial Park follow a similar co-investor architecture.

### How is FONSIS governed and to whom is it accountable?

FONSIS is a full member of the International Forum of Sovereign Wealth Funds (IFSWF) and formally adheres to the Santiago Principles on transparency and governance. Domestically, it reports to the Senegalese Ministry of Economy and Finance. Its governance structure includes a board of directors and an investment committee designed to separate state ownership from day-to-day investment decisions.

### Does FONSIS maintain its own project-development teams or operate assets directly?

FONSIS does not operate as a project developer or asset operator. It functions exclusively as an investor, taking minority equity positions and relying on operating partners — such as Engie and Meridiam for solar plants — to manage construction and operations. This discipline keeps headcount lean and avoids duplicating private-sector capabilities.

### What is FONSIS's posture on climate-aligned investing?

FONSIS is a participating member of the One Planet Sovereign Wealth Funds (OPSWF) initiative, a network that explicitly focuses on integrating climate-change and energy-transition considerations into sovereign investment strategies. Its anchor investments in solar energy reflect practical alignment with that posture, aiming to increase Senegal's renewable generation capacity while earning commercial returns.

## Related profiles

- [Sovereign Asset Management](https://altss.com/profile/sovereign-asset-management)
- [Sovereign Group](https://altss.com/profile/sovereign-group)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/sovereign-fund-for-strategic-investments

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