FMO Commits USD 15 M to BluePeak’s USD 250 M Private Capital Fund II to Support African SMEs

The Dutch entrepreneurial development bank FMO has announced a USD 15 M investment in BluePeak‘s Private Capital Fund II. This follows FMO’s prior backing of BluePeak’s inaugural fund in 2023, marking its return as a key supporter and signalling confidence in the firm’s ability to deliver both financial returns and meaningful impact.
This new commitment contributes to BluePeak’s ambitious target of USD 250 M in its Fund II to provide growth capital to small and medium-sized enterprises (SMEs) across Africa.
With a staggering USD 421 B financing gap hindering the growth of African SMEs according to the African Development Bank, the fund aims to bridge this shortfall by offering bespoke financial solutions that enable businesses to scale.
BluePeak Private Capital, the alternative asset manager overseeing the fund, specializes in mezzanine financing—a hybrid of debt and equity. This model offers companies a fixed repayment schedule while allowing for upside participation, making it a preferred option for those seeking capital without diluting ownership.
This BluePeak Private Capital Fund II aims to build on the success of its inaugural fund, which closed at USD 158 M in October 2023, slightly below its USD 200 M target and its hard cap of USD 250 M. Investments spanned various sectors, including healthcare, logistics, and real estate.
Notable portfolio companies from the inaugural fund include Teyliom Finance, the financial arm of Côte d’Ivoire’s Teyliom Group; logistics provider Suhara Group; pharmaceutical company Africure Pharmaceuticals; Robust, an agro-processing firm; and more recently Sancella, a disposable hygiene products manufacturer which received a USD 15 M commitment. Others include Watu Africa, IENG Group, and Grit Real Estate Income Group.
The fund drew support from an impressive roster of development finance heavyweights, including the British International Investment (BII), European Investment Bank (EIB), US Development Finance Corporation (DFC), African Development Bank (AfDB), Sweden’s SwedFund, and FMO itself.
Meanwhile, BluePeak’s new fund will target various sectors such as education, food production, technology, and manufacturing with a target investment size of USD 15 M to USD 25 M.
Founded in 2019 and headquartered in Tunisia, BluePeak has quickly established itself as a critical player in Africa’s private capital space.
Its geographic focus includes major African economies like Côte d’Ivoire, Ghana, Kenya, Nigeria, South Africa, Morocco, and Ethiopia, among others. The firm operates out of offices in Tunis, Nairobi, and London, emphasising its pan-African reach and global connections.
By leveraging its expertise in structured financing, BluePeak is positioning itself as a vital partner for businesses across Africa, helping them overcome funding barriers while preserving operational independence.
With FMO’s USD 15 M commitment, BluePeak Private Capital Fund II is one step closer to reaching its USD 250 M goal, setting the stage for a new wave of investment vehicles that is poised to fuel Africa’s economic growth and resilience.
Featured Image: BluePeak Private Capital (LinkedIn)