I&P Closes USD 47.6 M First Round For New Africa SME Fund IPAE 3

Investisseurs & Partenaires (I&P) has announced the first close of its new SME-focused fund, I&P Afrique Entrepreneurs 3 (IPAE 3), raising EUR 41 M (USD 47.6 M) toward a target of EUR 70 M.

The impact investor, active across seven African cities, continues its long-running strategy of backing the continent’s “missing middle”—SMEs seeking EUR 1 M–EUR 5 M in growth capital, a segment underserved by both microfinance and traditional PE.

The first close was backed entirely by DFIs, including the European Investment Bank, BOAD, Bpifrance, and Proparco, with FISEA providing a EUR 7 M junior catalytic tranche to de-risk the fund.

IPAE 3 will invest minority stakes in 15–20 SMEs across West Africa and Madagascar, with a focus on essential sectors such as agribusiness, fintech, energy, health, and education. The fund also embeds gender and climate targets, aligning fully with the 2X Challenge while pushing portfolio companies toward measurable decarbonisation.