ACML is raising the Argentil Investment Fund (ASIF), a US$75 million private equity blended-vehicle targeting the missing middle small and medium-sized enterprises across Nigeria and Ghana, with selective exposure to the broader West African region.
We invest in fast-growing and sustainable businesses that will help achieve the Fund’s impact metrics and financial returns. ASIF will focus on:
Estimated >US$400B SME financing deficit across Sub-Saharan Africa creates a persistent demand for growth capital.
Modest entry multiples relative to comparable emerging market PE funds, with material value creation upside.
Young, urbanising populations and rising consumption drive growth across all four target sectors.
Dual-currency design supports local commercial LPs’ participation.
ASIF combines disciplined investing with a hands-on partnership approach to drive sustainable growth and strong returns.
Significant minority stakes with strong influence through board participation, investor rights, and strengthened governance frameworks
Rigorous due diligence, including elimination or restructuring of non-arm’s-length related-party arrangements to ensure full value participation
Active involvement in growth execution, operational improvement, and institutional strengthening
Facilitating capital raises, refinancing, balance sheet optimisation, and unlocking new business and market opportunities
Leveraging networks for partnerships, technical support, and capital access, while embedding ESG practices to enhance resilience and long-term value
Off-grid C&I renewables, energy efficiency, e-mobility. Supply-demand gap across core target markets with supportive policy on energy transition.
people without reliable electricity in Sub-Saharan Africa
Processing, logistics, inputs, and distribution. Africa’s agriculture sector remains heavily underinvested relative to its demographic base.
African food and agribusiness market opportunity by 2030
Fintech, edtech, health-tech, e-commerce, etc. Digital infrastructure rollout and smartphone penetration are rapidly expanding the addressable market.
projected internet penetration in West Africa by 2027
FMCG and consumer-facing businesses serving the expanding economic consuming class.
projected West African consumer class by 2030
ASIF integrates ESG and impact considerations across the entire investment lifecycle, from screening and due diligence to portfolio management, value creation, and exit. ACML has developed a robust impact framework anchored in a UN SDG-aligned theory of change, tailored to each portfolio company based on pre-acquisition impact due diligence.
Impact objectives are embedded alongside commercial considerations from the outset and actively managed throughout the investment period. The Fund tracks its contributions using the UN SDGs, supported by IRIS+ metrics and indicators. Investment selection is guided by a clear impact lens, with each deal expected to contribute to at least one SDG across three priority categories, alongside any other relevant SDGs.
SDGs: Zero hunger, Affordable & clean energy, Industry, innovation & infrastructure, Good health & well being
SDGs: Sustainable cities & communities, Climate action
SDGs: Sustainable cities & communities, Climate action
ASIF is currently in active fundraising with commitments from anchor LPs. Eligible sophisticated investors are invited to request the full information memorandum and dataroom access.