AfricInvest today announced Wednesday, October 6, 2021 the acquisition of a minority stake in Nigerian insurance company Royal Exchange General Insurance Company (REGIC). The investment was made through its private equity fund, FIVE (Financial Inclusion Vehicle), in the form of a subscription to a capital increase.
REGIC, one of the largest non-life insurance companies in Nigeria, was established in 2008, as a subsidiary of the Nigerian group, Royal Exchange Plc. which has been operating for over a century.
The FIVE fund joined the shareholding of REGIC alongside the Royal Exchange Group and the InsuResilience Investment Fund (IIF), managed by BlueOrchard, the world’s leading impact investing company. The IIR is an initiative created by KfW, the German development bank, on behalf of the German Ministry of Economic Cooperation and Development.
AfricInvest is one of the leading private equity firms in Africa with over $ 1.9 billion in funds raised. Founded 27 years ago, AfricInvest has made more than 180 investments in more than 25 countries of the African continent in various sectors, thus contributing to significant socio-economic development, mainly through income growth and improved profitability of the companies in its portfolio.
OEO
Posted on 10/06/2021 12:24:09 PM
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