British International Investment has appointed its former head of infrastructure equity, Chris Chijiutomi, as its head of Africa, the firm said on Monday. BII is the UK Government’s development finance institution and a long-time direct investor and private fund LP; in 2021 it invested and committed $2.5 billion. Like other DFIs it plays an important role in building and maintaining the ecosystem of fund managers in emerging economies. Chijiutomi will be tasked among other things with fulfilling BII’s commitment to channel 30 percent of its new commitments to climate finance and 25 percent to gender finance.
In related news, Adenia Partners, a long-standing Africa-focused private markets firm, has held a first close on its fifth fund with $300 million in commitments from a number of development finance institutions. These include: IFC, Proparco, EIB, FMO, DEG, Norfund, BPI, DFC and FinDev. BII is a previous investor in Adenia funds, according to PEI Group data, although it is not clear if it has committed to the latest vehicle. Adenia Capital V is the firm’s first fund to have a pan-African investment mandate.
The vehicle has been selected as a 2X Flagship Fund, qualifying under terms of the 2X challenge for its goal of having a positive impact on women. It will also set carbon reduction targets for all fund investees.