Admaius VAF II (IFC-52691)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 10, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Virunga Africa Fund 2 Mauritius L.P.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Fund
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 8, 2026

Disclosed by Bank May 8, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

 The proposal is for a potential equity investment into Virunga Africa Fund 2 Mauritius L.P. (the Fund or the Project), a growth equity fund targeting to raise US$500 million to invest in mid- to large-cap African companies. The Fund will pursue a generalist strategy, with a preference for sectors in which the Fund Manager has established expertise, namely healthcare, education, fast-moving consumer goods (FMCG), digital infrastructure, and financial services.  The Fund aims to build a portfolio of 10 to 12 companies, with target ticket sizes ranging from US$15–50 million, with a preference for majority ownership while remaining open to significant minority stakes where strong alignment exists. The Fund will be managed by Admaius Capital Partners Limited (Admaius or the Fund Manager); and is a successor fund to Virunga Africa Fund I (VAF I or Fund I) of the same strategy (IFC was not an investor). The Fund will be managed by Admaius Capital Partners Limited (Admaius or the Fund Manager). VAF II is a successor fund to Virunga Africa Fund I (VAF I or Fund I) of the same strategy (IFC was not an investor).                                                  

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

 The Fund’s target size is US$500 million. IFC’s proposed equity investment is up to US$25 million in the Fund, capped at 20% of total commitments, with a co-investment envelope of up to US$10 million.  

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Admaius Capital Partners
Hannah Gilkes
Partner

Hannah.gilkes@admaius.com
1st floor, I&M Building KN03/09 Avenue, Kigali, Rwanda
www.admaius.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries 

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org 

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How it works