Summit Africa Secures US$20 Million Investment From IFC for Its Second Private Equity Fund, Targeting Financial and Digital Inclusion, Food Security, and SME Growth in Southern Africa
Johannesburg, South Africa
25 November 2025
IFC, a member of the World Bank Group, has committed US$20 million to Summit Africa’s Private Equity Fund II
The Fund will drive financial and digital inclusion, job creation, and food security through investment in small-to-mid market companies.
In addition to the IFC’s US$20 million commitment, the fund has raised an additional R560 million of investment commitments and will commence with deployment of equity capital imminently.
The new fund launch follows the successful deployment of Summit’s US$115 million Private Equity Fund I, which has delivered significant post-investment value and social impact since 2019.
Johannesburg, South Africa, 25 November 2025 – Summit Africa (“Summit”), a specialist black-owned and managed impact investment manager and licensed financial services provider, has secured a landmark US$20 million (approximately R350 million) investment commitment from the International Finance Corporation (“IFC”), a member of the World Bank Group, to its second private equity fund, Summit Private Equity Fund II (“SPEF II” or “the Fund”). IFC has also approved a US$5 million (approximately R88 million) co-investment envelope to participate alongside the Fund in investments that amplify IFC’s broader impact objectives.
Summit has secured approximately R900 million in investment commitments (US$50 million) toward the Fund’s target size of R2.5 billion to R3 billion and will imminently commence deploying equity capital into its investment pipeline of small-to-mid-market companies in the financial services, ICT services, or food supply chain sectors.
Building on a proven track record
SPEF II follows Summit’s first fund, which has successfully invested US$115 million since 2019. Fund I delivered both measurable impact and strong commercial performance, validating Summit’s sector-focused and thesis-driven approach to delivering commercial returns alongside significant social impact.
Summit Managing Partner, Tomi Amosun, said “the IFC’s backing supports Summit’s position as a leading impact-focused private equity platforms in Southern Africa:
“We are honoured to welcome IFC as a strategic partner in SPEF II. Their commitment affirms our investment strategy and strengthens our ability to mobilise further support from local and international institutional investors towards SPEF II’s investment and social impact objectives. With IFC’s support, we will back companies that deliver both strong commercial returns and systemic change in financial inclusion, digital inclusion, and food security.”
Strategic growth themes
SPEF II will invest in small-to-mid market companies across financial services, ICT, and food security.
Key investment priorities include:
Financial & digital inclusion: Expanding access to financial services and ICT services,
Food security: Backing scalable businesses in food processing, packaging, and distribution to reduce waste and improve access,
Transformation & diversity: Supporting portfolio companies to align with the global 2X Challenge framework.
Ethiopis Tafara, IFC Vice President for Africa said:
“IFC’s investment in Summit Africa’s Private Equity Fund II is about unlocking potential and driving transformation. By supporting local fund managers, we channel capital where it’s needed most, helping small and mid-sized businesses scale and become engines of growth. Focusing on sectors like financial services, technology, and food processing, the fund will help improve food security, increase access to finance and digital tools, and generate jobs that change lives across Southern Africa.”
About Summit Africa
Summit Africa is an impact investment manager that focuses on making investments in key sectors of the economy, where there is persistent under-supply, in a manner that realises superior financial and social returns (transformation, job creation, and community upliftment) for institutional investors. To this end, since its inception, the Summit Private Equity Fund I (“SPEF I”) has invested in, built and expanded healthcare facilities in rural, peri-urban and township areas within South Africa. The Fund’s Education sector investments focus on delivering higher education and skills training to school leavers. Lastly, the Fund’s Financial Services investments focus on financial inclusion for individuals and Small Micro and Medium Enterprises.
In addition to targeting investments in the financial services, and ICT services sectors the Summit Private Equity Fund II (“SPEF II”) will include food security as an additional sector for South Africa and the Southern African region.
In the last edition of the African Investing for Impact Barometer by Riscura and UCT Business School, Summit was recognised as a Top Private Equity Manager in Sustainability Themed Investment and ESG Integration (out of 2,640 funds from 382 fund managers in Africa), and in 2023, Summit was awarded the Super Returns Africa Best ESG Fund of the Year award.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org
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