Amethis and Edmond de Rothschild close the Amethis Fund III with 406 million euros
19 JAN, 2026
Amethis Investment Fund Manager, along with its partner Edmond de Rothschild Private Equity, has announced the definitive closure of Amethis Fund III (AFIII), reaching its target of 406 million euros.
The vehicle, classified as Article 9 under the SFDR, is aimed at boosting African SMEs by combining financial return with measurable impact objectives.
Investment and impact strategy
AFIII is the third vintage of Amethis' flagship pan-African strategy and aims to make around 10 investments in small and medium-sized enterprises on the continent. The fund can take majority or minority stakes and focuses its deployment in growth sectors such as manufacturing and distribution (including agribusiness), business services (logistics and technology), healthcare, infrastructure-related services and energy, with tickets between 25 and 40 million euros.
The fund reinforces Amethis' impact strategy with specific and measurable improvements in job quality, gender equality, environmental performance and responsible governance. AFIII was the first fund on the African continent to adopt the Article 9 approach of the SFDR and is structured with a carry mechanism linked to ESG criteria, so part of the team's deferred interest depends on the achievement of predefined impact and sustainability objectives.
Investor base
The closure has been supported by numerous private investors —including large corporations, foundations and international family offices— and financial institutions from North, West and East Africa. In addition, development institutions such as the European Investment Bank (EIB), International Finance Corporation (IFC), Bpifrance, the Spanish Agency for International Development Cooperation (AECID), Swedfund, FinDev Canada, British International Investment (BII), Proparco, KFW DEG, AfricaGrow (managed by AllianzGI and advised by DEG Impact) and the Austrian Development Bank (OeEB) have participated.
The development of AFIII is already advanced, with four investments signed or completed and an additional transaction in the final stage of exclusivity. The investment teams evaluate multiple opportunities in Africa through a rigorous process aimed at selecting operations with high impact and profitability potential. With this fund, Amethis seeks to build bridges between global investors and African companies and entrepreneurs, channeling capital towards sustainable growth with tangible results for local economies and communities.
Amethis Fund III exemplifies our shared belief that long-term responsible investment can unlock extraordinary potential across Africa. We are proud to support a platform that not only generates great added value, but also empowers visionary entrepreneurs and creates resilient and future-ready businesses across the continent.
François-Xavier Vucekovic, Investment Director of Edmond de Rothschild Private Equity
We sincerely thank our investors, both old and new, for their continued trust in Amethis and its teams. Together with the entrepreneurs we support, we are building a mutual and enriching collaboration that creates lasting value, drives innovation and contributes to the sustainable growth of the African continent.
Luc Rigouzzo and Laurent Demey, co-founders and managing partners of Amethis
We are proud of the renewed trust that our Fund II investors have shown us and of our ability to maintain this momentum with a team that has solid on-the-ground experience and a strategy fully aligned with the realities and opportunities of the African continent.
Khady Koné-Dicoh and Jean-Sébastien Bergasse, senior partners responsible for the AFIII strategy at Amethis
