Advans SA SICAR Has Raised EUR 7 million in Capital Commitments from CDC Group

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Aug 2008
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New York, United States , August, 12 2008 - CDC Group plc ("CDC"), the UK Government-backed private equity emerging markets fund of funds investor, today announces that it has committed EUR 7 million (US$10.5m) to the Advans SA SICAR ("Advans").

Advans is a regulated specialised venture capital company, which invests mainly in greenfield microfinance institutions (MFIs) in Africa and Asia.

CDC signed a Subscription Agreement by which it committed to invest equity in Advans for an amount of EUR 3 million (US$4.5m) to be executed immediately. CDC will also commit an additional EUR 4 million (US$6m) in Advans in anticipation of the second round of fundraising to be organised by Advans in early 2009.

CDC's investment will support Advans in extending its network of MFIs mainly in Asia and Africa.

 


 

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