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Development 13 May 2020

Women fund managers encouraged to apply for african women leadership fund membership

The United Nations Economic Commission for Africa (UNECA) and Standard Bank Group are calling on women fund managers across Africa to apply to join the African Women Leadership Fund initiative (AWLF), an innovative impact fund that will provide capital and expertise to successful candidates.

The AWLF Initiative has been established with the aim of uplifting female-owned and managed asset management firms and providing a defined economic stimulus to achieve sustainable economic growth in Africa. The fund, the first of its kind, aims to raise up to $1 billion over 10 years (€910 million or R19 billion) for women fund managers, who in turn will invest in high-impact businesses and projects across the continent, thus driving entrepreneurship.

Having already received some applications, the AWLF Initiative is inviting more applications from established women-owned or women-managed funds that participate in listed markets and short-term private debt.

To register applicants should visit www.standardbank.com. For any queries, applicants can email [email protected]. Applications close at the end of June 2020.

Under this first phase of the AWLF Initiative’s implementation, funding will be allocated to asset managers across North, East, Southern and West Africa. Allocations will be made with a view to achieving the best possible regional and geographic diversification.  

Applicants must be female, reside in Africa or be willing to relocate to Africa, and need to have proven fund- or asset-management experience. They will be subject to an investment and operational due-diligence process that will need to be completed by the end of August 2020, with the first phase of the fund becoming fully operational in the fourth quarter of this year.

The second phase of the fund’s launch will be announced at a later stage and investments will be made into women-owned or women-managed private equity funds. The third phase will target first-time women fund managers through an Emerging Manager Seed Capital Programme.

While the fund is sector-agnostic, it will have a preference towards high-impact sectors including manufacturing, education, healthcare, renewable energy, and technology.

The AWLF initiative was established in response to the AU Agenda 2063 and the UN’s Sustainable Development Goals 5 and 8 – which target gender equality, decent work, and economic growth.

“The fund is one of the most transformative financial instruments to be implemented across Africa in recent years,” said Dr. Vera Songwe, UN Under-Secretary General and Executive Secretary of the UNECA. “It aims to reshape the chain of decision-making in the financing of women enterprises.”

“In a strong demonstration of support for the initiative, several pledges have already been made, including from African and international partners,” Dr. Songwe added.

Sola David-Borha, Chief Executive of Africa Regions at Standard Bank Group, said: “We are proud to be part of establishing the AWLF Initiative as this aligns to our goal of creating a gender-equal Africa.”

“This initiative is aimed at uplifting communities and achieving sustainable economic growth across Africa,” David-Borha added.

To bring this partnership to life, MiDA Advisors facilitated the union between UNECA and Standard Bank and will serve as lead advisor in the management of the structure, operation and allocations to managers across the continent. MiDA Advisors has partnered with Standard Bank Group over the past three years to present a gateway into Africa for US institutional investors seeking opportunities on the continent.

“History has taught us that people are biased towards the status quo, and therefore disruptive and bold solutions are needed to break old barriers,” said MiDA Chief Executive Aymeric Saha. “That is precisely what this fund-to-fund approach is about, and we are very proud to be involved in shaping it.”

Click here to read more about the African Women's  Leadership Fund Initiative and to begin the application process  to become a member