For a long time, investment discussions around Africa were dominated by infrastructure, sovereign financing and extractive industries. Two decades later, the landscape has changed considerably. African tech hubs have emerged, regional private equity firms have matured and entrepreneurship has become a central driver of economic transformation across the continent. It is within this changing environment that the Averroès programme, managed by Bpifrance, has steadily expanded its role. On the occasion of the Averroès Forum held in Nairobi, the French public investment bank marked the programme’s 25th anniversary by highlighting a model that combines financial performance, impact investing and economic cooperation between Africa and France.

From a development finance initiative to a pan-African investment platform

Launched in 2003, Averroès was built around the relatively simple ambition to strengthen African private sector financing while supporting local investment ecosystems. The programme focuses on three strategic priorities: backing high-quality African fund managers, promoting responsible investment practices and developing stronger economic synergies between African and French companies. Since inception, Averroès has invested €260 million across 35 funds managed by 16 management companies operating throughout the continent. Those figures reflect more than capital deployment alone. At a time when many international investors still approached African markets cautiously, the programme contributed to structuring a more mature financial ecosystem by supporting local and regional investment players capable of financing businesses closer to operational realities on the ground.

A new acceleration cycle since 2022

Since 2022, €85.5 million has been committed into ten funds spanning private equity, private debt and venture capital through Averroès Africa, Averroès Africa Venture and Bpifrance’s own equity investments.According to the 2024 Africa Tech Venture Capital report published by Partech Africa, startup funding volumes across Africa slowed over the past two years as rising global interest rates and tighter liquidity conditions pushed investors toward more selective strategies. In that context, long-term institutional investors capable of maintaining financing continuity have gained renewed importance.

Venture capital and technology now sit at the core of the strategy

One of the clearest shifts in the programme’s positioning lies in its stronger focus on technology and venture capital. In 2025, Averroès launched Averroès Africa Venture, a €40 million initiative dedicated specifically to African VC ecosystems.

One main objective : support the growth of African innovation ecosystems at a time when digital services, fintech, healthtech and logistics platforms are becoming central pillars of economic development across the continent.

A different investment landscape from the early 2000s

The strategic shift says much about how perceptions of African growth opportunities have evolved since the early 2000s. Twenty years ago, discussions around African investment were still largely tied to commodities, infrastructure and telecommunications. Today, African startups increasingly attract international attention for their ability to address structural challenges in finance, healthcare, logistics or agriculture through scalable digital solutions. At the same time, local venture capital ecosystems still face structural weaknesses. Early-stage financing remains unevenly distributed and many African fund managers continue to encounter fundraising difficulties compared to European or North American counterparts. By supporting locally anchored VC firms, Averroès aims to reinforce the long-term sustainability of these ecosystems rather than focusing solely on short-term capital injections.

As Isabelle Bébéar, Director of International and European Affairs at Bpifrance, is expected to highlight during the Nairobi forum, the ambition is not only to finance companies, but also to help build resilient entrepreneurial ecosystems capable of generating lasting economic transformation.

Climate resilience and agriculture become strategic priorities

Climate adaptation moves to the forefront

Technology is only one side of the story. Averroès is also increasing its exposure to sectors directly linked to climate adaptation and food security, two issues that have become increasingly strategic across Africa. On May 11, ahead of the forum, the programme is expected to formalise the launch of the Seeds of Africa Investment Fund in partnership with InnovX, an initiative backed by Morocco’s OCP Group. The fund aims to strengthen agricultural resilience, improve food security and support climate adaptation across African agricultural value chains.

Agriculture as both an economic and strategic issue

This positioning reflects a broader evolution in global investment priorities. Climate resilience and sustainable agriculture have progressively moved from niche impact themes to central economic concerns for institutional investors and development finance actors alike. According to the African Development Bank, climate change could reduce Africa’s GDP by up to 15% by 2050 in the most exposed regions if adaptation efforts remain insufficient. Agriculture remains particularly vulnerable, despite employing a significant share of the continent’s workforce.

For Bpifrance and its partners, supporting agritech, food systems and climate resilience is therefore no longer viewed simply as development policy. It increasingly represents a strategic investment priority tied to long-term economic stability.

Financial returns and impact investing are no longer seen as opposites

Performance indicators point towards ecosystem maturity

One of the long-standing assumptions surrounding investment in Africa is that impact and profitability rarely go hand in hand. For years, many international investors perceived African private markets as structurally high-risk, volatile or too dependent on development-oriented financing. The performance of the Averroès portfolio tells a more nuanced story. Through the funds it has supported, the programme has indirectly contributed to €1.48 billion invested across 65 African companies. Today, those investments represent a portfolio valued at €2.05 billion, corresponding to a 1.41x value multiple.

Building business bridges between Africa and France

Beyond investment itself, Averroès has progressively evolved into a platform facilitating economic connections between African and French companies. Since 2022, the programme has generated 390 qualified business connections leading to commercial partnerships, industrial collaborations, technology projects and external growth operations. The initiative relies on a broader ecosystem involving Team France Export, Bpifrance regional offices and investment attractiveness agencies.

This aspect has become particularly strategic for French SMEs seeking trusted local partners in African markets. Market entry across the continent often depends less on pure financing capacity than on access to reliable networks, operational knowledge and local business ecosystems.

More than an investment vehicle, a tool of economic diplomacy

The Nairobi forum therefore arrives at a symbolic moment for Averroès and for Franco-African economic relations more broadly. Over 25 years, the programme has moved far beyond the traditional framework of development finance. It now operates simultaneously as an investment platform, an ecosystem builder and a tool of economic diplomacy designed to support sustainable private sector growth on both sides. The companies, fund managers and entrepreneurs gathering in Nairobi this May represent more than portfolio assets. Many have become long-term operational partners for French businesses seeking local expertise and market access across Africa.

In that sense, Averroès increasingly embodies a more modern vision of development financing. One where impact, financial performance and economic partnership are treated not as competing objectives, but as interconnected drivers of long-term growth.