African Rivers Fund III (ARF III) invests in small and medium-sized enterprises (SMEs) in Central and Eastern Africa. Countries covered are Angola, the Democratic Republic of Congo, Uganda and Republic of Congo.


The Fund has the same objectives as its predecessor funds and aims to achieve sustainable economic development by:

  • Encouraging entrepreneurship
  • Providing growth capital to existing businesses to make them more sustainable, create jobs and enhance the local manufacturing, services and agricultural base to increase the share of locally produced goods and services.

ARF III had a first close at USD 54 million on August 31, 2020 – just shy of ten years after the first close of Fund I (CASF).   ARF III reached its cap in Q1 2022 at USD 85 mln. There remain plenty of unexploited opportunities for well-run SMEs in our existing core markets, DRC and Uganda.  These companies continue to need made-to-measure risk capital and support to grow.  While Angola is going through a transitional phase, local companies have similar needs. As per Q1, 2023, ARF III had committed some 75% of its capital.

ARF III will invest in some 30-40 companies with an investment size in the range of USD 100K to USD 7.5 million.  We are proud to extend our relationship with existing investors and to welcome new ones, including several private and institutional investors.