We executed an independent evaluation of the 250m Africa-focused impact fund-of-fund FISEA
The Fonds d’investissement et de soutien aux entreprises en Afrique (FISEA) is a EUR 250m impact fund-of-fund that aims to create employment and economic growth in Africa. FISEA was established in 2009 by the then President of France and is managed by PROPARCO. FISEA is currently invested in 41 projects, of which 30 investment funds and 11 companies throughout Africa.
Commissioned by the French Development Agency (AFD), Steward Redqueen executed an independent mid-term evaluation and impact assessment of the fund. The evaluation focused on FISEA’s investment selection, value added and the development impact of the Fund. The project included a quantitative analysis of the 500+ company portfolio, a survey among fund managers, stakeholder interviews and site visits throughout Africa.
The resulting management report provided insights into FISEA’s portfolio’s impact, strengths and weaknesses of the strategy, as well as lessons learned and concrete recommendations for enhancing the effectiveness and impact of FISEA.