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Cauris Croissance II Fund: equity for West African SMEs and industrial SMEs

The third generation of funds managed by Cauris Management, FCC II provides equity to high-potential companies pursuing a regional development strategy.

Fund size (€60.3m)
~39.5bn FCFA (€60.3m)
Launch vintage
2011
Successfully invested
Final exits under way

The third generation of investment funds

FCC II is the third fund managed by the Cauris Management team. A generalist fund, it takes stakes that are usually minority but significant in fast-growing SMEs and industrial SMEs, through equity and/or quasi-equity.

The fund turns to companies pursuing a regional development strategy and covers both French-speaking and English-speaking West Africa, with the exception of Nigeria, a country whose sheer size calls for a strategy of its own.

Profile of the Cauris Croissance II Fund

Nature
3rd generalist fund of Cauris Management
Capital
~39.5bn FCFA (€60.3m)
Vintage
2011
Status
Final exits under way
Stakes
Minority but significant
Instruments
Equity and/or quasi-equity
Zone
West Africa, excluding Nigeria
Targets
Fast-growing SMEs / industrial SMEs

Three generations of funds

FCC II follows on from two funds already managed by Cauris Management, reflecting experience built up over almost three decades.

From one generation to the next, the size of the funds raised tells that story.

  1. 19961st generation

    Cauris Investissement

    A fund created in 1995 at the initiative of the BOAD and European development institutions, launched in 1996. Fully divested, it returned 2.6 times the initial investment.

    5 billion FCFA (€7.6 million)

  2. 20062nd generation

    Cauris Croissance

    Twice the size of the fund, turned towards high-potential companies in French-speaking West Africa. Closed.

    10 billion FCFA (€15.2 million)

  3. 20113rd generation

    Cauris Croissance II Fund

    The first fund of the group to pass fifty million euros, and to cover English-speaking as well as French-speaking West Africa.

    39.5 billion FCFA (€60.3 million)

x8In fifteen years, the size of the funds raised by Cauris Management has grown nearly eightfold, from EUR 7.6 to 60.3 million.

Six published transactions

The stakes and the exit for which Cauris Management issued a release. This list does not cover the whole portfolio.

  • Azalaï HotelsIvory Coast · 2012

    Stake

    EUR 6M - XOF 4bn

    Financing the regional expansion programme of the hotel group, agreement signed on 6 December 2012 in Abidjan.

    The release

  • Axxend CorporationSenegal · 2013

    Stake

    EUR 5M - XOF 3.3bn

    An IT services company specialising in Microsoft and SAP technologies, investment made on 22 May 2013.

    The release

  • VIPNETIvory Coast

    Stake

    EUR 4.6M - XOF 3bn

    An internet access and data transmission provider, financed for its expansion and the strengthening of its network.

    The release

  • CIPHARMIvory Coast

    Stake

    A pharmaceutical laboratory, whose stake finances its development.

    The release

  • Africa West IndustriesIvory Coast

    Stake

    A producer of household soap distributed in around ten West African countries under the Kdo brand.

    The release

  • Banque Atlantique (ABI)Ivory Coast · 2012

    Divested, 1.7 times the investment

    Investment made in December 2012, sold to the Banque Centrale Populaire group. The fund’s only published exit.

    The release

The investors in the Cauris Croissance II Fund

All our financial partners The companies we back

  • AGORA HoldingBOA Group
  • BADAfrican Development Bank
  • BEIEuropean Investment Bank
  • BIOBelgian Investment Company for Developing Countries
  • BOADWest African Development Bank
  • CDC Group plcformerly Commonwealth Development Corporation
  • FMODutch Development Bank
  • GTA C2A VieTogo
  • OikocreditSocial investment cooperative
  • PROPARCOAgence Française de Développement group
  • SFIWorld Bank Group

The past, present and future investors in our funds

Discover all the past, present and future investors of the funds managed by Cauris Management.

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Our investors

Before you start

Two conditions open a review, and we check them straight away. If they are met, the questionnaire takes about ten minutes: you can stop and resume, your draft stays on this device, and nothing is sent before the summary.

Two conditions open a review

  1. West and Central Africafor the country of the head office; Nigeria remains outside our scope
  2. 1.3 billion FCFAat the very least, around 2 million euros or 2.13 million dollars

Both are cumulative: both must be met to continue.

What is worth having to hand

  • The figures from your last closed financial year: revenue, net profit, equity
  • The amount you are seeking and what the funds are for
  • Your business plan, if you already have one: it is optional at this stage

Let us check them now

XOF

The review threshold is 1.3 billion FCFA, around 2 million euros or 2.13 million dollars.

Step 1 of 5

Your company

Identifying the company and the stage it has reached.

Headcount *
What you are looking to do *
Optional, but it saves us one exchange.

Step 2 of 5

Your figures

Rough figures from the last closed financial year.

Currency of your accounts *
XOF
XOFIf negative, put a minus sign before the amount.
XOFShare capital, reserves and retained earnings.
XOFOptional. Bank loans outstanding.
Operating profit (EBITDA) *

Before interest, tax and depreciation.

Step 3 of 5

Your need

The instrument and the use of the funds.

Instrument you are seeking *
Use of the funds *

You may tick several.

Are you comfortable with Cauris taking a minority stake? *

Our stakes are usually minority ones, over a three to five year horizon.

When you need the funds *

Step 4 of 5

Your project

What the funding is meant to achieve.

  • The project: what you want to do, and why now.
  • The market: the demand you serve and your edge over competitors.
  • The company in three to five years: the revenue, headcount and locations you are aiming for.
0 of 1,500 characters, 120 at the very least.
Business plan A methodical document of 15 to 20 pages: the company, its environment, a 3 to 5 year projection, forecast financial statements.
Documents you can provide

They will be asked for if your case goes to review.

Step 5 of 5

Contacting you

So that our team can get back to you.

Preferred office

Last step

Summary of your request

Read your answers again before sending. Every block can be edited in one click.

Request sent

Thank you, your project is in our hands

Your case reference: . Keep it for our exchanges.

  1. Your request goes to the investment teamAn acknowledgement is sent to .
  2. An investment officer studies your caseAgainst our criteria: the company’s profile, its executives and governance, its market, and the shape of the stake.
  3. They get back to you for a first conversationHave your business plan and documents ready: they will be asked for if the case goes to review.

The companies we back