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Cauris Croissance Fund: the second generation of investment funds

Created in the wake of Cauris Investissement Fund, Cauris Croissance Fund provided equity to high-potential companies in French-speaking West Africa.

Fund size (€15.2m)
~10bn FCFA (€15.2m)
Launch vintage
2006
Successfully invested
Closed

The second generation of investment funds

Cauris Croissance Fund was created following Cauris Investissement Fund, which proved a clear success in both its investment and its divestment process. It is the second generation of funds launched by Cauris Management.

The fund met with as much success as its predecessor, if not more. Today, the fund, having invested in high-potential companies to further their growth and development, is closed.

Four companies have both their entry and their exit published: BBG-CI, MTN Ivory Coast, SODIGAZ and BPEC. No other fund of the group can be read from end to end in this way.

Read the latest exit

Profile of the Cauris Croissance Fund

Nature
2nd generation of Cauris Management funds
Capital
~10bn FCFA (€15.2m)
Vintage
2006
Status
Closed
Zone
French-speaking West Africa
Benchmark
Twice the size of Cauris Investissement Fund
Targets
High-potential companies
Purpose
Growth and development
Manager
Cauris Management

A line of funds

At twice the size of Cauris Investissement Fund, Cauris Croissance belongs to a trajectory that would open the way to the third generation of funds.

  1. 19961st generation

    Cauris Investissement

    A fund created in 1995 at the initiative of the BOAD, 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.

    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)

x8From one generation to the next, the size of the funds raised has grown nearly eightfold, from EUR 7.6 to 60.3 million.

Ten published exits

Four of these transactions also have their entry release: the cycle can then be read from end to end. The multiples are those of each transaction.

  • SODIGAZTogo · 2009

    Divested

    6.1x - IRR 34.89%

    Butane gas bottling. Investment of June 2009, sold to the founders and majority shareholders.

    The exit The entry

  • ETEBenin · 2007

    Divested

    3.4x

    Eau Technologie Environnement, bottled mineral water under the Fifa brand, sold to the Moroccan group Les Eaux Minérales d’Oulmès.

    The release

  • SIMELECWest Africa

    Divested

    over 3x

    Shares held since 2003, sold in full.

    The release

  • BBG-CIIvory Coast · 2006

    Divested

    3.1x

    Bridge Bank Group, created with the backing of Cauris Croissance and the BOAD. Investment of 2006 topped up in 2008, sold to the Teyliom group.

    The exit The entry

  • MTN Côte d’IvoireIvory Coast · 2009

    Divested

    over 2.5x

    A mobile operator, leader of the Ivorian market. Investment made in 2009 through a holding company domiciled in Mauritius.

    The exit The entry

  • CDCIIvory Coast · 2007

    Divested

    2x

    Compagnie de Distribution de Côte d’Ivoire, 110 stores. Sold in 2013; revenue had grown by 128 per cent.

    The release

  • Pétro IvoireIvory Coast · 2006

    Divested

    IRR of 25%

    Fuel distribution. The 2006 investment financed the service station network and a gas filling centre; exit in June 2010.

    The release

  • BOA Burkina FasoBurkina Faso · 2007

    Partly divested

    IRR of 24%

    Bank of Africa Burkina Faso. Partial exit at the time of the bank’s stock market listing.

    The release

  • Moov TogoTogo · 2007

    Divested

    2x

    Atlantique Telecom Togo, the country’s second mobile operator. Investment of 2007 in partnership with other funds.

    The release

  • BPECTogo · 2010

    Divested

    Banque Populaire pour l’Épargne et le Crédit, formerly the Togo savings bank. One billion FCFA in 2010, topped up by 700 million in 2015, sold to the SUNU group.

    The exit The entry

The investors in the Cauris Croissance Fund

All our financial partners The companies we back

  • BOABank Of Africa
  • BACIBanque Atlantique Ivory Coast
  • BOADWest African Development Bank
  • Colina VieIvory Coast
  • FMODutch Development Bank
  • ORABANKTogo
  • SAHAM ASSURANCEInsurance company
  • SGITogo

The way opened to Cauris Croissance II Fund

The success of Cauris Croissance Fund opened the way to Cauris Croissance II Fund.

Request our support
Cauris Croissance II Fund

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