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Cauris Investissement: the first private equity fund in French-speaking Africa

Created in 1995 at the initiative of the BOAD and European development institutions, this pilot fund laid the foundations of private equity in French-speaking Africa.

Fund size (€7.6m)
~5bn FCFA (€7.6m)
Launch vintage
1995
Return on investment
x2.6

Our first investment fund

Cauris Investissement was created in 1995 at the initiative of the West African Development Bank (BOAD) and European development institutions, as a pilot fund intended to develop private equity in the eight member states of the West African Economic and Monetary Union (WAEMU).

After some minor early difficulties, this first fund went through a thorough restructuring, carried out successfully. Cauris Investissement Fund is fully divested today.

A private equity fund has a limited life, usually ten to twelve years: Cauris Investissement was closed at the end of its own.

Read the closing release

Profile of the Cauris Investissement Fund

Nature
1st private equity fund, a pilot fund
Initiative
BOAD and European development institutions
Creation
1995
Vintage
Launched in 1995
Capital
~5bn FCFA (€7.6m)
Status
Fully divested, closed
Zone
The 8 WAEMU states
Performance
2.6x the initial investment

A founding performance

Cauris Investissement Fund delivered an excellent return to its investors, of around 2.6 times their initial investment.

This capacity to invest and to manage gives Cauris Management a privileged place among the investment houses of West Africa, a recognised strength of our private equity firm in sub-Saharan Africa.

Performance

2.6x

2.6x the initial investment

The eight WAEMU states

  • Benin
  • Burkina Faso
  • Senegal
  • Ivory Coast
  • Togo
  • Guinea-Bissau
  • Mali
  • Niger

Five published exits

  • Celtel BurkinaBurkina Faso · 2007

    Divested

    over 6x

    A mobile operator. Stake acquired in December 2003, sold in May 2007 for 6.25 million dollars, that is 3.05 billion FCFA.

    The release

  • SMPH - Azalaï HotelsMali · 2007

    Divested

    3x

    A hotel group backed from Mali alone to a presence in four countries. The whole stake was sold in June 2007.

    The release

  • Hôtel Ibis LoméTogo · 2008

    Divested

    IRR of 16%

    Entry in 2003, when private investors took over the former state-owned hotel. Five years as a shareholder.

    The release

  • SapinTogo · 2009

    Divested

    2.5x

    A printing company, sold in November 2009 after five years of investment.

    The release

  • AGORAWest Africa

    Partly divested

    over 9x

    A holding company majority-owned by the companies of the BOA group.

    The release

The investors in Cauris Investissement

All our financial partners The companies we back

  • BOABank Of Africa
  • BACIBanque Atlantique Ivory Coast
  • BDMDevelopment Bank of Mali
  • BEIEuropean Investment Bank
  • BOADWest African Development Bank
  • Caisse Nationale de Sécurité SocialeNiger
  • CBAOWest African Banking Company
  • FAGACEAfrican Guarantee and Economic Cooperation Fund
  • GTA C2A VIETogo
  • PROPARCOAgence Française de Développement group
  • Royaume de BelgiqueSovereign institution
  • SONIBANKNiger

A story of trust

Thanks to its investors and its teams, Cauris Management has brought remarkable projects to life. Discover all our investors.

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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