The first sub-regional private equity fund management company in French-speaking West Africa, Cauris Management finances SMEs and industrial SMEs from Lomé and Abidjan. Its first fund was created in 1995 at the initiative of the West African Development Bank (BOAD); the fifth, Cauris IV Fund, held its initial closing in July 2026.
From 5bn FCFA (€7.6m) for the pilot fund to a 70 million target for Cauris IV Fund, our funds have grown in size and in the area they cover: the WAEMU first, then English-speaking West Africa with FCC II, and Central Africa with Cauris IV Fund.
First fund
The BOAD and European development institutions created this pilot fund in 1995 to introduce private equity to the eight WAEMU states; we began its investments the same year. With 5bn FCFA (€7.6m), it is now closed and fully divested. It returned 2.6 times their investment to its subscribers, and the sale of Celtel Burkina in 2007 more than 6 times the investment.
Second fund
Launched in 2006 with 10bn FCFA (€15.2m), twice the size of the pilot fund, it invests in high-potential companies in French-speaking West Africa. It is now closed and has published ten exits, achieved at between 2 and 6.1 times the investment, including MTN Côte d’Ivoire, Sodigaz in Togo and BPEC.
Third fund
Its first closing, on 5 October 2010, raised 29.5bn FCFA (€45m) against a 60 million target, subscribed notably by the BOAD, the EIB, the IFC, the AfDB and BIO. We opened it to English-speaking West Africa, excluding Nigeria, alongside the French-speaking area. We take minority but significant stakes there, of 2bn FCFA (€3m) on average, as in Azalaï Hotels or Axxend.
Fourth fund, dedicated to the financial sector
The BOAD launched this fund in July 2017 for the banks, insurers, microfinance institutions and fintechs of the WAEMU. We manage it within Yeelen Capital, with Paul Derreumaux, Amadou Raimi and the firm Finactu, and a team led by Benjamin Kouakou. With 33.2bn FCFA (€50.6m), it financed Fidelis Finance and Mansa Bank in 2024, then sold AFG Insurance Capital in May 2026, at 2.5 times the investment.
Fifth fund, fourth generalist fund
Our latest fund held its initial closing on 10 July 2026: 22.8bn FCFA (€34.8m), subscribed solely by African institutions, among them the BOAD, its main sponsor, and the AFG and SUNU groups. It targets 45.9bn FCFA (€70m) by the end of 2027 and invests from 1.3 to 6.5bn FCFA (€2m to €10m) per company, in West Africa and in Central Africa.
More than €200m in cumulative assets
From the Cauris Investissement pilot fund, with 5bn FCFA (€7.6m), to Cauris IV Fund, which targets 45.9bn FCFA (€70m) by the end of 2027, our funds are subscribed by development banks, insurers and social security funds.
More than 15 % average net IRR
We measure this IRR on the funds that have reached the end of their cycle. Since 1995, we have made 52 investments and 47 exits, in venture capital as well as growth capital.
Founding member and partner AVCA · A2IC · BRVM
We are a founding member of the African Venture Capital Association and of the Ivorian Association of Capital Investors, and have signed a partnership agreement with the BRVM for its SME segment. We have led co-investments alongside Equator, Phoenix and Africinvest.
Development banks such as the BOAD, the EIB, the IFC, Proparco and FMO, commercial banks, insurers and social security funds. Several of them, among them the BOAD and the AFG and SUNU groups, have subscribed to more than one of our funds, up to Cauris IV Fund.
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Noël Yawo Eklo, a co-founder present since activities began in 1995, has led Cauris Management since 2002. Professionals based in Lomé and Abidjan review the cases, sit on the boards of the companies we hold stakes in, and prepare the sale of our stake with their managers.
Our board includes Paul Derreumaux, founder of the Bank of Africa group, present in fourteen countries, and Amadou Raimi, former chairman of Deloitte France.
Our funds have financed banks, insurers, telecom operators, hotels, pharmaceutical laboratories and food industries, for instance Bridge Bank Group Côte d’Ivoire, MTN Côte d’Ivoire or Cipharm.
We remain a minority shareholder for three to five years, then sell our stake.
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You run an SME or an industrial SME in French-speaking West Africa and are looking for a minority shareholder to finance your growth. Our investment officers review your case against our support criteria.
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