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October 4, 2023

Finnfund invests in Metier Capital Growth Fund III to foster growth companies and job creation in Sub-Saharan Africa

Finnfund, a Finnish development financier and impact investor, has announced a USD 15 million commitment to Metier Capital Growth Fund III.

Metierin tiimi

Metier Team

The fund has a geographic focus on Sub-Saharan Africa and is expected to make eight to twelve equity and equity-related investments into mid-market companies with high growth features in sectors, including ICT and manufacturing amongst others, that benefit from regional economic and demographic trends such as population growth and increased urbanisation, and generate positive impacts.

The fund is also firmly committed to enhancing gender equality both in its investment portfolio and within its own organisation hence for Finnfund, the commitment is classified as a 2X Challenge investment. 2X Challenge is a global gender finance initiative seeking to support businesses that provide women in emerging economies with access to leadership opportunities, quality employment, and products and services that enhance their economic participation and inclusion. Finnfund has been a member of the 2X Challenge since 2019.

Finnfund’s commitment is part of the first close for Metier Capital Growth Fund III, raising USD 182 million at first close, with further commitments expected by final close positioning Metier to exceed its targeted fund size of USD 200 million.

“Many innovative, growth-oriented, and very promising mid-market companies lack funding in Sub-Saharan Africa. Through this investment Finnfund aims to provide funding as well as training and entrepreneurial skill development to growth-oriented companies that will, at the end of the day, generate multiple positive impacts, such as jobs and clean energy, across Sub-Saharan Africa,“ said Riikka Molander, Associate Director & Head of Funds at Finnfund.

“This investment in Metier Capital Growth Fund III is well aligned with Finnfund’s strategy as an impact investor and development financier,” she continues.

“Our active deal pipeline is characterised by growth capital investments that will have a positive impact on climate change, create decent jobs with a focus on gender-lens investing, support the connectivity of rural communities, and enhance the development of businesses across Africa,” said Paul Botha, CEO and Co-founder of Metier.

“Beyond delivering top quartile returns, Metier’s core objective is to contribute towards positive and sustainable impact across Sub-Saharan Africa.”

More information:
Riikka Molander, Associate Director & Head of Funds,, tel. +358 50 369 4039
Kirsi Pere, Communications Manager,, +358 40 620 9767 (media contacts)

Finnfund is a Finnish development financier and impact investor. We build a sustainable future and generate lasting impact by investing in businesses that solve global development challenges. We invest 200–250 million euros in 20–30 companies in developing countries each year. Our focus sectors include renewable energy, sustainable forestry, sustainable agriculture, financial institutions, and digital infrastructure and solutions. Today Finnfund’s investments, commitments, and investment decisions total about 1.22 billion euros, half of them in Africa. The company has 100 employees based in Helsinki and Nairobi. For more information, please visit

Metier is an independent owner-managed private equity firm founded in 2003. The firm’s independence is fundamental to its distinctive style, where the team forges partnerships with its portfolio companies and management teams. Since its formation, Metier has grown to comprise a team of over 40 professionals with offices in Johannesburg, Mauritius and Nairobi, and representation in London. Metier operates two parallel investment practices, the Capital Growth practice that concentrates on mid-cap entrepreneurial businesses requiring growth capital in sectors which demonstrate emerging market growth, and the Sustainable Capital practice that targets investments in energy efficiency, renewables, water and waste management businesses. For more information, visit

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