The ALCB Fund was initiated by KfW Development Bank on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) in 2012.

KfW gives impetus to economic, social and ecological development worldwide. As a promotional bank under the ownership of the Federal Republic and the Länder (federal states), it offers support to encourage sustainable improvement in economic, social, ecological living and business conditions, among others in the areas of small and medium-sized enterprises, entrepreneurship, environmental protection, housing, infrastructure, education finance, project and export finance, and development cooperation.

For more details, please see www.kfw.de


IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org

Created in 2012, FSD Africa is a financial sector development programme or ‘FSD’ based in Nairobi. It is funded by UK aid from the UK Government. FSD Africa aims to reduce poverty across sub-Saharan Africa by building financial markets that are efficient, robust and inclusive.

FMO is the Dutch development bank. With investments in over 85 countries, the bank supports jobs and income generation in order to improve people’s lives in the parts of the world where it can make the biggest difference.

Calvert Foundation harnesses the power of investing to connect, cultivate, and inspire those who want to shape the world for good. Through its flagship product, the Community Investment Note, Calvert Foundation has raised over $1.5 billion from more than 18,000 investors, which has been invested in hundreds of organizations, projects, and funds that are making a positive, measurable impact around the world.

The African Development Bank Group (AfDB) is a multilateral development finance institution. Founded in 1964, the AfDB’s mission is to fight poverty and improve living conditions on the continent through promoting the investment of public and private capital in projects and programs that are likely to contribute to the economic and social development of the region.

The Overseas Private Investment Corporation (OPIC) is the United States government’s development finance institution. It mobilizes private capital to help solve critical development challenges.

Fund Manager

LHGP Asset Management is the appointed Fund Manager to the ALCB Fund. LHGP Asset Management offers unrivaled experience in African debt capital markets with substantive coverage across the continent.

LHGP Asset Management (www.lhgp.com) is an investment bank, based in London and Nairobi, bringing capital markets expertise to development finance initiatives in Africa and other frontier markets. Authorized and regulated by the Financial Conduct Authority (FCA), LHGP Asset Management’s experience includes fund management, capital markets and financial advisory work across financial inclusion, renewable energy, agriculture and health sectors. In 2014 it won the Financial Times/ IFC Award for “Achievement in Transformational Finance”.


The Fund Administrator is Estera Management (www.estera.com), based in Port Louis, Mauritius. Estera is a world-leading provider of offshore fiduciary and administration services with over 350 professionals across 10 jurisdictions.


KPMG is a professional service company and one of the Big Four auditors. The company is responsible for the annual audit of the ALCB Fund.