Acre Impact Capital, a private-debt impact investment manager has announced the first closing of its Export Finance Fund I (EFF I), with commitments of US$100 million, with a target size of US$300 million.

The Fund has garnered a diverse investor base, including institutional investors, prominent Development Finance Institutions (DFIs), family offices, and impact-driven investors like Trimtab Impact and Ceniarth. Notable DFIs participating in the Fund include the European Investment Bank and FSD Africa Investments. Additionally, the Fund has received substantial commitments from various African investors, underscoring the perceived attractiveness of its risk-return profile and anticipated impact outcomes.

EFF I represent a pioneering initiative as the first fund of its kind to leverage the transaction facilitation role of export credit agencies (ECAs) for impact. This Fund addresses a crucial financing gap in African climate-aligned infrastructure projects. While commercial banks typically finance the portion guaranteed by an ECA (equivalent to 85% of the project value), funding for the remaining 15% commercial debt tranche has become increasingly scarce. By offering specialized funding for this tranche, the Fund aims to unlock transactions and catalyze US$5.6 of private sector capital for every dollar invested. The Fund aims to invest in 15-20 projects in four thematic areas: Renewable Power; Health, Food and Water Scarcity; Sustainable Cities and Green Transportation.