Aluma Capital Invests USD 5 Million in TLG Africa Growth Impact Fund II to Support SME Growth Across Africa

The USD 75 million first close of AGIF II includes backing from international development finance institutions such as the International Finance Corporation (IFC), Norfund, Bpifrance, and Swedfund. Managed by TLG Capital, the fund is focused on providing flexible capital solutions to SMEs operating in high-impact sectors, including healthcare, agriculture, telecommunications, and manufacturing.

The investment aligns with broader efforts to improve access to growth capital for SMEs, many of which remain underserved by traditional financial institutions, particularly in volatile macroeconomic environments. AGIF II will also offer operational and strategic advisory services to portfolio companies, working alongside global consulting firms like McKinsey, BDO, and local impact specialists.

Aluma Capital is the only South African private equity investor and its involvement brings an African private equity perspective to the fund, complementing the developmental objectives of other AGIF II partners. The firm is known for its diversified alternative investment approach, which spans private equity, private credit and offshore structured products. It aims to generate competitive returns while contributing to inclusive economic development.

The IFC, which serves as anchor investor with a USD 20 million contribution, is joined by the UK’s Foreign, Commonwealth & Development Office (FCDO), supporting the initiative through its Manufacturing Africa programme.

Founded in 2012, TLG Capital has completed 41 investments and 30 exits across 20 African countries. AGIF II is the successor to its original Africa Growth Impact Fund and continues its focus on delivering flexible financing to high-potential SMEs.

Aluma Capital is an authorised asset manager and financial services provider (FSP 46449), focused on private market investments across Africa. With a strong emphasis on enabling SME growth, the firm targets high-potential sectors such as financial services, renewable energy, mining, and emerging technologies such as fintech, biotech, and digital platforms that drive innovation and scalability across industries. Backed by local insight and strategic partnerships, Aluma blends impact with performance, positioning itself as a key player in unlocking private sector-led growth on the continent.

For more information, visit www.aluma.co.za or www.tlgcapital.com.