Advans SA SICAR, a Luxembourg-based VC firm that focuses on
CDC Group plc (“CDC”), the UK Government-backed private equity emerging markets fund of funds investor today announces that it has committed EUR 7 million (US$10.5m) to the Advans SA SICAR (“Advans”). Advans is a regulated specialised venture capital company, which invests mainly in
CDC signed a Subscription Agreement by which it committed to invest equity in Advans for an amount of EUR 3 million (US$4.5m) to be executed immediately. CDC will also commit an additional EUR 4 million (US$6m) in Advans in anticipation of the second round of fundraising to be organised by Advans in early 2009.
CDC's investment will support Advans in extending its network of MFIs mainly in Asia and Africa.
About Advans: Advans is headquartered in Luxembourg and was created in August 2005, with a committed capital of EUR 14.1 million. Advans' mission is to build a network of microfinance institutions in developing and emerging countries to cater to the financial needs of micro, small, and medium enterprises, which have limited or no access to formal banking services. Advans is managed by Horus Development Finance, its initial shareholder alongside several development financial institutions: Agence Fran