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The Development Impact of Acacia Fund

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Developmental and commercial objectives are mutually reinforcing. ... Developmentalism v. Commercialism. Commercial. Viability. Private Sector. Development ... – PowerPoint PPT presentation

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Title: The Development Impact of Acacia Fund


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The Development Impact of Acacia Fund
  • Africa Venture Capital Association, Mombasa, Kenya

Noah BeckwithPartner, Aureos Advisers Limited
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Development Impact an evolving perspective
CDC Funds Group ? Aureos Capital
  • Aureos Central America Fund
  • Aureos Southern Africa Fund
  • Aureos East Africa Fund
  • Aureos West Africa Fund

Aureos Funds 2001
CDC Funds 1989-2000
Development Impact Profitability Precondition
Private equity ? Development
Holistic NDPs
International Development Community
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Developmental v. Commercial Objectives
  • Aureos and DevelopmentThree Tenets
  • Developmental and commercial objectives are
    mutually reinforcing.
  • Developmental criteria are intrinsic to
    investment process.
  • Development objectives are pursued within a
    commercial framework.

Developmentalism v. Commercialism
Commercial Viability
Private Sector Development
SME Sustainability
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The Development Impact of the Acacia Fund
  • Three levels of development impact
  • Microeconomic
  • Access to capital, increased sophistication,
    technology and know-how, sectoral development and
    integration, economic linkages, export
    development.

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Economic Linkages
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The Development Impact of the Acacia Fund
  • Three levels of development impact
  • Microeconomic
  • Access to capital, increased sophistication,
    technology and know-how, sectoral development and
    integration, economic linkages, export
    development.
  • Macroeconomic/market
  • Sales, consumption, fiscal contributions, export
    generation, investment mobilisation, multipliers,
    externalities, demonstration effects.

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The Acacia FundAggregated Indicators
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The Acacia FundContribution to Growth
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The Acacia FundRegional Expansion of Investees
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The Development Impact of the Acacia Fund
  • Three levels of development impact
  • Microeconomic
  • Access to capital, increased sophistication,
    technology and know-how, sectoral development and
    integration, economic linkages, export
    development.
  • Macroeconomic/market
  • Sales, consumption, fiscal contributions, export
    generation, investment mobilisation, multipliers,
    externalities, demonstration effects.
  • Socio-economic
  • Poverty alleviation, sustainability.

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Socio-economic impactsA broader definition of
poverty
  • What is poverty?
  • More than starvation, malnutrition and premature
    mortality.
  • Pronounced deprivation in well-being (World
    Bank Group).
  • A broader definition
  • Opportunity promoting opportunity for
    employment, enabling the poor to generate wealth
    and to accumulate assets.
  • Empowerment reducing vulnerability to exogenous
    shocks which hit the poor hardest.
  • Security equitable access to market
    opportunities and opportunities for the
    under-skilled and unskilled.

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Growth, Wealth Creation and Poverty Alleviation
Aureos Equity Investments in SMEs
Business Development - growth and
profitability -professionalisation - formalisation
Kiosks/micro-enterprises
Small enterprises
Medium enterprises
Socio-economic Impacts - asset accumulation -
opportunity, security, empowerment - inclusion
and enfranchisement
Poor/ Marginalised Groups
Middle Upper Income Groups
Low-Income Groups
Economic Impacts - private-sector development -
forward/backward linkages - investment generation
Informal Sector
Semi-Formal Sector
Formal Sector
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