Released on: August 25, 2008, 3:05 am

Press Release Author: Jurie Willemse

Industry: Financial

Press Release Summary: The GroFin Africa Fund (GAF) has raised US$125 million at its
first fund closing. The fund was created by GroFin, a leading growth finance fund
management company specialising in risk capital and business support for small and
medium businesses in emerging markets.

Press Release Body: The GroFin Africa Fund (GAF) has raised US$125 million at its
first fund closing. The fund was created by GroFin, a leading growth finance fund
management company specialising in risk capital and business support for small and
medium businesses in emerging markets.

The fund, which is expecting a final close at US$160 million in November 2008, will
look to make risk capital investments and give business development support of
between US$100,000 and US$1 million in seven countries namely Nigeria, Ghana, Kenya,
Tanzania, Rwanda, Uganda and South Africa.

This first closing of GAF at US$ 125 million represents the largest fundraising
success by GroFin in a single fund to date, a fact which highlights the appetite by
investors for Africa and is a validation of the GroFin investment strategy and a
strong demonstration of their confidence in GroFin.

Jurie Willemse, Managing Director of Mauritius based GroFin Managers, says: "We are
very excited about the opportunities this fund creates. The economic, political and
social reforms coupled with several years of high growth that have taken place
across many African economies make it a very attractive growth finance environment."
Chris Delport, CIO of South African based GroFin Services, which provides investment
advisory services to GroFin affiliates, says: "GroFin specialises in integrating
much needed risk finance with business development support. This helps fill a void
between micro finance and private equity as very few financiers target the emerging
growth finance asset class."
Guido Boysen, the Regional General Manager of GroFin in East Africa, who has
recently fully invested the GroFin East Africa Fund says: "Apart from providing risk
finance, there is a lot we do to aid the success of our investee companies by
providing hands-on business development assistance. We can only add this value
because we maintain a presence locally, on the ground."

The new pan-African fund will be targeting growth finance opportunities in all
sectors such as consumer goods, services, logistics/transportation, private
education, tourism, manufacturing and agri-business. Based in, GroFin Managers has
GroFin teams based out of offices in Lagos, Accra, Nairobi, Dar es Salaam, Kigali,
Kampala, Pretoria and Durban.

The GroFin Africa Fund is building on the risk capital and business development
platform established by GroFin in Africa through the GroFin East Africa Fund (GEAF),
a US$25 million fund invested in growth finance enterprises throughout East Africa,
the Aspire Nigeria Fund, a $30 million fund investing in Nigeria and the Empowerment
through Energy Fund (ETEF), a $7m pilot fund fully invested in South Africa. GroFin
also manages US$18 million of bank co-investment commitments in East Africa.

The first close investors in the fund include African Development Bank, CDC, FMO,
Shell Foundation, International Finance Corporation and GroFin. The GroFin Africa
Fund is still open to additional investors.


Web Site: http://grofin.com

Contact Details: Madeline Fourie, Executive Assistant, GroFin Capital
South Africa: 224 Loristo Street, Pretorius Park, Pretoria. Tel +27 (0)12 998 8280
Post: PO Box 34921, Glenstantia, 0010, South Africa