About This Fund
AAIC Investment, the Singapore-headquartered venture capital firm established in 2013 by a team bridging Japanese institutional capital and African growth markets, launched Africa Healthcare Fund 1 (AHF1) in 2017 as Japan's first Africa-focused investment vehicle. The fund raised USD 47 million from Japanese institutional investors, corporate backers, and development finance institutions, deploying capital into early-stage to growth-stage healthcare innovators across Sub-Saharan and pan-African markets. Ticket sizes ranged from USD 5 million to USD 50 million, targeting approximately 15 to 20 portfolio companies with a focus on companies solving pressing health challenges at the intersection of technology and patient access.
AHF1's investment thesis centred on four primary healthcare pillars: advanced medical care and clinical services, medical technology and devices, digital health platforms, and health preservation and public health initiatives. The fund backed Africa Healthcare Network, which operates renal dialysis centres across the continent, alongside companies in diagnostics, primary care, and allied health services. AAIC maintained offices in Singapore and Nairobi, enabling the firm to bridge Japanese corporate expertise — including co-investment partnerships with corporates like Marubeni, TOPPAN Holdings, and QR Investment — with the operational realities of African healthcare delivery.
By the time AAIC launched its successor vehicle, Africa Innovation & Healthcare Fund 2 (AHF2), in 2022, AHF1 had invested in approximately 30 portfolio companies. The combined assets under management of AHF1 and AHF2 reached USD 87 million by late 2023, demonstrating the platform's continued momentum. AHF1 is now in its divestiture and value-realisation phase, with AAIC executing partial exits and supporting portfolio companies in accessing new corporate and strategic partners through its Japan-Africa investment network.