About This Fund
The Africa Innovation and Healthcare Fund 2 (AHF-2), managed by AAIC Investment, is the second vintage of Japan's leading Africa-focused healthcare and innovation fund series. Launched in April 2022, AHF-2 builds on the model established by AHF-1 (2017, final close USD 47 million) and targets a broader mandate spanning healthcare technology, digital health, fintech, and mobility companies driving sustainable growth across the African continent.
AHF-2 has a target size of USD 150 million and reached its first close at the end of March 2022, attracting Japanese institutional investors and corporations as limited partners. Key investors include the Development Bank of Japan (DBJ), QR Investment (Hokkoku Financial Holdings Group), TOPPAN Holdings, and Marubeni Corporation, reflecting strong interest from Japan's corporate sector in gaining strategic exposure to Africa's high-growth technology and healthcare ecosystem. By October 2023, the combined capital committed across AHF-1 and AHF-2 stood at USD 87 million (approximately JPY 13 billion), with the fund continuing to accept subscriptions toward its USD 150 million target.
As of the second close in September 2023, AAIC Investment had deployed capital across 45 portfolio companies through both funds, spanning diagnostics, pharmaceuticals, insurance, digital health platforms, and health-enabling fintech across Kenya, Nigeria, Egypt, South Africa, and Rwanda. AAIC Investment, headquartered in Singapore through parent AAIC Holdings Pte. Ltd., brings over a decade of on-the-ground Africa experience combined with access to Japanese capital, technology, and corporate partnerships, positioning AHF-2 as a distinctive bridge fund between Japanese institutional capital and African innovation ecosystems.