Fund vehicle
Zafiri Investment Vehicle Phase 1
Zafiri is a Permanent Capital Vehicle (PCV) and a blended-finance equity platform jointly developed by the African Development Bank (AfDB), the World Bank Group (WBG), and other partners. Its mission is to address the critical shortage of long-term equity capital for patients to scale Decentralised Renewable Energy (DRE) solutions across Sub-Saharan Africa. Zafiri invests patient equity in companies operating DRE solutions, including mini-grids, solar home systems, C&I solar, and clean cooking, for underserved communities.
- Manager
- Inspired Evolution Investment Management (Pty) Ltd.
- Vintage
- 2025
- Strategy
- Infrastructure
- Target size
- $300m
- Size
- $176m
- Status
- Active
Disclosed limited partners
- FirstRand Limited
- International Finance Corporation (IFC)
- John D. and Catherine T. MacArthur Foundation
- Nordic Development Fund (NDF)
- Rockefeller Foundation
- Sustainable Energy Fund for Africa (SEFA)
- The African Development Bank Group (AfDB)
- The Eastern and Southern African Trade and Development Bank (TDB Group)
Sources
- Partner Researchers, accessed 14 November 2026