African-focused asset management firm Enko Capital has secured a major institutional commitment from the Caisse des Dépôts et Consignations du Bénin (CDC Benin) for its Francophone West Africa SME Strategy (FCPR Strategy).
The subscription by Benin’s state deposit and consignment institution marks a significant milestone for private equity in the West African Economic and Monetary Union (WAEMU) region, signalling an increased appetite among sovereign financial institutions to deploy domestic public savings into high-impact private equity vehicles.
Mobilizing Domestic Capital for Regional SME Growth
The FCPR Strategy is an Alternative Investment Fund structured specifically to provide long-term growth capital, strategic guidance, and operational support to high-potential small and medium-sized enterprises (SMEs) across Francophone West Africa.
By taking an equity stake in the fund, CDC Benin aims to stimulate local entrepreneurship, drive employment, and support industrialization across Benin and the broader WAEMU zone while achieving risk-adjusted financial returns.
Maryse Lokossou, Chief Executive Officer of CDC Benin, emphasized that the investment directly aligns with the institution’s core mandate of channeling national resources into productive economic development. She noted that participating in the FCPR Strategy allows CDC Benin to support regional SMEs while responsibly diversifying its portfolio under strict risk management and capital preservation standards.
Validating Regional Institutional Appetite in WAEMU
Founded in 2008, Enko Capital manages approximately $1.6 billion in assets across debt, private debt, equity, and private equity strategies, with operational offices in Abidjan, Johannesburg, Kigali, London, Port Louis, and Yaoundé.
Cyrille Nkontchou, Managing Partner of Enko Capital, described CDC Benin’s commitment as a strong endorsement of the firm’s investment thesis and operational capabilities across Francophone Africa.
Cheikh Souleymane Diallo, Senior Investment Director at Enko Capital, added that the partnership establishes a benchmark for public-private capital co-investment in West Africa. He highlighted that securing an anchor public financial institution like CDC Benin demonstrates how regional asset managers can successfully mobilize domestic savings to fund the real economy rather than relying exclusively on foreign development finance institutions (DFIs).
Strengthening the Francophone Venture and Private Equity Ecosystem
Historically, Francophone West Africa has received a smaller share of pan-African private equity and venture capital compared to Anglophone hubs like Nigeria, Kenya, and South Africa. However, growing regulatory maturity, economic integration within the WAEMU zone, and the rise of local institutional LPs are reshaping the regional capital landscape.
CDC Benin’s participation in Enko Capital’s FCPR Strategy paves the way for similar state-backed investment funds across West Africa to deploy capital into regional funds, creating a more sustainable, locally anchored financing ecosystem for emerging businesses.
