Standard Bank is leading a 10-year initiative to raise $1 billion (R17.6 billion) for the African Women Impact Fund (AWIF), aimed at supporting women fund managers who, in turn, invest in women-led businesses across Africa. The fund addresses a critical gap: women are disproportionately affected by unemployment, and female-led businesses received only 2.4% of venture capital funding on the continent in 2023. By empowering women fund managers, AWIF seeks to increase capital flow to female entrepreneurs and tackle historical biases and systemic barriers in investment.
The AWIF is a collaborative effort involving the UN Economic Commission for Africa, UN Women, the African Union Commission, and the African Women Leadership Network, with Standard Bank as lead sponsor. RisCura Invest manages the fund and provides incubation services to ensure women fund managers are investment-ready, while MiDA Advisors serves as strategic advisor. Standard Bank has partnered with the Department of Women, Youth and Persons with Disabilities to highlight the initiative at the upcoming G20 meeting, aiming to unify efforts across Africa to advance women’s economic empowerment.
AWIF operates through two platforms: the AWIF Foundation and the AWIF Fund. The Foundation provides working capital and operational support to women fund managers, with $24 million already raised to assist 10 managers. The Fund allocates capital directly to women-led businesses, targeting opportunities across Africa, from Nigeria and Morocco to Kenya, Egypt, and South Africa, in sectors including agriculture, healthcare, fintech, and education. By leveraging the expertise of experienced women asset managers, the fund aims to offer attractive investment opportunities with a projected 15% internal rate of return, while addressing capital access challenges faced by women SMEs.
Despite interest in supporting women-led businesses, Standard Bank acknowledges challenges in attracting institutional investors accustomed to traditional asset classes. The AWIF structure provides scale, regional diversification, and risk mitigation to make these investments viable for pension funds, family offices, and development finance institutions. By offering targeted support, AWIF seeks to make women-led businesses bankable, promote sustainable growth, and expand investment in under-served sectors with a long-term development impact.
Standard Bank aims to close a $150 million fundraising round by late 2025 and is actively engaging South African and other African pension funds, alongside DFIs, to anchor the initiative. The AWIF represents a strategic effort to transform women-led enterprises from informal-sector operations into scalable, sustainable businesses capable of driving economic growth and job creation across the continent.
