The winner of this year's private equity 'impact fund of the year' – Alitheia IDF Fund – has raised more than $100 million to invest in growth-stage companies, prioritising those with gender-diverse teams.

The fund, which claims to be the continent's largest women-led private equity fund, is overseen by Alitheia Capital and IDF Capital under the supervision of Polo Leteka and Tokunboh Ishmael. Its gender equity approach remains central to the fund, although other key pillars involve climate resilience and digital transformation.

Currently, it focuses on target countries Nigeria, Ghana, South Africa, Zambia, and Lesotho.

During the eligibility period, the fund invested in two gender-smart small- and medium-sized enterprises – which involves using capital to address gender disparities – taking the total number to 13. In addition, it hit several other milestones including providing 7 million people with access to essential services

The fund employs a 'Theory of Change' approach to define how its investments lead to measurable social and environmental outcomes. Over the past year, it recorded an increase in the number of portfolio companies owned by women rising from 74% to 78%, 60% of portfolio companies adopting a gender strategy, and increased board representation by Black and women members.