AAIC Investment

AAIC Investment is the fund management arm of Asia Africa Investment & Consulting (AAIC Holdings), a Singapore-headquartered firm founded in 2008 by Susumu Tsubaki, a former Boston Consulting Group partner who spent 15 years in management consulting before turning to emerging markets investing. The firm initially focused on Asia, pivoted to Africa in 2013, and has since become one of the most distinctive investors on the continent by bridging Japanese corporate capital with African healthcare innovation.

The firm manages two funds: the Africa Healthcare Fund 1 (AHF1, launched 2017, raised $47 million) and the Africa Innovation & Healthcare Fund 2 (AHF2, launched 2022, targeting $150 million), bringing combined AUM to $87 million as of late 2023 with additional closes expected. The LP base is primarily large Japanese corporations, including Eisai (pharmaceuticals), Asahi Intec (medical devices), Ohara (specialty glass), Marubeni Corporation (trading house), TOPPAN Holdings, the Development Bank of Japan, and QR Investment.

What makes AAIC fundamentally different from every other Africa-focused fund is the Japan-Africa bridge. The firm does not just invest capital but actively connects portfolio companies with Japanese corporate partners who can provide technology, distribution, manufacturing expertise, and exit opportunities. For African healthcare founders, this means access to a market (Japan) and a set of corporate relationships that no other Africa fund can offer. The LP base is not passive: these are corporations looking for market entry points into Africa, which creates strategic value that goes beyond cheque size.

The portfolio reflects a deep healthcare conviction. Africa Healthcare Network (dialysis clinics across Rwanda, Tanzania, and Kenya), Helium Health (hospital management software and telemedicine), Revital Healthcare (medical supplies manufacturing in Kenya), DeepEcho (AI-powered fetal ultrasound with FDA clearance), ILARA Health (diagnostics), Rology (teleradiology), Yodawy (pharmacy platform in Egypt), MyDawa (online pharmacy in Kenya), Reliance HMO (health insurance in Nigeria), and BIMA/Milvik (mobile-first insurance) show the breadth across the healthcare value chain. Five portfolio companies were selected as Time magazine's "100 World's Top HealthTech Companies" in 2025.

The firm also runs a strategic consulting division that serves Japanese companies and government agencies (including JICA) entering African markets, which gives the investment team additional deal flow and market intelligence.