I&P (Investisseurs & Partenaires)

Investisseurs & Partenaires (I&P) is one of Africa's pioneer impact investors, founded in 2002 by Patrice Hoppenot and now co-managed by Sébastien Boyé and Jérémy Hajdenberg, with Jean-Michel Severino (former head of the Agence Française de Développement) serving as Chairman of the Supervisory Board. The firm has raised €480 million across its history and invested in over 200 small and medium-sized companies across approximately 20 African countries.

What makes I&P fundamentally different from most funds in this directory is the focus on SMEs rather than tech startups. While most Africa-focused VCs chase the next fintech unicorn, I&P backs pharmaceutical distributors, water bottling companies, shea butter processors, optical stores, construction firms, and microfinance institutions. The thesis is that these businesses create jobs, build industries, and serve basic population needs in ways that high-growth tech companies often do not, and they can still generate strong financial returns.

The firm operates through a complementary set of vehicles. IPAE 2, the flagship pan-African fund at €92 million, invests €300K to €3M in growth-stage SMEs and has backed 27 companies across eight African countries. IPDEV2 is a unique sponsor fund that has incubated 10 African fund managers running local impact funds across Niger, Burkina Faso, Mali, Senegal, Ivory Coast, Uganda, Madagascar, and beyond, each investing €30K to €300K in early-stage companies. This means I&P has a presence in fragile and frontier markets (Sahel, Indian Ocean) where almost no other institutional investor operates. I&P Acceleration runs sector-specific programs (climate, digital energy, education, agriculture, women entrepreneurs) that combine seed financing with technical assistance.

The LP base includes major European DFIs (EIB, Proparco, BIO, CDC/BII), the Mastercard Foundation (via the Africa Growth Fund of Funds), and private impact investors. The firm is B Corp certified, a signatory of the Operating Principles for Impact Management and the PRI, and publishes detailed ESG and impact reports for each fund.