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The BCEAO Private Equity Fund invests in private companies. The investments must increase the future growth and profit potential of companies in order to create value for the

investors. Private equity usually finances:

the start-up of new companies (venture capital);
the growth of a young company, through internationalization or takeovers for example (growth capital);
corporate spin-offs, for instance if a business unit no longer fits with the corporate strategy and/or the sitting management participates in this (buy-out);
privatization  (taking private) or buying up of companies in order to be better able to realize an operational or financial restructuring (turnaround).

The private equity business model builds on strategic relationships with specialized private equity managers. BCEAO selects managers with a sound and convincing investment strategy and a proven track record of good results. Our funds consist of multiple sub-funds, each with their own vintage year.

The product lines within this are:

primary funds, secondary funds and co-investments.
Co-investments are invested directly in companies.
In the other cases we participate in private equity funds.

In the past, BCEAO had the majority of its investments in private equity carried out and managed externally (by AlpInvest and others). Since 2013, BCEAO has had its own team for private equity investments.

Risk

Investing in private equity is investing for the long term. An APG Private Equity fund has a lifespan of ten to fifteen years. With private equity, there is risk involved in investing in venture capital and the restructuring of companies. The biggest risk, however, is in the choice of a private equity manager. The selection of the right capable managers is therefore a crucial part of the investment process. During the investment period, the fund manager monitors closely whether value creation is taking place on schedule and whether specific risks arise that pose a threat to the target return per fund.
BCEAO Private Equity
Our focused alpha strategy complements the smart beta strategy. This consists of internally and externally-managed commodity absolute return strategies aimed at a more attractive risk-adjusted return...
COMMODITIES FUND
The difficulties experienced in the 1980s by development banks, traditional agricultural finance organizations, small- and medium-sized companies and craft trades further aggravated the stagnation and even the regression...
DECENTRALIZED SYSTEM
As a fundamental investor, we select equities based on in-depth fundamental company analyses and industry analyses. Our focus investors concentrate on multinational and medium-sized companies...
DEVELOPED MARKETS EQUITY
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Private Equity

Building on strategic relationships with specialized private equity managers