InFrontier Afghanistan Fund reaches over $30 million with $8 million investment from FMO

12 January, 2018

Original source: FMO

The InFrontier Afghanistan Fund, the only private equity fund focused on Afghanistan achieved a second closing at over US$30m following an investment of $8m from FMO. The investment comes from MASSIF, the financial inclusion fund that FMO manages on behalf of the Dutch government. Existing investors in the fund include CDC Group, the UK’s development finance institution and the Dutch Good Growth Fund, an initiative of the Dutch Ministry of Foreign Affairs.

The fund, which is managed by London and Kabul-based, InFrontier, invests in established businesses that have the potential to become market leaders in Afghanistan, focusing across multiple sectors and making long term investments.  InFrontier sees the potential to generate commercial returns to investors whilst supporting socioeconomic development in one of the world’s most challenging markets.  In September 2017, the fund made its investment of $3 million in Alef Technology, Afghanistan’s leading broadcast technical services and critical power company.  This follows earlier investments by the team, including in the country’s largest pharmacy chain.

"The InFrontier Afghanistan Fund invests in one of the most challenging markets in the world”, said FMO’s CIO Linda Broekhuizen, “supporting the Fund to help empower entrepreneurs in this conflict affected part of the world is of great importance to improve local prosperity."

About InFrontier Ltd

InFrontier is a specialist frontier-market investor authorised and regulated by the Financial Conduct Authority (FRN 605294).  It is the first international private equity firm with a dedicated team and active investments in Afghanistan.


MASSIF is a financial inclusion fund that FMO manages on behalf of the Ministry of Foreign Affairs. The Fund provides much needed resources to small business and micro-entrepreneurs (MSMEs) by supporting the local financial intermediaries that can contribute to their development. For more information, please visit

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