Taking into account the provisions for governing bodies that apply under the ‘Freedom of Information Act’ (‘Wet openbaarheid van bestuur’) and the ‘Data Protection Act’ (‘Wet bescherming persoonsgegevens’), the Fund Manager of the DGGF part ‘Financing local SMEs’ will publish its anticipated transactions.
Views
Parties can express their views on the proposed transaction to the Fund Manager by contacting dggf@pwc.com within 30 days after the publication date of the notice. After the transaction has been closed, or after it has become clear that the transaction will not take place, the Fund Manager will respond as soon as possible to these Parties concluding on the expressed views by these Parties.
Description of proposed transaction
Part of DGGF
Financing Local SMEs
Name of Intermediary Fund (IF)
Oasis Africa Fund II Ltd (“OAF II”)
Domicile IF
Ghana
Name of manager of the IF
Oasis Capital
Nature of the activities of the IF
OAF II is a 10-year closed-end investment fund targeting SMEs that provide and/or support essential services using scalable business models Examples include quality education & healthcare, financial services, housing, food services, manufacturing, tech enabled companies (fintech, edutech, agritech & healthtech) seeking to foster service inclusion for underserved populations.
Size of proposed investment
USD 6 million.
With this investment DGGF is contributing to a total expected fund size of approximately USD 50-80 million.
Intended transaction date
The Fund Manager aims to close the agreement with Oasis Africa Fund II in Q3 2025.
Expected financial results
A positive financial return on the investment is expected.
Expected impact
Oasis will endeavour to achieve specific development goals by targeting opportunities that yield significant opportunity to contribute to UN SDGs: i) Achieve gender equality and empower all women & girls ii) Promote sustained and inclusive economic growth, full and productive employment and decent work for all as primary impact goals as primary impact goals AND iii) No poverty iv) Good health and wellbeing v) Reduced inequalities vi) Affordable and clean energy vii) Climate action as secondary impact goals.
ESG compliance
As a condition for DGGF investment, Oasis will revise their ESG Policy to ensure all relevant ESG risks are adequately covered, in line with most recent ESG standards. The ESG policy shall be in accordance with the DGGF ESG Policy and shall be implemented within three (3) months of the First Closing Date.
Tax compliance
DGGF will invest into Oasis Africa Fund II. It will be established in Ghana as a limited liability company and is licensed as a venture capital trust fund in Ghana. OAF II will invest in companies in select countries in West Africa, which are in principle subject to domestic statutory tax rates. OAF II is not making use of artificial constructions to lower its taxation or the taxation of the SMEs it invests in. OAF II requires the companies it invests in to comply with local laws and regulations, amongst others, those regarding tax and OAF II will monitor if the SMEs meet their tax obligations. DGGF will monitor whether OAF II will meet its ongoing tax obligations and acts in accordance with the DGGF tax criteria.