Project detail - Persistent Africa Climate Venture Builder Fund, LP

Who is our customer?

The customer is the Persistent Africa Climate Venture Builder Fund (“Persistent ACV Fund”), a new closed‑ended fund anchored on the track record of Persistent Energy Capital LLC (“Persistent”), a climate‑focused investor active across Sub‑Saharan Africa since 2012. Persistent provides early‑stage equity and hands‑on Venture Building support to companies developing clean energy and climate‑tech solutions, including residential and commercial solar, energy efficiency, e‑mobility, and associated enabling technologies. Persistent has to date managed or advised on over USD 265 million in climate assets across advisory mandates and balance‑sheet investments and has demonstrated strong performance in early‑stage climate ventures. The Persistent ACV Fund includes a dedicated Venture Building Facility, structured as a ring‑fenced facility to deliver targeted post‑investment and pre‑investment support to 25–30 CleanTech enterprises across Africa.

What is our funding objective?

FMO will provide a EUR 2.5 million Development Contribution grant to the Persistent ACV Fund’s Venture Building (VB) Facility. The objective is to strengthen the performance, scalability, and investment readiness of early-stage CleanTech enterprises by providing strategic, financial, and operational support. Activities include tailored post-investment as well as pre-investment Venture Building for promising pipeline companies in the areas of finance, legal and technology as well as governance support, ESG integration, improved reporting and milestone tracking. The project aims to create a bankable pipeline by enabling early-stage companies to strengthen their financial performance, improve ESG compliance, and enhance both climate and gender impact. The project is labelled Climate Mitigation (principal) and Gender (significant).

Why do we fund this investment?

This project aligns with FMO’s 2030 Strategy and the aims of the Market Creation Programme, supporting inclusive and sustainable economic growth, climate action, and reduced inequalities. Early-stage CleanTech ventures in Sub-Saharan Africa face persistent barriers such as limited access to early-stage capital, talent gaps, governance constraints, and high perceived investment risk. The VB Facility directly addresses these barriers by offering structured, high-quality Venture Building services. The initiative targets markets including Nigeria, DRC, Ethiopia, Ghana, Senegal, Côte d' Ivoire, Kenya and Cameroon many of which are LICs and FCAS. It also advances Women’s Economic Empowerment (WEE) and Gender Lens Investing (GLI) through Persistent’s 2X-aligned investment criteria and dedicated support to women-led enterprises. FMO’s grant provides clear financial additionality, as the VB Facility is grant-based, ring-fenced from commercial flows, and enables activities that private capital will not fund. It further supports companies in meeting global ESG and impact standards and contributes to long-term ecosystem strengthening and improved pipeline quality for DFIs and private investors.