Alain Nkontchou’s Enko gets $30m to scale Africa’s private credit

Enko Capital, the Africa-focused investment firm led by Cameroonian banker Alain Nkontchou, has secured a fresh $30 million commitment from South Africa’s Public Investment Corporation (PIC), strengthening its bid to expand private credit access for mid-sized African businesses.

The injection, one of PIC’s most strategic allocations this year, deepens its long-running partnership with Enko and comes as the investment manager works toward a $150 million final close for its flagship private credit fund, capped at $200 million.

The fund reached a $100 million first close earlier this year, backed by British International Investment (BII), the International Finance Corporation (IFC), and several African institutions.

A push to widen financing options for African firms

The partnership aims to unlock alternative capital for African firms underserved by commercial banks, as private credit becomes increasingly important for businesses seeking to scale. For PIC, which manages over R3.5 trillion in assets, the move supports its mandate to promote economic inclusion while generating returns for pension savers.

“This is about more than capital—it’s about keeping African businesses in African hands,” Alain Nkontchou said following the PIC announcement. “Private credit gives companies the flexibility to expand while preserving the value they have built over years.” 

Enko’s private credit fund targets firms with established cash flows in agriculture, manufacturing, telecoms, renewable energy, healthcare and financial services. These borrowers, often part of Africa’s “missing middle,” are too large for microfinance but considered too risky for traditional lenders. The fund focuses on dollar debt to support predictable repayments.

Addressing a $330 billion SME financing shortfall

Across the continent, mid-sized firms face an estimated $330 billion funding gap, which continues to limit job creation, export growth and local industrialization. Private credit is emerging as a practical tool to bridge this divide, offering bespoke loan structures without requiring entrepreneurs to surrender ownership stakes.

The Enko fund is structured to provide loans between $5 million and $20 million with terms tailored to each company’s cash flows market exposure and foreign-exchange risks. Deals are supported by hands-on due diligence conducted by Enko’s teams across Johannesburg, Abidjan, Dakar, Douala, and London.

Strengthening Africa’s private markets

Founded in 2008 by two brothers Alain and Cyrille Nkontchou, Enko Capital has grown into a pan-African investment house managing roughly $1.3 billion across private equity, credit, and listed strategies. As Africa’s private debt market develops, institutional investors will increasingly rely on its track record of investing in over 30 companies across 15 countries. 

Enko is poised to deploy funds into important African markets with PIC, Africa’s largest asset manager, on its board. It will prioritize businesses with scalable operations and clear strategies for job creation and export growth, aiming to issue its next round of loans within months.