Select language

Aureos Latin America Fund (ALAF)

Aureos Latin America Fund (ALAF) is an equity capital fund investing in medium-sized enterprises in Latin America. The fund has a total capital of NOK 1.05 billion, and Norfund has invested almost 150 MNOK.

Our largest co investors are CAF, CDC, FMO and the Colombian pension fund. The fund focuses on investments in Central America, Peru and Colombia, some of the poorest parts of Latin America.

Finalist in EMPEA Institute's 2016 Sustainability and Operational Excellence Challenge. 

KOBA INTERNATIONAL, one of ALAF's recently exited investees, was selected as one of three finalist in EMPEA Institute's 2016 Sustainability and Operational Excellence Challenge.

Koba is the first chain of retail stores operating under the “hard discount” format in Colombia. It offers high quality food and basic staples at prices that can be up to 50% cheaper than those offered by traditional retailers. With over 500 stores in operation to date—up from around 20 at the time of investment—Koba now serves over 10 million clients (tickets) per month. At the time of Abraaj’s investment in 2010, Koba had 184 employees; by the time of exit in 2016, the company had created over 5,400 formal jobs, of which 49% have been filled by women. See a video about Koba here: 



When ALAF invested in Koba in 2010, Koba had 184 employees and 20 stores. In 2016, the chain has 500 stores and over 5,400 employees (49% Women).  Every month 10 million costumers visits the stores, which in general sell high quality food basics at a discount of 20-50%. ALAF exited its investments in Koba International in the autumn 2016. The investment yielded an excellent financial return of 9.5 times invested capital.


  • Company: Aureos Latin America Fund (ALAF)
  • Sector: Investment fund
  • Investment year: 2007
  • Instrument: Fund
  • Committed amount (MNOK): 130,5