Business Partners Madagascar SME Fu
- Active: Exited
- Region: Africa
- Country: Madagascar
- Sector: Investment funds
- Year: 2006
- Domicile: Mauritius
- Commitment (MNOK) as of 30.09.2018: 0
- Original Commitment (MNOK): 10.5
Country fund focusing on small businesses in Madagascar, launched in 2006. Total capital of EUR 8,5 million and associated TA fund of about EUR 1,4 mill. IFC was initiator and lead investor. The fund is managed by Business Partners International (BPI) of South Africa.
The performance of the fund was rendered near impossible by the political events in Madagascar since February 2009, resulting in a dismal final IRR of -43%. Norfund’s stake in the fund was 14.12%.