2026.03.11
On March 9, the Japan International Cooperation Agency (JICA) signed an agreement with the Persistent Africa Climate Venture Builder Fund, LP (Persistent ACV Fund), for the Africa Climate-Tech Start-up Investment Promotion Project under the Private Sector Investment Finance scheme.
This project is a co-investment project with development finance institutions and private investors, including African Development Bank (AfDB), Nordic Development Fund (NDF), FSD Africa Investments (FSDAi), and Impact Fund Denmark (IFDK).
Senior Vice President Hara Shohei
The fund manager of the Persistent ACV Fund, Persistent, also has shareholders from the Japanese private sector including Kyuden International, which is a wholly-owned subsidiary of Kyushu Electric Power Co., Inc, as well as other Japanese private investors. It is expected that JICA's catalytic investment will further promote Japanese private investments in climate tech startups in Africa. The continent offers significant potential, with its population projected to reach 2.4 billion by 2050 and an estimated USD2.8 trillion required to achieve the climate goals of African countries by 2030.
This is the first project to be implemented under JICA's "Private Capital Mobilization Financing", a new scheme to make catalytic investment in funds to attract private capital. The scheme was announced at the 9th Tokyo International Conference on African Development (TICAD 9) held in Yokohama in August 2025. JICA will further promote blended finance through the catalytic deployment of public capital to unlock private investment following the launch of the “Private Capital Mobilization Financing”, which is also known as JICA Blended Finance Window (JICA BFW).
The Fund Manager that manages the Persistent ACV Fund
Investee
Persistent Africa Climate Venture Builder Fund, LP
Country (Target Areas)
Sub-Sahara Africa
Commitment Amount
10 million USD (5 million in Junior Tranche and 5 million in Catalytic Tranche)
Project Title
Africa Climate-Tech Start-up Investment Promotion Project
Project Purpose
The objective of the Project is to improve financial access for startups in Sub-Sahara Africa, primarily those related to the energy transition, through investment in the regional venture fund, thereby contributing to the promotion of a low-carbon economy in the region.
Project Component
The fund will invest in and provide venture building support for African startups. The project will receive distributions from the fund, based primarily on the returns realized by the sale of equity of the fund’s investees.
Contribution to SDGs
Goal 7（Affordable and clean energy ）
Goal 9（Industry, innovation and infrastructure）
Goal 13（Climate Action）
Reference
Project overview:
The project also contributes to the “2X Challenge,” an initiative launched at the G7 Summit in 2018 to encourage investment that promotes gender equality. In addition, the project forms a part of the Impact Investing for Development of Emerging Africa (IDEA) Initiative announced by JICA at a side event during TICAD9.
Altech, a solar and e-mobility portfolio company of Persistent, operating in the Democratic Republic of Congo
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