Aspire Growth Fund

About the Aspire Growth Fund

The Aspire Growth Fund (AGF) was founded in 2013 as the sister fund to the ASBF. It shares the same objectives as the ASBF, while focusing on larger (medium-sized) enterprises – with higher job creation potential – by providing its clients the local equivalent of between US$ 100k and US$ 3m in risk finance. It also targets businesses which can be integrated into the supply chains of multinational oil and gas companies. The Fund commenced disbursement in 2017, after overcoming initial challenges associated with market access.

Investors & Funders

Geographical Exposure


Performance of the Aspire Growth Fund

Two ASBF investees, FineHome Concepts and God’s Real Favour Bakeries, grew their businesses from almost microsized enterprises to become large enough to qualify as AGF investees in 2019.

At the end of the year, the AGF had a portfolio size of US$ 8.8m, invested in eight businesses. Four of these businesses are owned by women. The Fund has supported 147 entrepreneurs and created economic value of US$ 0.8m through its investees. It has sustained 1,135 direct jobs and 14,188 livelihoods. In line with the Fund’s focus on vulnerable groups, 53% of the direct jobs sustained are held by unskilled workers, 47% are held by women and 47% by young people.

Investees are spread across vital sectors, which constitute 94% of its portfolio. These have high potential to create both social and economic impact. The education sector comprises 25% of the portfolio and these businesses serve 1,180 learners per annum, while healthcare comprises 18% and serves 24,490 patients per annum.

The difficult economic environment in Nigeria also affected AGF’s investees. GroFin deepened its business support interventions to these clients, intensifying the frequency of client monitoring and support. ESG, business formalisation and entrepreneur development constituted most of the support provided.