About

Spark+ Africa Fund

A specialist investment vehicle financing businesses and projects that expand access to modern cooking across Africa.

What Spark+ is

Spark+ Africa Fund provides financing to manufacturers, distributors, fuel and infrastructure operators, financial institutions and project developers serving the modern cooking value chain.

The Fund uses a range of financing structures according to the counterparty and transaction. Its investment activity is complemented by a separately managed Technical Assistance Facility.

Sector-led origins and institutional operating model

Spark+ was developed by Enabling Qapital and Stichting Modern Cooking, with support from the Clean Cooking Alliance and drawing on the Alliance's sector expertise and market-building experience.

Spark+ Africa Fund is managed by Enabling Qapital and complemented by a separately managed Technical Assistance Facility operated by Stichting Modern Cooking.

Institutional structure

The Fund's investment, governance and Technical Assistance functions are carried out through distinct institutional entities.

Spark+ Africa Fund SCSp ("Fund")
Investment vehicle
The Fund provides financing to businesses and projects advancing modern cooking across Africa.
Spark+ General Partner S.à r.l. ("Spark+ GP")
General Partner
Spark+ GP serves as the General Partner of the Fund. EQ and SMC are equal shareholders in Spark+ GP.
Enabling Qapital AG ("EQ")
Investment manager
EQ serves as investment manager to the Fund, with responsibility for investment and portfolio management.
Stichting Modern Cooking ("SMC")
Technical Assistance Facility manager
SMC manages the Spark+ Technical Assistance Facility, which provides non-financial support to eligible portfolio companies.

Investment capital and Technical Assistance

Spark+ combines investment capital with a separately managed Technical Assistance Facility. Investment and Technical Assistance decisions follow distinct governance and approval processes.

Investment fund

Provides debt and quasi-equity financing to eligible businesses and projects.
Opportunities are evaluated through the Fund's underwriting, governance and investment-approval processes.
Instruments and structures are tailored to the counterparty, transaction requirements and underlying cash flows.

Technical Assistance Facility

Managed by Stichting Modern Cooking.
Provides targeted non-financial support to eligible portfolio companies.
Support may include governance, financial management, operational capacity, impact measurement and carbon readiness.

Development of the platform

2017
Early fund concept
Peter George began initial discussions with an anchor investor as part of the Clean Cooking Alliance capital-mobilization strategy.
2018
Fund development partnership
The Fund Principals established a partnership to develop Spark+.
2019
Structuring and pre-marketing
The Fund Principals and their respective colleagues advanced the Fund structure and early investor engagement.
2020
Enabling Qapital established
Xavier Pierluca co-founded Enabling Qapital with the intention that it would manage Spark+ once launched.
Q4 2020
Anchor commitments announced
The African Development Bank and European Commission announced commitments to anchor Spark+.
Q1 2022
First close
Spark+ reached a first close at approximately USD 41 million.
Q3 2022
Second close
Spark+ reached a second close at approximately USD 53 million.
Q3 2023
Final close
Spark+ reached its final close at approximately USD 65 million.
2026
Portfolio management and capital recycling
Fund commitments were fully called, with the platform entering its portfolio-management and capital-recycling phase.

Governance and oversight

Spark+ operates through defined institutional responsibilities and formal processes for investment decision-making, environmental and social review, impact management and investor reporting.

Defined institutional responsibilities
The Fund, General Partner, Investment Manager and Technical Assistance Facility Manager have distinct, documented responsibilities.
Separate Committee review
Investment proposals are reviewed through the Fund's Investment Committee process, while Technical Assistance proposals are reviewed through a separate TA Committee process.
Environmental and social review
Prospective investments are assessed against the Fund's environmental and social requirements as part of the investment process.
Impact integration and monitoring
Impact considerations are incorporated into investment assessment, portfolio monitoring and reporting.
Investor reporting
Investors receive periodic reporting on portfolio developments, financial performance and impact.