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TAP I · Transition Africa Partners

The governed vehicle
African climate
finance has been
waiting for.

A governed co-investment platform through which the fund deploys blended institutional capital into climate infrastructure across Africa and the Indian Ocean. Structured to the standards development finance institutions require. Introduced contacts only.

USD 150M
Target Fund Size
10
Year Fund Term
8–12
Target Investments
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From Transition to Transformation · FSC-Regulated CIS · GBC Platform · Mauritius · Blended Finance · Concessional Co-Investment · IFC Performance Standards · EU Green Taxonomy Aligned · Technical Assistance Facility · Digital Commons · VDR Access · OECD Blended Finance Principles · TCFD · UN SDG 7 · 6 · 13 · AFSIC · Africa CEO Forum ·
02 Platform Thesis The Problem · The Gap · The Solution
The Problem
Africa has the assets.
The world has the capital.
Sub-Saharan Africa and the Indian Ocean sit on some of the world's most abundant renewable energy and natural capital assets. And yet, less than 2% of global climate finance reaches the continent.
The Gap
USD 2.8T
Africa's estimated climate finance gap through 2030
It is not a lack
of projects.
The pipeline exists. The NDCs are written. The infrastructure gaps are quantified. What has been missing is a governed, institutional-grade entry point that development finance and commercial capital can both trust.
The Solution
45
Double taxation treaties covering every target market
Mauritius resolves
every barrier.
One jurisdiction. 45 DTAA treaties. GBC licensing. FSC regulation. IFRS 10 B11 governance. A platform built so that global institutional capital can reach African infrastructure without giving up the governance standards it requires.
The Fund
USD 150M.
8–12 investments.
Ten years.
TAP I · Transition Africa Partners. A professional FSC-regulated CIS, administered by DTOS, legally advised by Eversheds Sutherland, custodied at AfrAsia Bank. Built to last.
03 The Fund TAP I · Overview
TAP I · A co-investment vehicle of The Philanthropic Foundation ↗
The Fund

Transition Africa
Partners I

Transition Africa Partners I (TAP I) is the blended finance co-investment vehicle established under The Philanthropic Foundation — an FSC-regulated blended finance vehicle deploying equity into climate infrastructure across Africa and the Indian Ocean through a project-by-project SPV architecture.

Fund Type
Professional Collective Investment Scheme (CIS)
Target Size
USD 150,000,000
Fund Term
10 years from final close, with extension provisions
Domicile
Republic of Mauritius · GBC · FSC-regulated
Investor Base
Development finance institutions · Pension funds · Sovereign wealth funds · ESG-mandated allocators
Standards
IFC Performance Standards · OECD Blended Finance Principles · TCFD · UN SDGs

The Fund targets 8 to 12 investments across construction-completion and early-operational stage climate assets. Each transaction is structured to satisfy the compliance requirements of European institutional partners — including IFRS 10 B11 standards — and to qualify as additional, governed, and bankable in the eyes of development finance institutions.

01 · Sectors
Five target sectors

Renewable energy · Distributed and off-grid infrastructure · Water treatment and distribution · Coastal resilience · Low-carbon industrial and logistics assets. Contracted revenue streams preferred.

02 · The DFI Pathway
DFI-backed. Bankable.

The Foundation structures each investment as a blended capital stack — combining Fund equity with concessional co-financing from DFIs to create the bankable environment that institutional debt requires. Governance adheres to IFRS 10 B11 definitions of control and relevant activities, providing European asset managers with the regulatory comfort to deploy into emerging markets.

03 · Technical Assistance
We bring projects to standard.

Capital alone is not enough. The Foundation's Technical Assistance Facility brings local projects up to European-bankable standards — EU Green Taxonomy alignment, ESG benchmarking, and governance preparation — before a single dollar of Fund equity is committed.

Institutional Context

Transition Africa Partners I is a programme of The Philanthropic Foundation — a Mauritius-registered institution (Reg. No. 679) that provides the governance architecture, DFI relationships, and institutional infrastructure within which the Fund operates. The Foundation is the legal and regulatory home of the Fund; its charter, secretariat, and DFI network are the foundation on which every deployment is built.

Visit Foundation Site
philanthropicfoundation.net
Also under the Foundation
The African Circuit
Request the Information Memorandum
04 Where We Work Africa & Indian Ocean
Mauritius GBC / DTAA
45 Double Taxation treaties eliminate 10–30% withholding on cross-border returns. Capital flows through FSC-regulated SPVs with full treaty protection.
DFI Senior Debt Co-Financing
IFC, AfDB, Proparco & DEG provide long-tenor senior debt alongside Fund equity. DFI co-investment validates the project and unlocks the patient capital that commercial lenders cannot provide.
Contracted Offtake
Long-tenor PPAs and water offtake agreements with sovereign or investment-grade counterparties provide predictable USD/EUR revenue streams for each project.
Political Risk Coverage
MIGA and ATI political risk insurance available across target markets. Covers expropriation, currency transfer restrictions, and breach of contract by host governments.
Technical Assistance Grants
Pre-investment TA from GCF, SEFA, and bilateral donors covers feasibility studies and ESIAs, bringing early-stage projects to institutional standard before equity is committed.
Target Markets

The opportunity
is structural.

Africa and the Indian Ocean face a $250B annual climate finance gap. These markets share rapid population growth, expanding energy demand, strong sovereign NDC commitments, and established DFI relationships — conditions that make private climate capital both necessary and viable.

Kenya
East Africa · Primary
Rwanda
East Africa · Primary
Namibia
Southern Africa · Primary
Egypt
North Africa · Primary
Madagascar
Indian Ocean · Secondary
Seychelles
Indian Ocean · Secondary
Mauritius
Platform Domicile
Kenya
East Africa · Primary Market
East Africa's largest economy and a frontier for private climate investment, with 100% clean energy by 2030 as a sovereign commitment.
Opportunity
Derisking
Context
Energy
$12B
Annual Climate Finance Gap
$4.2B
Private Sector Climate Investment (2023)
Kenya's green economy transition is among the continent's most advanced. The Least Cost Power Development Plan identifies 5.3 GW of new renewable capacity needed by 2030. C&I solar is the fastest-growing segment, with strong corporate off-takers including Safaricom, Equity Bank, and multinationals operating in Nairobi and Mombasa. The water sector faces a $2.1B annual investment gap to meet SDG 6 targets.
55M
Population
Kenya's human development trajectory is improving across most indicators, with strong gains in mobile financial inclusion and electrification. Urbanisation is accelerating, creating concentrated demand for clean energy and water infrastructure.
NDC Renewables Target92%
Kenya already derives 92% of electricity from renewables, powered by geothermal, hydro, wind and solar. The NDC targets net-zero by 2050, with near-term focus on distributed solar and storage to close the rural access gap.
Primary Market
Secondary Market
Platform Domicile
EQ Indian Ocean Atlantic EGYPT KENYA RWANDA NAMIBIA MADAGASCAR SEYCHELLES MAURITIUS Platform Domicile
Blended Finance Calculator

Risk & return by market.

Select a target market, set your equity ticket, and choose a scenario to see the full blended capital stack, J-curve, FX sensitivity, risk profile, and impact metrics. All figures are indicative and market-calibrated. Conservative scenario shown by default.

Kenya
Rwanda
Namibia
Egypt
Madagascar
Seychelles
Mauritius · Platform Domicile
Equity Ticket
USD 5M
USD 3MUSD 9MUSD 15M
Return Scenario
Conservative
Base Case
Upside
Sector Focus
Layer carbon revenue +0.0% IRR
All projections are indicative only and do not constitute a financial offer or investment advice. Returns are based on comparable blended finance transactions in the region. Actual returns depend on project performance, FX, and exit conditions. Impact metrics are per-project estimates scaled to ticket size using project-level benchmarks — not linear extrapolations.
Fund Equity
USD 5M
First-loss tranche
DFI Debt Unlocked
USD 11M
~2.2× leverage
Total Project Value
USD 18M
Capital mobilised
Net IRR (Yr 10)
8.9%
Conservative scenario
Capital Stack
J-Curve
FX Sensitivity
Risk Profile
Impact
Blended capital stack · waterfall
First-loss protection — fund equity tranche
Cumulative cash flow profile · J-curve
J-curve reflects construction period (Yrs 0–2), operational ramp (Yrs 2–4), and full cash generation phase. Negative trough is equity deployed pre-revenue. Break-even timing is scenario and sector dependent.
IRR sensitivity · FX hedging scenario
Fully Hedged
Partial Hedge
Unhedged
Risk profile · Kenya
Indicative impact · per deployment at ticket size
SDG alignment
$12B
Annual Finance Gap
$4.2B
Private Investment (2023)
92%
Renewables Share
~2.2×
DFI Leverage Ratio
45 DTAAs
Treaty Coverage
05 Pipeline Active & Prospective Transactions
Deal Criteria & Pipeline

What the Fund
looks for.

The Fund applies a consistent set of eligibility criteria across every opportunity — irrespective of sector or country. Below are the mandatory thresholds, preferred characteristics, and the sectors where we are actively building deal flow.

Active Pipeline · Q1 2026
Initial Screening
12
Preliminary DD
7
Full Due Diligence
4
IC Review
2
Deal identities and specifics are confidential. Counts and stages are indicative of current activity only. Full project files available to vetted partners via Digital Commons.
Mandatory
Contracted revenue stream
Every investment must have a long-tenor offtake agreement, concession, or regulated tariff in place — or a credible pathway to one — before equity is committed. No merchant revenue exposure at project level.
PPA · Water offtake · FiT contract · Concession agreement · C&I bilateral PPA
Mandatory
DFI co-financing available
Projects must be eligible for and able to attract DFI debt or concessional co-financing. The blended capital structure (Fund equity + DFI senior debt + concessional subordinated capital) is the core risk-return model — projects that cannot attract DFI debt do not qualify.
IFC · AfDB · Proparco · DEG · FMO · AIIB · EBRD eligible
Mandatory
Ticket size USD 3M – 15M equity
The Fund targets equity tickets of USD 3–15M per project, anchoring total project values of USD 15–80M including DFI debt and concessional layers. Projects above or below this range are outside the mandate for Fund I.
Total project value typically USD 15M – 80M at blended capital stack
Mandatory
Active DTAA with Mauritius
Projects must be located in a jurisdiction with an active Double Taxation Avoidance Agreement with Mauritius. Without a DTAA, the withholding tax on returns erodes LP economics and the GBC structure loses its structural advantage.
Kenya · Rwanda · Namibia · Egypt · Madagascar · Seychelles · +41 other jurisdictions
Preferred
NDC-aligned sector
Investments in sectors explicitly named in the host country's Nationally Determined Contribution receive preferential IC scoring. NDC alignment strengthens the regulatory environment and increases the likelihood of government support and concessional capital.
Solar PV · Wind · Clean water · Green hydrogen · Nature-based solutions
Preferred
Local currency revenue partially hedged
The Fund prefers projects where revenue is partially or fully denominated in USD or EUR, or where a natural hedge or MIGA convertibility cover is available. Pure local currency revenue is not disqualifying but requires additional risk mitigation.
USD-denominated PPA · EUR grant layering · MIGA transfer restriction cover
Exclusion
Fossil fuel projects
The Fund will not invest in coal, oil, or gas generation assets — including gas transition infrastructure that does not have a credible phase-out pathway. This exclusion applies regardless of carbon offset structures or blended finance framing.
Does your project qualify?
Run through the Fund's primary eligibility criteria. Projects that meet all mandatory thresholds are invited to submit a Project Information Form via the Digital Commons.
Project located in a DTAA jurisdiction with Mauritius
Contracted offtake in place or credibly achievable within 12 months
Equity requirement between USD 3M and USD 15M
Project eligible for DFI debt (IFC PS compliant or alignable)
Sector is renewable energy, clean water, or nature-based
No fossil fuel generation or extraction component
Developer able to provide financial model and site control documentation
Projects in non-DTAA jurisdictions are outside Fund I mandate
Tickets below USD 3M or above USD 20M equity are not eligible for Fund I
Merchant revenue only (no contracted offtake) does not meet threshold
Present a Project for Consideration →
Solar PV
SDG 7 · Affordable & Clean Energy
Utility-scale and C&I distributed solar. Grid-connected and mini-grid. All target markets.
Clean Water
SDG 6 · Clean Water & Sanitation
Water treatment, distribution, and storage. Municipal and peri-urban. East Africa focus.
Wind Energy
SDG 7 · Affordable & Clean Energy
Onshore wind with grid or SAPP export offtake. Namibia and East Africa coastline.
Nature-Based Solutions
SDG 13 · Climate Action · SDG 15
Blue carbon, REDD+, reforestation with VCS certification. Indian Ocean corridor.

The Fund's full investment policy, exclusion list, and ESG framework are available in the Information Memorandum. Project files and due diligence documentation are accessible exclusively to vetted Digital Commons partners.

Access Digital Commons →
06 Partners & Ecosystem Service Providers · Advisors · Networks
Our Ecosystem

Built on
institutional trust

The Foundation operates within an established ecosystem of founding institutional partners and government anchors across the Indian Ocean.

Strategic Institutions
07 How to Engage Investors · Co-Financiers · Projects
How to Engage

Three ways
to participate

Whether you bring a project, capital, or institutional mandate — there is a structured path for you to engage with the Foundation.

01
Present a Project

You are a project sponsor — a conglomerate, public authority, or infrastructure developer — with a climate asset in a target jurisdiction requiring structured institutional co-financing. The Fund reviews construction-completion and early-operational stage projects with contracted or quasi-contracted revenue streams. We structure, de-risk, and deploy equity alongside DFI co-lenders.

Present a project
02
Co-Invest with Us

You are a development finance institution, pension fund, sovereign wealth fund, or ESG-mandated allocator. The Foundation structures each investment as a blended capital stack — combining Fund equity with concessional DFI co-financing to meet your additionality mandate, satisfying IFRS 10 B11 governance requirements. Access to de-risked, EU Green Taxonomy-aligned pipeline through a single governed platform.

Request a private briefing
03
Become a Dialogue Partner

You represent a government body, multilateral institution, development bank, law firm, or professional services firm whose mandate intersects with climate transition finance across Africa or the Indian Ocean. Join the institutional dialogue programme and help shape how capital flows into the region.

Explore a partnership
08 Digital Commons VDR · Resources · Documentation
Always On · Vetted Access Only
Digital Commons

The room
never entirely closes.

The Digital Commons is the Foundation's secure Virtual Data Room — a year-round layer of project discovery, preliminary due diligence, and capital dialogue that operates between Roundtable editions. Once vetted, partners access a live, curated repository updated quarterly.

Project Files & Feasibility Packs
Full due diligence dossiers, financial models, ESIA summaries and term sheets for all pipeline projects.
Governance & Legal Documentation
Fund constitution, FSC licence, GBC structure diagrams, Eversheds Sutherland legal opinions and DTOS administration mandate.
Quarterly LP Briefing Updates
Pipeline updates, first close progress, impact reporting and market intelligence delivered every quarter.
NDC Alignment & Policy Briefs
Country-by-country climate policy mapping, NDC gap analysis and regulatory briefings for target jurisdictions.
TAP I Digital Commons · VDR v2.1
Secure · Encrypted
/ root / tap-digital-commons /
Fund Overview & Governance
8 files
Pipeline Summary (Public)
3 files
Project Due Diligence Files
24+ files
Financial Models & Term Sheets
18 files
Legal Opinions & SPV Docs
12 files
LP Briefing Packs
6 files
Quarterly Pipeline Briefing
Stay close to
the pipeline.

Receive the Foundation's quarterly briefing — pipeline updates, first close progress, market intelligence, and impact data — delivered directly to your inbox. No commitment required.

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Administered by DTOS. Data not shared with third parties.
✦ You're on the list.
Expect your first briefing within the next quarterly cycle. The Foundation's team will be in touch to verify your institutional details.
09 Private Access Discreet · By Introduction
Private Access

Discreet
by introduction.

The Foundation does not solicit capital publicly. If you have been introduced to this platform, or if your institution's mandate intersects with ours, we welcome a discreet initial exchange. Select the pathway that best describes your relationship to the Fund. All communications are held in strict confidence.

01
Present a Project
Sponsor seeking structured co-financing
02
Explore Co-Investment
DFI, LP or institutional allocator
03
Institutional Dialogue Partner
Government, multilateral or advisory firm
Roundtable Invitation
Request consideration for the next edition
Discreet response within 5 business days
All communications are confidential
Administered by DTOS
Legal Counsel: Eversheds Sutherland
Submission received.

Your communication has been received by the Foundation's secretariat. A member of the team will be in contact discreetly within five business days. All correspondence is treated as strictly confidential.

REF · TAP-I-2026-XXXX
Administered by DTOS Ltd · Legal Counsel: Eversheds Sutherland · Principal Banker: AfrAsia Bank
© 2026 Transition Africa Partners I · A programme of The Philanthropic Foundation · Mauritius