Geographic Expansion — HPCIF

The integrative choice

Neither largest-market-first nor stay-home. The third path: enter the largest underserved demand on the lowest-risk currency leg first.

Two instincts compete. The first says lead with Nigeria — the continent's creative engine, the largest addressable pool. The second says extend the East African model cautiously, staying close to currencies HEVA already understands. The first maximises demand but front-loads FX and origination risk. The second protects the balance sheet but forfeits the first-mover window in West Africa.

HPCIF sequences on the XOF franc — the euro-pegged currency of Côte d'Ivoire and Senegal. Deploy first where currency risk is structurally eliminated, build the West-Africa credit track record, then enter Nigeria with a banked Francophone repayment history that de-risks it for senior DFI co-lenders. The cost: deferred access to the biggest revenue pool. The gain: a franchise that survives its first FX cycle intact.

"Sequence the expansion Côte d'Ivoire → Senegal → Ghana → Nigeria, anchored on the XOF euro-peg. Buy origination through named local partners; do not build cold. South Africa = Phase 2 Southern Africa, commercial CIF equity only — not CCF-grant or A4FM-eligible."

HPCIF Geographic Expansion Thesis · Vantage / RVA · June 2026

HEVA's continental reach — 4-phase expansion

Deal-led, platform-partnered — we go where the creative economy is strongest.

HPCIF deployment focus = East Africa base (Kenya, NOW) + Phase 1 West Africa (Nigeria · Ghana · Senegal · Côte d'Ivoire). Phases 2–3 are HEVA's longer-horizon continental ambition. Grant/CCF and A4FM-eligible capital deploy only to ODA-eligible jurisdictions across all phases.

NOW · 10-yr proven base

East Africa

Kenya · Rwanda · Tanzania · Uganda

HEVA's operational home. 12+ years of underwriting history, 100+ businesses financed, proven CLF on-lending template (Ota Kopa). EAC creative-economy bloc anchor.

EAC

PHASE 1 · Priority expansion

West Africa

Nigeria · Ghana · Senegal · Côte d'Ivoire

HPCIF's primary expansion. XOF-first sequencing (Côte d'Ivoire → Senegal → Ghana → Nigeria). All five OECD-DAC anchors span NOW + Phase 1. CCF/A4FM-eligible capital deploys across all ODA-eligible markets here.

ECOWAS UEMOA / XOF

PHASE 2 · Longer horizon

Central + Southern Africa

Central: Cameroon · DRC · Congo · CAR
Southern: South Africa · Angola · Zambia · Zimbabwe · others

South Africa sits here — Phase 2 Southern Africa, commercial CIF equity only. Not CCF-grant or A4FM-eligible (UMIC, not ODA-eligible). SA pipeline (Carry1st · Triggerfish · Africori) framed as Phase 2 commercial sleeve.

Source: HEVA Investor Deck 2025 ("Continental Reach" slide) — HEVA-authoritative continental phasing. Strategy: deal-led gradual market entry with platform partnerships at each stage.

Expansion sequence — XOF-first

Four corridors. One sequencing logic. Currency risk follows, demand leads.

Entry sequence Kenya included as HEVA's home market — not a new expansion corridor

Entry 1

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Côte d'Ivoire

At fund launch

XOF · Euro-pegged

Lowest FX risk — euro-pegged franc managed by BCEAO. Canal+ contracted offtake (Plan A, WOURI Studios) de-risks slate debt. State 2030 strategy names CCI as priority niche. Birimian Ventures as co-GP counterpart.

First-deal template

CLF slate-debt against Canal+ offtake + CIF co-investment via Birimian

Entry 2

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Senegal

Parallel — initial position

XOF · Euro-pegged

Same XOF currency — no added FX complexity. FOPICA state first-loss fund (EUR 1.845M, 49 projects in 2025) as co-financing counterparty. Maximum additionality on the continent: the state program is the only structured pool. OECD-DAC ODA-eligible anchor for A4FM / EU eligibility — CCF/A4FM eligibility is assessed on the OECD-DAC List, not LDC status. Senegal forms the Dakar half of the HPCIF UEMOA/XOF corridor; grant and catalytic capital can deploy across UEMOA's eight-country zone.

First-deal template

CCF first-loss co-finance with FOPICA + CLF $1–2M senior per project slate

Entry 3

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Ghana

12–18 months post-launch

GHS · Managed float

GHS is a genuine FX risk — enter after the XOF portfolio provides a buffer. The 20% film tax rebate (Feb 2024) and GH¢40M government seed fund (GH¢20M for film, 2026 Budget) take time to convert to bankable deal flow. NFA Film Development Fund launched May 2026.

First-deal template

CLF wholesale debt to Fidelity Bank Ghana for local-currency on-lending

Entry 4

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Nigeria

With Francophone track record

NGN · Float

Largest TAM — creative sector approximately $1.4bn of GDP (2023), film and music approximately 82% of creative-sector revenue. Entered via established local financiers (MBO Capital, Utica Film Fund — ₦20bn SEC-approved) once Francophone track record provides co-lender credibility. SEC precedent resolves the regulatory path.

First-deal template

CLF co-lending alongside MBO Capital / Utica + CIF equity into animation/label IP vehicles

Why XOF-first beats market-size-first: Senegal and Côte d'Ivoire run on a euro-pegged franc managed by the BCEAO — eliminating depreciation risk that the naira and cedi carry. The XOF portfolio builds the Francophone repayment record that de-risks Nigeria for senior DFI co-lenders. We defer the largest revenue pool to earn it safely.

XOF-first · Francophone sequencing

Five OECD-DAC core markets

Every market is OECD-DAC ODA-eligible. The entire blended stack qualifies for DFI and A4FM-aligned catalytic capital.

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Nigeria

LMIC · OECD-DAC ODA-eligible

Scale Corridor · Entry 4

30–50%

Pipeline allocation

Creative Economy Scale

Creative sector approximately $1.4bn of GDP (2023). Film and music approximately 82% of creative-sector revenue. Fashion contributes more than $6.1bn to GDP. Cinema ticket sales rose 60% year-on-year to ₦11.5bn in 2024. Nollywood and Afrobeats are the continent's creative engine.

Financing Gap

Stated industry funding gap of approximately ₦200bn (approximately $130M). A handful of structured financiers (MBO Capital, Utica Film Fund — ₦20bn SEC-approved) against a market the continent's largest by creative output. The 2024 streamer pullback removed the dominant MG-underwriting leg — widening the patient-debt gap precisely where HPCIF fits.

Ecosystem Actors

MBO Capital Utica Film Fund EbonyLife Media SEC Nigeria Capital Film Productions Anthill Studios Kugali Media Maliyo Games Chapel Hill Denham

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Kenya

LMIC · OECD-DAC ODA-eligible

Scale Corridor · HEVA Home Market

15–30%

Pipeline allocation

Competitive Advantage

East Africa operational hub. 12 years of HEVA underwriting history — 100+ creative businesses financed, proprietary loss-rate data across economic cycles. The CLF's Ota Kopa and Ota Kopa Plus products originated here across four FSPs and two aggregators.

Ecosystem Actors

HEVA (base) Story Zetu Drama Deluxe Filmmakers Mart (IFC · Sony) Century Cinemax

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Ghana

LMIC · OECD-DAC ODA-eligible

Scale Corridor · Entry 3

~15%

Pipeline allocation

Policy Catalysts

First-ever 20% film tax rebate enacted February 2024. Government 2026 Budget allocates GH¢40M creative seed fund (GH¢20M for film), operational Q2 2026. NFA Film Development Fund launched May 2026. UNESCO ranks Ghana among top-10 low/medium-income nations using CCI to address youth unemployment.

Ecosystem Actors

Fidelity Bank Ghana National Film Authority (NFA) Ananse Studios Christie Brown (Birimian) Ministry of Finance

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Senegal

LMIC · OECD-DAC ODA-eligible

Francophone Anchor · Entry 2 · UEMOA/XOF corridor

~15%

Pipeline allocation

Additionality

Maximum additionality on the continent — the state FOPICA fund (EUR 1.845M across 49 projects in 2025) is effectively the only structured capital pool. Historic Francophone cinema leader in resurgence. Startup ecosystem drew $14.5M across 9 equity rounds in 2024, up 245% year-on-year — early indicator of maturing private appetite. XOF — same euro peg as Côte d'Ivoire.

Ecosystem Actors

FOPICA (state co-lender) Ministry of Culture Tongoro (Sarah Diouf) Dakar film community

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Côte d'Ivoire

LMIC · OECD-DAC ODA-eligible

Francophone Beachhead · Entry 1 · UEMOA/XOF corridor

~10%

Pipeline allocation

Strategic Position

Creative and cultural industries represent more than 4% of GDP and approximately 8% of the active workforce (Afreximbank). CCI is one of three priority niches in the national 2030 upper-middle-income strategy. Canal+ contracted offtake (majority owner of Plan A, WOURI Studios) provides the distribution anchor that de-risks slate debt from day one. April 2024 state entertainment startup fund aligns government as co-investor.

Ecosystem Actors

Birimian Ventures Canal+ (Plan A · WOURI) CEPICI Loza Maléombho Simone et Élise Lafalaise Dion State 2024 fund

Five anchor markets · three regional blocs

HPCIF's five OECD-DAC entry markets are regional anchors, not a fixed country box. Each anchor opens a broader bloc. Grant/CCF and A4FM-eligible capital is assessed on the OECD-DAC List and remains ODA-eligible within the bloc; commercial CIF/CLF capital may range more broadly across bloc members as the portfolio matures.

ECOWAS

West Africa (15 states)

Anchors: Nigeria · Ghana

Largest single creative market (Nigeria) + film-rebate corridor (Ghana). Entry sequenced after XOF track record established.

UEMOA / XOF

Francophone West Africa (8 states)

Anchors: Senegal · Côte d'Ivoire

Euro-pegged XOF eliminates depreciation risk. First deployment tranche. CCF/A4FM-eligible across UEMOA zone (OECD-DAC ODA-eligible members).

EAC

East Africa Community (7 states)

Anchor: Kenya

HEVA's operational base. 12-year underwriting history. Ota Kopa / Ota Kopa Plus is the proven on-lending template for CLF scale-up across the EAC.

* CCF/A4FM eligibility is assessed on the current OECD-DAC List of ODA Recipients, not on LDC status alone. Côte d'Ivoire graduated from LDC in February 2022; Senegal graduated in February 2026. Both remain LMIC and OECD-DAC ODA-eligible.

Why HEVA's model transfers

The moat is the instrument and the underwriting culture — both portable. Not the geography.

The instrument is the moat, not the geography

HEVA's edge is bespoke blended creative-finance — grant technical assistance, concessional debt, quasi-equity — paired with an underwriting culture that has held portfolio loss rates historically low across cycles. Neither is tied to a postcode. The Ota Kopa / Ota Kopa Plus product ($5M working-capital product, March 2025, four FSPs and two aggregators) proves the on-lending template: HEVA does not lend cold into a market. It on-lends through regulated local intermediaries — exactly the mechanism for entering Ghana (Fidelity Bank), Côte d'Ivoire (Birimian, local banks), Senegal (FOPICA), and Nigeria (MBO Capital, Utica).

New markets lack the blended middle layer

Each target market has distribution capital (Canal+), state soft-money (FOPICA, the Ivorian fund, Ghana's GH¢40M seed), or commercial slate financiers (MBO, Utica) — but none has the patient blended layer that sits between grant and commercial capital. HPCIF's three-tranche stack (CCF first-loss grant / CLF senior debt / CIF growth equity) is the structurally missing instrument. HEVA enters as the catalytic-and-senior partner the larger capital sources need to de-risk creative deals at origination.

Value-chain familiarity — no thesis re-tooling

HEVA's three target value chains — fashion/garments/accessories; film/TV/content/gaming; music/performing arts — are identical to the dominant West and Francophone sub-sectors. The underwriting playbook, the impact metrics, and the IRIS+ alignment carry over unchanged. The fund is not learning a new asset class; it is applying a proven one to a larger total addressable market.

Afreximbank already deploys HPCIF's core mechanism

Afreximbank's established creative-economy model includes lines of credit to African banks to support commercial creative activities — senior credit on-lent through intermediaries. That is structurally identical to how HPCIF's CLF operates, with HEVA as the seasoned intermediary. The credit committee reviewing the Afreximbank CLF application (Ref: HEVA-AFREX-CLF-001/25, $25M revolving) will recognise the structure it already approves — lowering the first-time-vehicle novelty risk that is the standard DFI objection to new entrants.

Expansion risks — and how the blended structure mitigates them

The case for expansion is not the absence of risk. It is that the blended structure was built to absorb precisely these risks.

Risk Markets Mitigation mechanism

FX volatility (NGN, GHS)

Nigeria, Ghana

XOF-first sequencing defers volatile currencies until the portfolio has a buffer; CCF grant leg acts as FX first-loss; CLF on-lends in local currency via regulated banks (Fidelity Ghana model); export-receivable collateral for fashion and IP deals.

Distribution / exhibition weakness

Ghana, Senegal

CLF infrastructure debt into exhibition and studio build-out (Ananse Studios); FOPICA partnership absorbs first-loss; CIF equity into distribution platforms (Filmmakers Mart).

Streamer MG withdrawal (2024)

Nigeria

CLF slate model does not depend on a single MG buyer; diversified offtake (cinema ticket revenue + aggregator licensing + diaspora distribution); CCF de-risks single-buyer concentration at origination.

IP / piracy enforcement gaps

Nigeria

CCF-funded technical assistance on rights formalisation; favour catalogue and publishing deals with collectible royalties over one-off productions; CIF equity targets IP-bearing, rights-formalised companies.

Local knowledge / origination cost

CIV, SN, GH, NG

Co-GP and intermediary partnerships in every market — Birimian Ventures (Côte d'Ivoire fashion), Fidelity Bank Ghana (credit), FOPICA (Senegal state co-lender), MBO Capital and Utica Film Fund (Nigeria). Buy origination via established local counterparties; do not build cold.

Sector concentration in film

All markets

Spread across all three of HEVA's value chains — recurring-revenue music and working-capital fashion alongside the lumpier film and TV exposure. CLF's short 120-day tenor also reduces time-based concentration.

South Africa — Phase 2 Southern Africa

Phase 2 Southern Africa — commercial CIF equity only. Not CCF-grant or A4FM-eligible.

Structural scope note — 29 June 2026

South Africa hosts genuinely investable, IP-bearing creative assets in the CIF equity pipeline — Carry1st (gaming), Triggerfish (animation), and Africori (music distribution) are indicative pipeline positions. For the commercial equity sleeve of the CIF, these are high-quality, exit-comparable deals. Excluding them entirely would forfeit real return potential for the senior LP tranche.

The constraint is structural, not preferential. South Africa is an upper-middle-income country and is not OECD-DAC ODA-eligible. The fund's catalytic capital — the CCF grant facility and A4FM / Convergence-eligible portions of the platform — is bound by ODA-eligibility rules.

Allowed CIF equity / commercial sleeve — opportunistic, reduced allocation

Excluded CCF grant capital — not ODA-eligible

Excluded A4FM-eligible / Convergence portions — not ODA-eligible

Excluded Core market positioning — SA is not a named HPCIF OECD-DAC target

South Africa enters in Phase 2 (Southern Africa) as commercial CIF equity only, consistent with the five-market A4FM scoping submission. Catalytic/grant (CCF) and A4FM-eligible capital remain within ODA-eligible markets.

From 14 countries to five OECD-DAC markets. De 14 pays vers cinq marchés OCDE-CAD.

Deal-led, platform-partnered — we go where the creative economy is strongest.

Four corridors. One sequencing logic. Currency risk follows, demand leads.

Every market is OECD-DAC ODA-eligible. The entire blended stack qualifies for DFI and A4FM-aligned catalytic capital.

The moat is the instrument and the underwriting culture — both portable. Not the geography.

The case for expansion is not the absence of risk. It is that the blended structure was built to absorb precisely these risks.

Phase 2 Southern Africa — commercial CIF equity only. Not CCF-grant or A4FM-eligible.

The complete geographic thesis — per-country data, named sourcing, sequencing rationale — is in the data room.

Deal-led, platform-partnered — we go where the creative economy is strongest. Guidé par les deals, ancré dans les partenariats — nous allons là où l'économie créative est la plus forte.

Four corridors. One sequencing logic. Currency risk follows, demand leads. Quatre corridors. Une logique de séquençage. Le risque de change suit, la demande mène.

Every market is OECD-DAC ODA-eligible. The entire blended stack qualifies for DFI and A4FM-aligned catalytic capital. Chaque marché est éligible à l'APD de l'OCDE-CAD. L'ensemble de la pile mixte est éligible au capital catalytique IFD et A4FM.

The moat is the instrument and the underwriting culture — both portable. Not the geography. Le fossé défensif est l'instrument et la culture de souscription — les deux sont portables. Pas la géographie.

The case for expansion is not the absence of risk. It is that the blended structure was built to absorb precisely these risks. L'argument pour l'expansion n'est pas l'absence de risque. C'est que la structure mixte a été conçue pour absorber précisément ces risques.

Phase 2 Southern Africa — commercial CIF equity only. Not CCF-grant or A4FM-eligible. Phase 2 Afrique Australe — equity CIF commercial uniquement. Pas de capital CCF-grant ou A4FM-éligible.

The complete geographic thesis — per-country data, named sourcing, sequencing rationale — is in the data room. La thèse géographique complète — données pays par pays, sourcing nommé, raisonnement de séquençage — est dans la data room.

Deal-led, platform-partnered — we go where the creative economy is strongest.

Four corridors. One sequencing logic. Currency risk follows, demand leads.

Every market is OECD-DAC ODA-eligible. The entire blended stack qualifies for DFI and A4FM-aligned catalytic capital.

The moat is the instrument and the underwriting culture — both portable. Not the geography.

The case for expansion is not the absence of risk. It is that the blended structure was built to absorb precisely these risks.

Phase 2 Southern Africa — commercial CIF equity only. Not CCF-grant or A4FM-eligible.

The complete geographic thesis — per-country data, named sourcing, sequencing rationale — is in the data room.