Pipeline & Markets — HPCIF · HEVA Pan-African Creative Industries Fund

CCF

Creative Capacity Facility

$15M

Catalytic / grant / first-loss. Finances talent, capacity-building, formalisation, and first-loss de-risking for early-stage creative enterprises. Pre-commercial; feeds the CLF and CIF pipeline.

CLF

Creative Liquidity Facility

$40M

Two-layer revolving facility: $30M senior (commercial) + $10M first-loss (concessional). Working capital, production finance, slate debt, on-lending through regulated local banks. Requires contracted revenue — offtake, commissioning, wholesale purchase orders, catalogue royalties. Average ticket $150K / 120-day tenor.

CIF

Creative Investment Fund

$70M

Equity / quasi-equity. Growth equity into IP-owning, platform, or scalable creative businesses. Exit via strategic acquirers (UMG/Mavin deal at $125–200M is the reference comparable) or secondary. Net IRR target: 18%. Gross MOIC: 1.66×.

Near-term pipeline — OECD-DAC core · ~$25M across five anchor markets

Deals HPCIF expects to execute in its first 12–18 months of active deployment — each meeting the DFI bankability standard: contracted revenue, identifiable offtake, institutional counterparty. The ~$25M headline covers the five OECD-DAC core markets only; the South Africa commercial-CIF sleeve (~$10.5M) is separately presented below.

12–18 months post-First Close

Deployment-ready · confirmed

🇰🇪 Kenya CLF

Creative-economy working capital · Ota Kopa scale-up

CLF on-lending via the existing Ota Kopa FSP infrastructure

$5M+ (facility scale-up)

Ota Kopa / Ota Kopa Plus — launched at $5M (KES 644M) in March 2025 via four financial service providers and two aggregators, targeting 7,000+ Kenyan creatives (70% young women). HPCIF scales the existing CLF template. This is not a new product — it is a proven instrument seeking larger capital. HEVA holds 12 years of underwriting history in this market; Kenya is the CLF operations base. East Africa entry point opening the EAC creative-economy bloc.

🇨🇮 Côte d'Ivoire CIF

Fashion · Co-GP via Birimian Ventures · UEMOA/XOF corridor

CIF co-investment via Birimian co-GP structure

$1–5M (co-GP sleeve)

Birimian Ventures (Laureen Kouassi-Olsson, Abidjan) has deployed into 27 African fashion brands including Ivorian names — Loza Maléombho, Simone et Élise, Lafalaise Dion. A co-GP structure buys Birimian's origination capability and local operational presence without cold-building a fashion deal pipeline. Côte d'Ivoire is the HPCIF anchor for the UEMOA/XOF bloc; the co-GP relationship can extend across UEMOA's eight-country zone. The CIV creative economy represents more than 4% of GDP and is a 2030 government priority sector.

Commitment-stage · indicative — confirmation in progress

🇨🇮 Côte d'Ivoire CLF

Film / TV Production · Francophone beachhead · UEMOA/XOF

Slate debt against Canal+ contracted distribution

$1–3M per slate

Canal+ contracted distribution de-risks the CLF senior position from day one — the offtake agreement functions as a receivables anchor. XOF euro-peg eliminates currency depreciation risk. Plan A (Canal+ majority shareholder) and WOURI Studios are the identified anchor counterparties for Ivorian film structures. Lowest-friction Francophone film entry and the first beachhead deployment in HPCIF's sequencing logic.

Indicative — confirmation in progress: Canal+ offtake terms and confirmed raise status for Plan A / WOURI Studios.

🇸🇳 Senegal CCF + CLF

Film / AV · FOPICA co-finance · OECD-DAC ODA-eligible anchor · UEMOA/XOF

CCF first-loss + CLF senior alongside FOPICA state soft-money

$1–2M per project (HPCIF senior layer)

FOPICA provides approximately EUR 1.845M in state soft-money across 49 active projects in 2025. HPCIF CLF crowds in senior capital alongside this public layer — maximum additionality, since no private film lender currently operates in Senegal. Same XOF currency as Côte d'Ivoire, no additional FX complexity. Senegal is an OECD-DAC ODA-eligible market; CCF and A4FM-eligible capital can deploy here. Senegal and Côte d'Ivoire together form the HPCIF anchor into the UEMOA/XOF bloc.

Indicative — confirmation in progress: identification of specific financeable producers from the FOPICA 49-project list.

🇳🇬 Nigeria CLF

Film / TV · Nollywood slate debt · largest African creative market · ECOWAS corridor

CLF co-lending alongside MBO Capital or Utica Film Fund — entry via established local underwriting partners

$2–5M per slate cycle

MBO Capital deployed ₦5 billion in Nigeria film/TV by 2025 with an audited slate model. Utica Film Fund received SEC approval in October 2025 with a ₦20 billion vehicle (₦5 billion Series 1 released) — a SEC-registered IP vehicle representing an established co-lending counterparty. Both provide proven Nigeria-market CLF counterparties with institutional underwriting. Entry via established partners avoids cold origination in a high-FX-volatility market (Nigerian naira). Nigeria's creative economy represents Sub-Saharan Africa's largest single market. Nigeria and Ghana together form the HPCIF anchor into the ECOWAS bloc.

Nigeria entry is sequenced after the Francophone XOF track record is established (12–18 months post-First Close). The XOF beachhead — Côte d'Ivoire and Senegal — functions as the proof-of-concept for West Africa creative underwriting that de-risks Nigeria for DFI co-lenders such as Afreximbank. Indicative — confirmation in progress on Utica Film Fund co-lending and LP-entry terms.

₦20bn

Utica Film Fund vehicle · SEC-approved Oct 2025

₦5bn

MBO Capital deployed · audited slate model

Mid-term pipeline

Research-sourced, market-validated archetypes requiring either a Francophone track record as credibility currency, hard-commitment verification, or active counterparty sourcing.

18–36 months

🇬🇭 Ghana CLF

Film studio infrastructure · Ghana 20% film tax rebate corridor

CLF infrastructure debt — Ananse Studios / Black Star Experience

$5–15M (tranche into build-out)

Ananse Studios / Black Star Experience: a 200+ acre, seven-pillar creative facility in Ghana. Ghana's 20% film tax rebate (introduced February 2024) improves production economics. This would be the anchor infrastructure play for HPCIF's Ghana presence — a CLF infra-debt position into a Hollywood-standard facility that attracts international productions.

Indicative — confirmation in progress: hard capital commitments versus announced project scale. Positioning as anchor CLF play is contingent on direct verification with project principals.

🇬🇭 Ghana CLF

On-lending intermediary · regulated bank structure

CLF wholesale facility to Fidelity Bank Ghana (Cultural & Creative Fund)

$3–8M facility

Fidelity Bank Ghana's Cultural and Creative Fund (FCCF) is a bank-led vehicle that retails creative-sector credit to enterprises. HPCIF wholesale debt into a regulated Ghanaian bank mitigates direct FX origination cost while accessing Ghana's creative pipeline — the classic DFI-style intermediated structure. GHS currency volatility warrants a portfolio buffer before direct Ghana entry, making this the preferred first instrument.

Indicative — confirmation in progress: FCCF facility size, eligibility criteria, and CLF on-lending appetite from Fidelity Bank Ghana directly.

🇳🇬 Nigeria CIF

Music label / catalogue equity · strategic-acquirer exit comp

CIF growth equity into diversified-roster Nigerian music labels with publishing rights

$3–10M

The UMG / Mavin deal — valued at approximately $125–200M in 2024 — establishes the strategic-acquirer exit comparable for African music labels with publishing rights. Sub-Saharan streaming music revenue grew 24.7% in 2023. CIF equity into diversified-roster labels captures streaming-royalty upside with identifiable international exit pathways. Entry sequenced after Francophone track record is established.

🇳🇬 Nigeria CLF / CIF

Production-services platform · IFC + Sony Innovation Fund co-invested

CLF working-capital facility or CIF co-invest alongside IFC in Filmmakers Mart

IFC + Sony round closed August 2025 (amount not disclosed)

Filmmakers Mart is Africa's first integrated digital production platform, operating across Nigeria, Kenya, Ghana, and Morocco — four of HPCIF's five core markets. IFC and Sony Innovation Fund Africa invested in August 2025. IFC co-investment provides the DFI validation signal. A CLF working-capital facility or CIF co-invest would give HPCIF strategic origination presence across its four largest markets through a single counterparty.

🇸🇳 Senegal CIF / CLF

Fashion export · export-receivable collateralisation archetype

CIF equity or CLF export working capital — Tongoro (Sarah Diouf) archetype

$0.5–2M (fit inferred from sector comparables)

Tongoro (Sarah Diouf, Dakar) has achieved global exposure including Beyoncé endorsement and coverage in Business of Fashion. Export-receivable collateralisation — secured against confirmed international wholesale orders — is the enabling structure for Francophone fashion CLF. This is an archetype, not a confirmed transaction: founder appetite for outside equity capital requires direct confirmation.

Indicative — confirmation in progress: founder appetite for outside capital. Fashion brand founders vary significantly on outside-capital appetite.

🇳🇬 Nigeria CIF + CCF

Animation / Gaming IP · Disney+ validation signal

CIF equity + CCF TA into Disney-validated Nigerian animation and gaming IP

$1–5M CIF + CCF grant

Anthill Studios (Disney+ Iwájú), Maliyo Games, and Kugali Media (Disney Iwájú: Rising Chef) demonstrate that Nigerian animation IP can achieve global licensing. Disney's validation signals the strategic-acquirer exit pathway that CIF equity requires. CCF technical assistance de-risks pre-revenue runway. Entry sequenced after Francophone track record provides DFI co-lending credibility for Nigeria.

Indicative — confirmation in progress: deal terms and current relationship status with named companies.

Aspirational / CCF feeder pipeline

CCF grant and early-stage candidates that feed the CLF and CIF pipeline in years 3–7, plus opportunistic CIF equity positions retained from the February 2026 PPM.

Years 3–7 · long lead-time

🇰🇪 Kenya CCF → CIF

Gaming / animation incubator cohort · talent pipeline

CCF grant → CIF graduate track via Nairobi Game Development Centre

KES 1M per project (CCF stage) · CIF graduate potential at 18–24 months

Nairobi Game Development Centre (Alliance Française / Creation Africa): a 6-month incubator at KES 1M per project with workspace, mentorship, and investor showcase. The CCF grant de-risks pre-revenue gaming studios; those achieving commercial traction in 18–24 months graduate to CIF equity consideration. This is the CCF feeder mechanism made concrete.

🇸🇳 Senegal CCF + CLF

AV post-production infrastructure · Dakar Francophone hub

CCF grant + small CLF into Dakar post-production infrastructure

Concept stage · ticket to be determined through scoping

Dakar as Francophone West Africa's post-production hub addresses the distribution-infrastructure gap with maximum additionality — no comparable post-production facility currently serves Francophone West Africa at institutional quality. Toumani Sangaré film school (established 2022) as potential CCF technical assistance anchor. Long lead-time: requires ecosystem development work before deployment.

Indicative — confirmation in progress: concept and counterparty identification. Currently at research stage only.

Phase 2 Southern Africa — commercial CIF equity only · not CCF-grant or A4FM-eligible

South Africa is Phase 2 Southern Africa in HEVA's 4-phase continental expansion — commercial CIF equity sleeve at reduced allocation. It is not a core OECD-DAC target — CCF catalytic / grant capital and A4FM-eligible portions do not deploy to South Africa (UMIC, not ODA-eligible). SA exposure sits only in the CIF commercial equity sleeve. The two items below are retained from the February 2026 PPM Part H as indicative pipeline. Subtotal: ~$10.5M (Carry1st ~$4M + Triggerfish ~$3.5M + Africori ~$3M). This allocation is not counted in the OECD-DAC core pipeline stat. Indicative — confirmation in progress on their status following the A4FM geographic repositioning.

🇿🇦 South Africa Phase 2 · CIF commercial only

Gaming · Series B

Carry1st

~$4M (PPM Part H, February 2026)

SA-domiciled gaming company. Phase 2 Southern Africa — commercial CIF equity only. Not eligible for CCF / grant capital. Not counted in OECD-DAC or A4FM allocation. Post-A4FM repositioning status indicative — confirmation in progress.

🇿🇦 South Africa Phase 2 · CIF commercial only

Animation · Growth

Triggerfish

~$3.5M (PPM Part H, February 2026)

SA-domiciled animation studio. Phase 2 Southern Africa — commercial CIF equity only, same Phase 2 constraints as Carry1st above. Not eligible for CCF / grant capital. Not counted in OECD-DAC or A4FM allocation. Post-A4FM repositioning status indicative — confirmation in progress.

Francophone-first sequencing: the XOF logic

The standard instinct is to enter Nigeria first. The HPCIF sequencing logic inverts this — and for a precise structural reason.

Senegal and Côte d'Ivoire operate under the XOF franc, euro-pegged and managed by the BCEAO. This eliminates the currency depreciation risk carried by the Nigerian naira (NGN) and Ghanaian cedi (GHS), both of which carry documented high FX volatility. Weighting the first deployment tranche toward XOF-denominated markets materially reduces portfolio FX exposure while building a West Africa creative-economy credit track record that de-risks Nigeria for senior DFI co-lenders.

First beachhead · Fund launch

Côte d'Ivoire

XOF · euro-pegged

CLF slate debt against Canal+ offtake + CIF via Birimian co-GP. Euro-peg eliminates FX volatility. Canal+ offtake de-risks senior debt from day one. Creative economy over 4% of GDP — government 2030 priority. Lowest-friction Francophone entry.

Parallel · simultaneous small position

Senegal

XOF · euro-pegged

CCF first-loss co-finance with FOPICA + CLF $1–2M senior per project. Same XOF currency as CIV — no additional FX complexity. FOPICA soft-money absorbs first-loss. Maximum additionality: no private film lender operates in Senegal. OECD-DAC ODA-eligible anchor for A4FM and EU positioning; CCF/A4FM capital eligibility is assessed on the OECD-DAC List. Senegal and Côte d'Ivoire together form the UEMOA/XOF corridor entry point.

After XOF track record · 12–18 months post-launch

Ghana

GHS · managed float

CLF wholesale to Fidelity Bank Ghana + CLF infra debt into Ananse (post-verification). GHS volatility warrants a portfolio buffer before direct entry. Policy catalysts — 20% film rebate February 2024, GH¢40M creative seed Q2 2026 — converting to bankable flow on a 12–18 month lag. Fidelity Bank intermediation mitigates FX origination cost.

Largest TAM · with Francophone track record as credibility

Nigeria

NGN · high FX volatility

CLF co-lending alongside MBO Capital / Utica Film Fund + CIF equity into SEC-registered IP vehicles. Largest African creative market. Most complex entry: NGN volatility + origination cost. The Francophone XOF track record is the proof-of-concept for West Africa creative underwriting that de-risks Nigeria for DFI co-lenders. Enter via established partners, not cold.

This is not risk-avoidance. Ce n'est pas de l'évitement du risque. The Francophone-first sequencing is capital management that maximises the probability of Afreximbank and IFC co-lending for the largest market. A 12–18 month XOF track record is the credibility currency that de-risks Nigeria entry for a senior DFI co-lender. Entering Nigeria cold — without this track record — would be the higher-risk choice.

DFI bankability standard — applied to every tier

For the CLF to attract Afreximbank, IFC, and AfDB co-lenders, each deal must meet five criteria. These are not aspirations — they are the underwriting filter.

Contracted revenue

Signed distribution / commissioning / licence agreement, streamer or aggregator MG, wholesale purchase orders (fashion), or label catalogue with verified streaming royalty history.

Audited budgets + completion discipline

MBO Capital's explicit underwriting criterion. Diversified slate — 5–8 titles or multi-artist roster — smooths single-title flop risk and provides portfolio-level credit comfort for senior lenders.

Regulated local counterparty where possible

Fidelity Bank Ghana (CLF wholesale), Longitude Capital (Ota Kopa / Kenya CLF). Intermediated structure mitigates FX origination cost and demonstrates HPCIF's de-risked approach to emerging-market deployment.

Measurable impact KPIs

Jobs, young-women participation — HEVA's Ota Kopa template targets 7,000+ creatives (70% young women). IRIS+ and SDG-mappable. CIF additionally requires ownable IP and a credible strategic-acquirer exit comparable.

FX mitigation structure

(a) Local-currency on-lending via regulated bank; (b) hard-currency export receivables as collateral (fashion / IP licensing); (c) CCF grant as FX first-loss buffer; (d) XOF-first sequencing for West Africa entry. All four mechanisms are present across the HPCIF pipeline.

Pipeline confirmation status

This document compiles named deal archetypes and research-sourced candidates. Items requiring HEVA's proprietary data or direct counterparty confirmation are registered here.

Items marked A block external use of the relevant claim until HEVA confirmation is received. Items marked B are to be validated before distribution to DFI and LP counterparties. Once HEVA validates its proprietary pipeline data against this draft, this document becomes the pipeline section of the HPCIF diligence pack.

On NPL claims: Sur les claims NPL : A specific NPL percentage cannot be stated externally until HEVA provides written reconciliation of the portfolio NPL methodology against the FY2024 PKF-audited financial statements (signed 22 October 2025 by CPA Charles Waigiri Mukunu, PKF Kenya LLP). This validation item blocks external use of any specific NPL percentage. This page does not state one.

Gap / Item Priority

HEVA per-company instrument and ticket data (portfolio companies) A

NPL methodology: reconcile portfolio NPL against FY2024 PKF audited impairment provision A

Ananse Studios Ghana: hard capital commitments versus announced project scale A

Côte d'Ivoire state entertainment fund (April 2024): institution name, manager, size, terms A

Utica Film Fund Nigeria: GP identity, fund terms, co-lending appetite B

Fidelity Bank Ghana FCCF: facility size, eligibility criteria, on-lending appetite B

Plan A / WOURI Studios CIV: Canal+ offtake terms and confirmed raise status B

Tongoro, Orange Culture: founder appetite for outside equity capital B

Carry1st, Triggerfish: HPCIF pipeline status post-A4FM geographic repositioning B

South Africa — structural positioning note

South Africa: opportunistic CIF equity / commercial sleeve — not a core OECD-DAC market

HPCIF's five core target markets are Nigeria, Kenya, Ghana, Senegal, and Côte d'Ivoire — all OECD-DAC ODA-eligible. South Africa is a middle-upper-income country (UMIC) and is not ODA-eligible. As a result, the following is structurally fixed:

CCF catalytic and grant capital does not deploy to South Africa. The first-loss protection layer, technical assistance grants, and any A4FM-eligible or EU-eligible capital portions are restricted to OECD-DAC ODA-eligible markets. South Africa exposure sits exclusively in the CIF commercial equity sleeve — the senior LP tranche, not the catalytic junior tranche — and is sized as an opportunistic allocation at reduced weight relative to the five core markets. This distinction is material for any DFI LP whose mandate is tied to ODA-eligibility criteria (IDA/LMIC threshold, A4FM programme eligibility, Convergence blended-finance criteria).

The standard instinct is to enter Nigeria first. The HPCIF sequencing logic inverts this — and for a precise structural reason. L'instinct standard est d'entrer au Nigeria en premier. La logique de séquençage du HPCIF inverse cela — pour une raison structurelle précise.

South Africa: opportunistic CIF equity / commercial sleeve — not a core OECD-DAC market Afrique du Sud : equity CIF / tranche commerciale opportuniste — pas un marché OCDE-CAD de base

The standard instinct is to enter Nigeria first. The HPCIF sequencing logic inverts this — and for a precise structural reason.

South Africa: opportunistic CIF equity / commercial sleeve — not a core OECD-DAC market