Transform Health Fund



The Transform Health Fund (THF) is a blended finance vehicle, managed by AfricInvest and the Health Finance Coalition, aimed at addressing the healthcare financing shortfall in Sub Saharan Africa. The fund will respond to pressing healthcare financing challenges by targeting supply chain transformation, innovative care delivery, advancing digital innovation and establishing a robust healthcare ecosystem to improve access, affordability, resilience, and quality of healthcare for low-income patients.

Investment Details


Transform Health Fund


Contributing to climate resilience through low cost healthcare innovation


Healthcare financing


Cameroon, Rwanda, Uganda, Kenya Tanzania, Malawi, Mozambique, Zimbabwe, South Africa, DRC, Nigeria, Togo, Ghana, Côte d’Ivoire, Guinea, Senegal, Mali, Burkina Faso, Niger

In portfolio since


Our role

Committed Capital – £ 4.4m Instrument:
  • Junior Equity (A1 catalytic share class)

Our investment

  • FSDAi has allocated capital to the fund, which will be invested in high impact healthcare service providers in Africa. This investment will demonstrate that healthcare businesses can be sustainable while providing high quality and affordable healthcare on the continent.
  • Our investment was a prerequisite for multiple additional private sector senior investors to commit to the fund. The fund achieved an initial closing amount of US$ 40 million and proposes to initiate a second round targeting a total of $100m in fund-raising.

Purpose and target market

  • According to a report from the Brookings Institute, an estimated USD 240 billion is required to meet these targets. Shockingly, despite Africa accounting for approximately 16% of the global population and shouldering around 23% of the global disease burden, only about 1% of global health spending is allocated to the continent. Africinvest will be addressing the market gap in providing healthcare financing to businesses on the continent and will supplement their investments with resources to contribute to achieving the Sustainable Development Goal 3 targets which focus on promoting well-being and ensuring healthy lives for all.
  • As traditional donor funding falls short in addressing the financing needs of the healthcare sector (particularly donor fatigue following Covid 19) there is a growing recognition of the necessity for innovative blended finance models to back this sector. FSDAi’s investment fills the market gap in the healthcare sector in Africa, enabling healthcare businesses to access commercial capital; successful investment will further attract private capital to augment existing donor funding activity, effectively expanding the overall pool of financial resources available for healthcare.
“We are grateful to our partners who have put their trust in us to support entrepreneurs on the continent to do the critical work of increasing access to quality and affordable healthcare.” Noorin Mawani, The AfricInvest THF Co-fund Manager

Impact to date

375,000 people will access affordable healthcare

2800 jobs will be created, protected, and supported

1.8m women patients will be served

USD 150m will be mobilized/catalyzed from the public and private sector for businesses active in the healthcare sector

*The larger figure of USD 150m is a function of the recycling of funds repaid and redeployed by the fund throughout its lifetime, following completion of the second close of USD 100m.

FSD Africa contact

Riverside Green Suites (Palm Suite), Riverside Drive, Nairobi

Updated: February, 2024