Key Takeaways
- • AfricaWorks Investment Partners (AWIP) has closed its second real estate fund, AWIP II, with $25 million in combined equity and debt.
- • AWIP II will finance four to five mixed-use redevelopment assets, primarily in Abidjan, Côte d'Ivoire, and Dakar, Senegal, totaling about 20,000 square meters.
- • The fund targets a 25% internal rate of return per asset, with projected operational timelines of 24 to 30 months per property.
- • Approximately 12 limited partners committed capital, blending European private investors with African family offices, including Groupe Filatex and Spark Capital.
- • AWIP I, an $8 million predecessor fund raised in 2025, completed two off-market acquisitions in Dakar and Lagos, with operations slated to begin in Q1 2027.
Summary
AfricaWorks Investment Partners (AWIP) has successfully closed its second real estate fund, AWIP II, securing $25 million in combined equity and debt, according to the firm's announcement. AWIP serves as the real estate investment arm of flexible workspace provider AfricaWorks and is structured to acquire, redevelop and operate urban mixed-use properties across major West African economic hubs.
AWIP II will finance the acquisition and development of four to five real estate assets, with a primary focus on Abidjan and Dakar. The portfolio targets an average property size of 5,000 square meters, totaling roughly 20,000 square meters, with a projected operating timeline of 24 to 30 months per asset and a target internal rate of return of 25% per individual asset. Acquired properties will be repositioned into modernized mixed-use buildings combining managed office space, hospitality, event venues and food and beverage facilities, and will be operated directly by AfricaWorks' operational division upon completion.
The fund drew commitments from approximately 12 limited partners bridging European and African private capital. Strategic investors include Robert Daussun of LBO France and Emmanuel and Matthieu Russel of Work & Share. European private investors include Marine Bellanger-Sood, Partner at Bain; Jérémie Delecourt, former COO of Ardian; Aude Grant, Deputy CEO of Covivio; and Dominique Ozanne, Chairman of Hova Hospitality. African family offices include Groupe Filatex, led by Hasnaine Yavarhoussen, and Spark Capital, represented by Rayan and Hicham Sharara.
AWIP was founded in 2025 by Grégoire Schwebig and Anthony Anziani as an extension of the AfricaWorks operating model and maintains offices in Abidjan, Dakar and Lagos. Schwebig, co-founder and CEO, said the firm's model is built on an understanding of African urban dynamics and usage patterns, alongside investment discipline.
The launch follows full deployment of AWIP I, an $8 million inaugural vehicle raised in 2025 from private investors and local commercial banks. That fund was allocated to two off-market acquisitions in Dakar and Lagos, Nigeria, with both assets scheduled to begin operations in the first quarter of 2027.
AWIP II will finance the acquisition and development of four to five real estate assets, with a primary focus on Abidjan and Dakar. The portfolio targets an average property size of 5,000 square meters, totaling roughly 20,000 square meters, with a projected operating timeline of 24 to 30 months per asset and a target internal rate of return of 25% per individual asset. Acquired properties will be repositioned into modernized mixed-use buildings combining managed office space, hospitality, event venues and food and beverage facilities, and will be operated directly by AfricaWorks' operational division upon completion.
The fund drew commitments from approximately 12 limited partners bridging European and African private capital. Strategic investors include Robert Daussun of LBO France and Emmanuel and Matthieu Russel of Work & Share. European private investors include Marine Bellanger-Sood, Partner at Bain; Jérémie Delecourt, former COO of Ardian; Aude Grant, Deputy CEO of Covivio; and Dominique Ozanne, Chairman of Hova Hospitality. African family offices include Groupe Filatex, led by Hasnaine Yavarhoussen, and Spark Capital, represented by Rayan and Hicham Sharara.
AWIP was founded in 2025 by Grégoire Schwebig and Anthony Anziani as an extension of the AfricaWorks operating model and maintains offices in Abidjan, Dakar and Lagos. Schwebig, co-founder and CEO, said the firm's model is built on an understanding of African urban dynamics and usage patterns, alongside investment discipline.
The launch follows full deployment of AWIP I, an $8 million inaugural vehicle raised in 2025 from private investors and local commercial banks. That fund was allocated to two off-market acquisitions in Dakar and Lagos, Nigeria, with both assets scheduled to begin operations in the first quarter of 2027.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.