Seeking an experienced General Partner (investment fund manager) to build on our success supporting companies ready to scale that are already changing the way people live, learn, and work.

The Accessible & Assistive Technology Growth Fund (AT Growth Fund) is a catalytic impact fund that will harness technology to improve the lives of millions of people in low- and middle-income countries. Our goal is to drive innovation, accessibility, and inclusivity through private sector investments in life changing accessible and assistive technologies.

By 2030, 3.5 billion people worldwide will need AT, often using cutting edge innovation. The AT Growth Fund is a pioneering global initiative, dedicated to accelerating the growth of high-potential ventures in the accessible and assistive technology sectors. It aims to serve as the premier scaling pathway for these ventures, fostering innovation and expanding access to life-changing technologies for millions of persons with disabilities, particularly in lower- and middle-income countries.

By strategically investing in transformative technologies and supporting entrepreneurial endeavours, the AT Growth Fund will strive to empower persons with disabilities

The AT Growth Fund concept has undergone an extensive design phase and is sponsored by FCDO through our AT2030 programme. The AT Growth Fund will bring together private and public capital that will support early-stage impact-driven accessible and assistive technology ventures and catalyze investment in the innovation industry.

We’re now looking for a General Partner (investment fund manager) with a proven track record, leadership and strategic decision-making skills, as well as a passion for driving social impact and fostering inclusive growth.

General Partners are invited to access the Request for Proposals and supportive materials via this link.

The deadline for proposals is 18:00 BST on 27th September 2024.

Request for Proposals and supportive materials

FAQ for the AT Growth Fund RFP Process

See below a set of FAQs based on clarification questions raised by potential applicants.

1. Fund Structure and Scope

Q: What is the geographical focus of the fund?

• A: The Fund will focus on ventures operating in low- and middle-income countries (LMICs), with priority regions including sub-Saharan Africa, Southeast Asia, South Asia, and Latin America. Ventures domiciled outside these regions are eligible if they demonstrate a significant impact within LMICs, either through operational expansion or market entry.

Q: Is the fund limited to a specific type of investment?

• A: The Fund is open to a flexible mix of equity, mezzanine, and potentially a debt window, with exact allocations depending on negotiations with the selected General Partner (GP).

2. Venture Strengthening Facility

Q: Is the governance of the Venture Strengthening Facility flexible?

• A: Yes. While the current design envisions third-party management, there is openness to alternative governance models, including the GP taking on day-to-day delivery of the Facility if it aligns with the Fund’s strategic goals.

3. Fundraising and Investor Engagement

Q: What progress has been made with anchor investors?

• A: The Fund has a £10 million ($13 million) sponsor investment commitment via the AT2030 program, led by GDI Hub and funded by FCDO/UKaid. Additional key anchor investors are being actively cultivated, and specifics will be disclosed during negotiations with the selected GP(s).

Q: When is the expected fundraising close for the Fund?

• A: The Fund aims for a first close by the second quarter of 2025, subject to negotiations with investors and due diligence processes. 

4. Investor Expectations and Return Goals

Q: What are the expected returns for investors?

• A: Return expectations will vary based on the capital stack and investor type.  Specific returns will be determined through negotiations between the GP and LPs (Limited Partners).

Q: Will the Fund offer any risk protection for investors?

• A: It is envisioned that ~$5m of the FCDO sponsor funding will be allocated to provide downside protection for other LPs.  

5. Cost Sharing and Operational Expenses

Q: Will there be any cost sharing during the capitalisation phase?

• A: Cost sharing of operational expenditure during the mobilisation and capitalisation phases will be considered on a case-by-case basis. This will depend on the proposals received from potential partners and subsequent negotiations with the selected GP.  

6. Fee Structure and Financial Arrangements

Q: How will the fee structures be determined?

• A: Fee structures will be negotiated with the selected GP following the RFP process. There is flexibility in these financial arrangements, and the Fund is open to aligning fees with market norms and strategic objectives.