Nairobi is set to be home of a pan-African group that focuses on advancing venture philanthropy (VP) and social investment (SI) in Africa.
The group mobilises resources for projects that improve the livelihood of communities.
The continental platform – the African Venture Philanthropy Alliance (AVPA) – to be headquartered in Nairobi, is fronted by the International Venture Philanthropy Centre (IVPC).
IVPC is a social investment movement that was established in Europe in 2005 before expanding to Asia in 2012 with 230 and 409 members respectively, across 52 countries.
It aims at tapping resources ranging from capital, human and technical from the private investors, high-net-worth families, foundations, corporates, professional services firms, universities and government-related agencies. IVPC co-founding partner Alejandro Alvarez von Gustedt has said the organisation settled on Nairobi due to its highly rated tech status.
Speaking in Nairobi during AVPA social investment conference, Mr Gustedt said South Africa and Nigeria will be regional centres for southern and western regions of the continent respectively.
“AVPA is expected to be a network for funders and providers of human and intellectual capital who will build a vibrant social investment community across sub-Saharan Africa.
“Over the last 18 months, extensive due diligence consultations with over 400 leaders across the continent have shown that conditions are ripe for this network to take-off.
There is consensus that a membership network of capital providers – can accelerate social impact by expanding capital deployment, fostering learning, collaboration and accountability and leveraging community to advance systemic change in Africa,” said Mr Gustedt.
So far, both Europe and Asia networks have mobilised resources to the tune of Sh700 billion ($7 billion) in social investment across the two regions.