SovereignWealthFunds.comChina-Africa Development Fund (CADFund)
CADFund: what it invests in
Geography Regional
CADFund: how big it is, and on what basis
In US dollars: about USD 10.0B. Reported in US dollars.
CADFund: what it publishes
Published 0 · Partly 5 · Not published 5
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. CADFund is China's first equity fund dedicated to Africa. Announced at the 2006 FOCAC summit and run by China Development Bank, it has a USD 10 billion scale after a 2015 top-up. It mainly takes equity stakes alongside Chinese companies investing in Africa, and had made over USD 8.7 billion of investment decisions in 39 countries by August 2025. S1 S3
Key points
- USD 10 billion fund scale: USD 5 billion at launch plus USD 5 billion added in 2015. S1 S3
- Over USD 8.7 billion of investment decisions in 39 African countries by August 2025. S3
- Over USD 32.8 billion of Chinese company investment and financing catalysed. S3
- Equity is the main tool, with debt and fund investments also offered. S1
- Five African offices: South Africa, Ethiopia, Zambia, Ghana and Kenya. S1
- Also manages the USD 1 billion China-Portugal Cooperation and Development Fund. S1
Interesting facts
Mandate and goals
CADFund backs Chinese companies investing in Africa, adding equity to projects without adding to African public debt, and supports industrialisation, poverty reduction and sustainable development. S1 S4
How it invests
| Industries | Infrastructure and utilities, Industrials and manufacturing, Mining and metals, Agriculture and food security, Renewables and climate, Technology S4 S2 |
|---|---|
| Asset classes | Private equity, Infrastructure, Private credit S1 |
| Stages | Growth, Infrastructure, Credit S1 S2 |
| Geography | Regional. 39 African countries; regional offices in five S3 |
| Direct / through funds / co-invest | Yes / Yes / Yes S4 |
| Ticket size | No ticket range published; past stakes range from about USD 27M to joint ventures near USD 1B. S2 |
| Deal sizes seen | About USD 27M to USD 996M (deal sizes incl. partners) |
| External managers | Invests directly; also offers fund investments S1 |
| Co-investment programme | Co-invests with Chinese companies in Africa S3 |
Published criteria
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| Not published | Hisense home appliance industrial park, Cape Town. Joint investment with Hisense in a manufacturing park. S3 | Co-investment | Industrials and manufacturing | Growth | Not published | |
| Not published | GCL-Poly photovoltaic project. Joint investment in a solar manufacturing project. S3 | Co-investment | Renewables and climate | Infrastructure | Not published | |
| 2012 | Husab uranium mine. Joint venture with China National Nuclear Corporation to buy the mine. S2 | Joint venture or partnership | Mining and metals | Growth | USD 996M (JV deal) | |
| 2010 | Jidong cement plant, Limpopo. Equity towards a new cement plant. S2 | Co-investment | Industrials and manufacturing | Growth | ZAR 382.5M of ZAR 1.65B | |
| 2013 | Independent News and Media SA. Bought a 20 percent stake in the newspaper group. S2 | Direct investment | Telecoms and media | Growth | ZAR 400M | 20% |
| 2009 | Leather factory and Eastern Industrial Zone. Joint venture with a Chinese tannery near Addis Ababa; also helped set up the Eastern Industrial Zone. S2 | Joint venture or partnership | Industrials and manufacturing | Growth | About USD 27M | |
| Not published | Asogli power plant, Tema. Investor in Ghana's first privately owned power plant. S2 | Direct investment | Infrastructure and utilities | Infrastructure | Not published | |
| Not published | Africa World Airlines. Equity stake in the Ghanaian airline. S2 | Direct investment | Transport and logistics | Growth | Not published | |
| 2010 | Bong County iron ore mine. Held an 85 percent stake from 2007 and sold 60 percent to WISCO International in 2010. S2 | Sale or exit | Mining and metals | Growth | Not published | |
| Not published | Huayou Cobalt. Held a 7.59 percent stake in the Shanghai-listed cobalt producer. S2 | Direct investment | Mining and metals | Public markets | Not published | 7.59% |
Case studies
Husab uranium mine joint venture S2
- What: CADFund teamed up with China National Nuclear Corporation to buy the Husab uranium project in Namibia.
- When: 2012
- Size: USD 996M (deal)
- Why: Pair Chinese industrial know-how with fund equity for a large resource project.
- Outcome: The joint venture acquired the mine.
South Africa industrial platform S3
- What: Equity alongside Chinese manufacturers including Hisense in Cape Town and GCL-Poly in solar.
- When: 2007 to 2025
- Size: Over USD 1.5B across 21 projects
- Why: Build local manufacturing, energy and supply chains.
- Outcome: Decisions in South Africa passed USD 1.5B across 21 projects by August 2025.
Investment process
CADFund runs on market principles with its own operations and risk management, under China Development Bank. Sector departments in Beijing and regional offices work as a matrix team. S1 S4
- Chinese or African sponsor brings a project. S1
- Sector and regional teams appraise it. S4
- Risk control review and investment decision. S1
- Equity, debt or fund investment plus post-deal support. S1
How to approach: Business contact routes are on the fund website. S1
Size and returns
- Headline size: USD 10B fund scale (Committed or authorised capital, as of 2025-12-31) S1
- In US dollars: about USD 10.0B. Reported in US dollars.
- Investment decisions, August 2025: Over USD 8.7B (Committed or authorised capital, as of 2025-09-25) S3
- China-Portugal fund managed: USD 1B (Committed or authorised capital) S1
- Returns: the fund does not publish a return figure.
- Size over time (USD billion): 2007 1, 2015 10 S1 S2
Leadership
Governance and transparency
- Legal basis: CADFund Co., Ltd., a company under China Development Bank S1
- Oversight: China Development Bank S1
- Listed by CDB among its integrated financial business subsidiaries. S1
Transparency score: 2.5 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2006-11-04 | Announced at the FOCAC Beijing summit. S1 |
| 2007-06 | Began operations with USD 1B from CDB. S2 |
| 2010-05 | Second fundraising round targets USD 2B. S2 |
| 2015-12 | Scale raised to USD 10B at the FOCAC Johannesburg summit. S1 |
| 2024-07 | USD 7.6B of decisions in 39 countries. S4 |
| 2025-08 | Over USD 8.7B of decisions. S3 |
For family offices
CADFund invests mainly with Chinese industrial partners. Investors with African projects that have a Chinese partner are the closest fit. S1
Common questions
How large is CADFund?
USD 10 billion of fund scale after the 2015 increase. S1
How much has it invested?
Over USD 8.7 billion of investment decisions in 39 countries by August 2025. S3
Who runs it?
China Development Bank; Wang Shaodan is chairman. S4
Does it lend as well as invest?
Equity is the main tool, but it also offers debt and fund investments. S1
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All sovereign wealth funds in Asia · All strategic development funds · All funds in China
Sources
- S1China Development Bank, China-Africa Development Fund page
- S2Wikipedia, China-Africa Development Fund
- S3Cape Times, Chinese investments in Africa: SANY and CADFund (25 September 2025)
- S4ChinAfrica (China Today), interview with the CADFund chairman (3 September 2024)
- S5Ethiopian News Agency, ambassador meets CADFund (April 2025)
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