Africa bears nearly a quarter of the world’s disease burden, but it receives only a tiny sliver of the world’s health investment. The result is predictable: preventable illness, avoidable deaths and a persistent drag on productivity and economic growth.
It doesn’t have to be this way.
Across the continent, high-impact companies are developing the healthcare products and services needed in local markets. What they lack is patient growth capital and connection to public payers.
Blended finance offers a path forward. The approach brings together donors, governments and private investors to offer affordable loans that companies need to grow. The results are measured in lives saved, jobs created, and stronger health systems.
Private-sector-led health innovations have the potential to save millions of lives — but only if they can reach scale.
Africa bears 23% of the global disease burden but receives less than 2% of the world’s impact investment.
The result: Too many companies get stuck in the gap between early grant capital and commercial investment. Without access to growth capital, they stall out.
The $109.9 million Transform Health Fund is closing the financing gap for growth-stage healthcare companies in Africa. The fund is demonstrating that health care for the most vulnerable is investable. And it is paving the way for more private capital to flow where it is needed most.
The fund offers affordable, flexible debt and mezzanine financing to growing African healthcare companies. It is increasing access to quality, affordable healthcare and reaching rural and lower-income patients — all while strengthening Africa’s healthcare ecosystem.
With ticket sizes ranging from $2 million to $15 million, the Transform Health Fund invests in three focus areas:
The fund has committed over $35 million in capital to four companies so far:
The Transform Health Fund is a joint venture between AfricInvest, one of the most experienced private equity investors in Africa, and the Health Finance Coalition, an initiative of BillionScale Health. In 2026, the fund was awarded a Platinum rating from BlueMark, the leading provider of impact verification. KfW and other LPs made the BlueMark assessment possible.
The Transform Health Fund ensures that impactful companies get the financing they need to grow. The $109.9 million fund will recycle capital returned from early investments, enabling it to invest $175 million over time.
The Transform Health Fund uses a “capital stack” approach. It combines a “catalytic” layer of higher-risk, lower-return capital and a “commercial” layer targeting safer, more assured returns. This structure enables a range of funders — from corporates to donor-advised funds, DFIs and foundations — to invest together toward common impact goals.
BillionScale Health specializes in convening and aligning all the players needed for an effective capital stack. We also strengthen the pipeline of healthcare enterprises by providing technical assistance focused on investment readiness.
Notable fund investors include Royal Philips, the International Finance Corporation (IFC), Swedfund, the U.S. International Development Finance Corporation (DFC), Proparco, Merck & Co., Inc., known as MSD outside of the United States and Canada, FSD Africa Investments, Grand Challenges Canada (with funding from Global Affairs Canada), ImpactAssets Inc., the Global Health Investment Corporation (GHIC), Ceniarth (the family office of Diane Isenberg), UBS Optimus Foundation, Skoll Foundation, Anesvad Foundation, Netri Foundation, and the U.S. Agency for International Development (USAID).
The Transform Health Fund will reach 15 million beneficiaries during the investment period, improve access to healthcare for 8 million people and save 150,000 lives. It will also create 15,000 new jobs in portfolio companies and their supply chains.
The Transform Health Fund is attracting private investment and closing the health financing gap.
We are proving that Africa’s health businesses are investible.
