British International Investment (BII), formerly CDC Group, is the United Kingdom’s development finance institution, investing patient capital in emerging markets since 1948. BII manages approximately $10 billion in net assets, deployed across Africa, South Asia, Southeast Asia, and the Caribbean. The institution was rebranded from CDC Group in 2022 to reflect its expanded mandate and modernized approach.
BII is wholly owned by the UK’s Foreign, Commonwealth & Development Office (FCDO) and operates as an impact investor, targeting both financial returns and measurable development outcomes. The institution has been a pioneer in establishing private equity and venture capital markets across some of the world’s most challenging investment environments.
Investment Strategy
BII’s investment strategy combines fund commitments, direct equity investments, and debt financing across emerging and frontier markets. The institution provides capital that is typically unavailable or insufficient from commercial sources, helping to build private sector capacity and create employment in developing economies.
Africa represents the largest geographic allocation, with investments spanning the continent from established markets like South Africa and Kenya to frontier markets like Ethiopia and the Democratic Republic of Congo. South Asia, particularly India, and Southeast Asia are other key markets.
The institution’s sector focus includes financial services (banks, insurance, fintech), infrastructure (power generation, transportation, digital infrastructure), healthcare, education, technology, manufacturing, and food and agriculture. Climate finance has become a strategic priority, with BII committing to invest a significant share of new capital in climate-related opportunities, particularly renewable energy and climate adaptation.
BII also provides technical assistance and advisory services to portfolio companies, helping to improve governance, environmental practices, and ope
Frequently Asked Questions
What is British International Investment?
British International Investment (BII), formerly known as CDC Group, is the UK government's development finance institution. Established in 1948, it is one of the oldest DFIs in the world. BII invests patient, long-term capital in private sector businesses in Africa, Asia, and the Caribbean. The institution is wholly owned by the UK Foreign, Commonwealth & Development Office and manages approximately $10 billion in net assets. BII was rebranded from CDC Group in 2022.
How does BII invest in private equity?
BII invests in private equity through fund commitments and direct equity investments. The fund program has committed capital to over 200 private equity funds across Africa, South Asia, and Southeast Asia, making BII one of the largest LPs in these markets. Direct equity investments target growth-stage and established companies in sectors including financial services, healthcare, infrastructure, technology, and consumer businesses.
What is BII's investment focus?
BII focuses on markets where private capital is scarce and development impact is high. Africa is the largest geographic allocation, followed by South Asia and Southeast Asia. Priority sectors include infrastructure (particularly clean energy), financial services, health, education, technology, and manufacturing. BII also has a climate finance commitment, targeting a significant share of new investments in climate-related opportunities.
