IFC and Proparco Committed Up to $50m to the Helios Platform That Holds 69.4 Per Cent of Afro Nation’s Parent. No Music Right Changed Hands.

Deal sheet

Status

Signed 17 April 2025; IFC investment recorded 8 January 2026; Series B first closing completed January 2026. Further closings outstanding.

Parties

International Finance Corporation, Proparco, Helios Sports and Entertainment Group, Helios Fairfax Partners, The Malachite Group, Afro Nation

Amount

USD Up to USD 50.0 million announced jointly by IFC and Proparco on 9 July 2025: up to USD 30.0 million in equity from IFC's own account and up to USD 20.0 million from Proparco. IFC's Summary of Investment Information for project 48769 records "IFC's Investment as Approved by the Board" as 30.0 million USD, all equity, and describes the raise as "HSEG's fundraising worth US$75 million from third-party investors". The same document states that HSEG targets USD 250 million overall across the current Series B and future Series C rounds. Separately, Helios Fairfax Partners Corporation reports that in January 2026 HSEG completed the first closing of its Series B, raising USD 30.0 million in capital, of which Helios Fairfax Partners subscribed USD 2.5 million and Helios Holdings Limited subscribed USD 1.0 million. Neither IFC nor Proparco is named in that filing. The cash actually received by HSEG against the announced USD 50.0 million could not be established.

Rights covered

No music rights. This is equity in an investment platform, not an acquisition of copyright. IFC's disclosure classifies the project under Industry "Funds" and Sector "Other Sector Fund". The consideration passed to Helios Sports and Entertainment Group Ltd., a Guernsey-incorporated investment platform, which holds its portfolio through a wholly owned Guernsey subsidiary, Helios Sports and Entertainment Holdings Ltd. The relevant music asset sits three levels below: HSEH holds 2,574,200 preference shares in The Malachite Group Limited (England and Wales, 15140056), which is in turn the registered person with significant control of AFRONATION LTD (England and Wales, 11814404) at 75 per cent or more of shares and votes, notified 25 January 2024. The Malachite Group's confirmation statement made on 19 May 2026 records 1,113,100 ordinary shares denominated in GBP and 2,595,200 preference shares denominated in USD, 3,708,300 shares in total; HSEH's 2,574,200 preference shares are 69.42 per cent of that total, which reconciles with the 69.4 per cent ownership interest Helios Fairfax Partners reports. The preference shares carry, per the prescribed particulars on that confirmation statement, one vote per share, a cumulative preferential right to dividends, a preferential right to a return of capital on a winding up in priority to the ordinary shares, redemption at the option of the company and conversion into ordinary shares at the option of the shareholder. Helios Fairfax Partners states the preference dividend is fixed at 12 per cent compounding semi-annually. No master recording right, musical work, publishing interest, administration agreement, catalogue interest or recording licence appears in any document checked.

Territory

Africa. IFC records the project country as "Africa Region" and states that "HSEG's investments will be primarily in Africa." The entities themselves sit outside Africa: Helios Sports and Entertainment Group Ltd. and Helios Sports and Entertainment Holdings Ltd. are incorporated in Guernsey, The Malachite Group Limited and AFRONATION LTD are registered in England and Wales, Helios Fairfax Partners Corporation is listed in Toronto, IFC is headquartered in Washington D.C. and Proparco in France. The Afro Nation festival itself trades internationally.

Announced

2025-07-09

Primary document

Official newsroom

Sources

IFC press release "Boosting Job Creation in Africa's Sports Sector", 9 July 2025, issued jointly with Proparco, which announces the equity investment of up to USD 50 million in Helios Sports and Entertainment Group, splits it as up to USD 30 million from IFC's own account and up to USD 20 million from Proparco, names HSEG's four partners as NBA Africa, The Malachite Group (Afro Nation), PFL Africa and Zaria Group, and quotes IFC managing director Makhtar Diop, Proparco chief executive Francoise Lombard and HSEG managing partner Tope Lawani · IFC Summary of Investment Information, project 48769, Helios Sports and Entertainment Group Ltd.: SPI disclosed 11 March 2025, last updated 14 January 2026; previous events Approved 18 July 2024, Signed 17 April 2025, Invested 8 January 2026; board-approved IFC investment 30.0 million USD equity; AIMM rating Good on a score of 58, USD 461 million incremental value addition 2024 to 2029 and 26,000 additional jobs; the four investee companies listed as NBA Africa LLC, The Malachite Group, The Zaria Group and PFL Africa · Helios Fairfax Partners Corporation interim report for the six months ended 30 June 2026, approved by its board on 11 August 2026: HSEG Guernsey incorporation and HSEH subsidiary; USD 86,663 thousand invested for 81.7 per cent of HSEG; fair value of the equity investment USD 110,500 thousand (31 December 2025 USD 108,000 thousand, including NBA Africa equity interest of USD 39,380 thousand); "In 2023 and 2025, HSEG subscribed for preference shares in TMG, which holds the 'Afro Nation' business. The preference shares accrue dividends at a fixed rate of 12%, compounding semi-annually"; HSEG holds a 69.4 per cent ownership interest in TMG and TMG is accounted for as an associate at FVTPL rather than consolidated; USD 6,500 thousand advanced to TMG during the period as unsecured, non-interest bearing advances repayable on demand "in anticipation of TMG's proposed fundraising"; drawdowns of USD 9,500 thousand under the HSEG USD 10M loan facility "used to fund HSEG's investment in TMG"; Series B first closing completed January 2026 raising USD 30,000 thousand, of which Helios Fairfax Partners USD 2,500 thousand and Helios Holdings Limited USD 1,000 thousand · THE MALACHITE GROUP LIMITED confirmation statement CS01 made on 19 May 2026 with updates: full shareholder list showing OBI PETER ASIKA 788,000 ordinary, LEE PHILIP DAVY-MARTIN 35,000 ordinary, WILLIAM RICHARD GREGORY 32,500 ordinary, UNIVERSAL PRODUCTION LIMITED 257,600 ordinary and 21,000 preference, HELIOS SPORTS AND ENTERTAINMENT HOLDINGS LTD 2,574,200 preference; statement of capital totals GBP 1,113,100 ordinary shares of aggregate nominal value 1,113.10 and USD 2,595,200 preference shares of aggregate nominal value 259.52; prescribed particulars for both classes · THE MALACHITE GROUP LIMITED persons with significant control register: Obi Peter Asika only, notified 15 September 2023, more than 50 per cent but less than 75 per cent of shares and more than 25 per cent but not more than 50 per cent of voting rights. No Helios entity is registered as a person with significant control. · THE MALACHITE GROUP LIMITED officers: Obi Peter Asika director from 15 September 2023; Faris Ibrahim Taha Ayoub appointed 19 February 2026 with correspondence address Helios Investment Partners, 12 Charles II Street, London SW1Y 4QU; Jamie Robert Hollins appointed 6 August 2026 at the same address; Absera Gizaw resigned 1 January 2026; Faridah Folawiyo resigned 10 June 2026; Simon Hilliard Poole resigned 27 February 2025 · THE MALACHITE GROUP LIMITED filing history: incorporated 15 September 2023 as EH2 HOLDINGS LIMITED, renamed 26 October 2023; SH01 statements of capital following allotments on 19 December 2025 filed 3 and 4 February 2026 taking the USD preference class from aggregate nominal 144.52 to 259.52; SH02 sub-division of shares on 12 March 2026; group accounts made up to 31 December 2024 filed 13 July 2026 · AFRONATION LTD persons with significant control register: The Malachite Group Limited notified 25 January 2024, 75 per cent or more of shares, 75 per cent or more of voting rights, right to appoint and remove directors; LN-Gaiety Holdings Limited ceased 16 September 2024; Event Horizon Entertainment Ltd ceased 25 January 2024 · Helios Investment Partners: "In November 2023, HSEG entered into an agreement to obtain a stake in The Malachite Group Ltd", flagship brands given as Afro Nation, Piano People and Lit Everywhere; by contrast NBA Africa is described as an acquisition HSEG "completed" in May 2020 and Zaria as a stake HSEG "acquired" in June 2023 · IFC press release, 25 July 2024, on the planned partnership, stating that IFC had deployed "more than $830 million over the past 18 months" to creative sectors in emerging markets

Read this before citing: Several primary documents conflict and none is treated here as settled. First, ownership of HSEG. IFC's Summary of Investment Information states under "Project Sponsor and Major Shareholders of Project Company" that "HSEG is fully owned by Helios Fairfax Partners", while the environmental and social section of the same document states that "HSEG is sponsored by Helios Investment Partners", and IFC's own press release says HSEG was "Launched in 2021 by Helios Investment Partners". Helios Fairfax Partners Corporation reports an 81.7 per cent equity interest at 30 June 2026, not full ownership. Second, which round this is: the IFC disclosure calls the USD 75 million raise both "the Company's first institutional financing round" and "the current Series B" in a single paragraph. Third, whether Proparco has committed or is still considering: the joint release of 9 July 2025 says Proparco "has committed up to $20 million", while the IFC project page, last updated 14 January 2026, six months later, still says Proparco "is considering an investment of up to US$20 million alongside IFC". No Proparco project disclosure confirming signature was located. Fourth, where the money is: Helios Fairfax Partners reports the January 2026 Series B first closing as raising USD 30.0 million in total, of which it subscribed USD 2.5 million and Helios Holdings Limited USD 1.0 million, leaving USD 26.5 million from subscribers it does not name; neither IFC nor Proparco appears anywhere in its interim reports for the three or six months ended 31 March 2026 and 30 June 2026. Fifth, IFC's own running total for creative-industry deployment falls as the window lengthens: "more than $830 million over the past 18 months" in July 2024 against "over $800 million over the past two years" in July 2025. Sixth, the persons with significant control register for The Malachite Group Limited names only Obi Peter Asika and no Helios entity. That is not necessarily inconsistent: the PSC share test runs on nominal value, and the company has two classes in two currencies, GBP 1,113.10 of ordinary against USD 259.52 of preference, so a nominal-value test and the share-count basis underlying the 69.4 per cent figure are not measuring the same thing. The voting entry is harder to reconcile: both classes carry one vote per share on the face of the confirmation statement, which would put Asika's 788,000 shares at 21.25 per cent of 3,708,300 votes, below the "more than 25 per cent but not more than 50 per cent" band recorded against him; the PSC entry carries a notification date of 15 September 2023 with no later amendment shown on the register, predating the December 2025 allotment. Seventh, the shareholder recorded as UNIVERSAL PRODUCTION LIMITED, holding 257,600 ordinary and 21,000 preference shares, could not be identified: no company of that exact name appears on the UK register, and nothing located connects it to Universal Music Group or to any other major. Eighth, The Malachite Group's group accounts made up to 31 December 2024, filed on 13 July 2026, are a 45 page scanned image with no machine-readable text layer, so their contents could not be read and are not relied on here. Finally, the size in cash of HSEG's preference share subscriptions in The Malachite Group has not been disclosed by any party; Helios Fairfax Partners gives the resulting percentage and the coupon but not the consideration.