The IFC SME Ventures program invests in private equity funds in fragile states in Sub-Saharan Africa. The goal is to support entrepreneurs and high-growth companies in challenging environments. Successful funds tend to be highly active or use flexible debt-like instruments. Certain sectors, like companies with hard currency revenues or limited competition, are more favorable for investments. GPs and companies in fragile states face challenges in transactions, running businesses, and exiting investments. The standard private equity structure can create difficulties in implementation. Additional support for risk capital providers is crucial for success in fragile states. IFC SME Ventures has been instrumental in developing the investment landscape in Sub-Saharan Africa.