Seeded with a USD 230 million grant from the African Development Fund, the facility's credit enhancement structure has the capacity to cover exposures amounting to USD 700 million at a "BBB" equivalent level of credit enhancement. As a partial credit risk participant (on average 50% of credit default risk) the PSF has a mobilization target of USD 1,4 billon. As a financially and legally autonomous facility, it shares in the default risks and revenues of the African Development Bank's private financing in these markets. The PSF may only participate in debt project finance transactions in low-income countries or transactions through financial intermediaries where the majority of proceeds are deployed in low-income countries. Single obligor, country and sector concentration ceilings have been set for the portfolio as a whole, in order to ensure PSF portfolio diversification, in line with the target credit enhancement level. The PSF's oversight body is the Board of the African Development Fund, and its day to day management the responsibility of a designated Administrator.