A premier investment firm focused on Africa, Development Partners International (DPI) is set to close the African Development Partners III Fund at a value of $900-million.
The fundraising establishes ADP III as one of the largest funds dedicated to investing global capital in Africa.
After the fund exceeded its $800 million target, DPI said in a statement on Monday, that an additional injection of $250-million “dedicated co-investment capital” should be expected.
“This brings a total of $1.15-billion for investment on the continent. The fundraising establishes ADP III as one of the largest funds dedicated to investing global capital in Africa” DPI said.
“ADP III will invest in established and growing companies in industries that benefit from Africa’s fast-growing middle class and the increasing digital transformation of the continent.”
ADP III investors include pension and sovereign wealth funds, insurance companies, fund-of-funds, development finance institutions, asset managers, endowment and foundations, and impact investors. The investors come from 20 countries in North America, Europe, the Middle East and Africa.
To date, ADP III has made four investments:
Channel VAS, a global fintech business providing mobile financial services;
SICAM, a Tunisian tomato producer;
MNT-Halan, a fintech ecosystem provider in Egypt; and
Kelix Bio, a biopharmaceutical platform broadening access to speciality generic drugs across Africa.
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