African-focused investment firm Development Partners International (DPI) is set to close the African Development Partners III Fund at a value of US$900-million (R13.4-billion).
The fund has exceeded its $800-million target and is set to hold a final close at $900-million, with an additional $250-million of “dedicated co-investment capital”, DPI said in a statement on Monday.
“This brings a total of $1.15-billion (R17.2-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.”
Investors in ADP III include pension and sovereign wealth funds, development finance institutions, endowment and foundations, insurance companies, fund-of-funds, asset managers, and impact investors. The investors come from 20 countries in North America, Europe, the Middle East and Africa.
ADP III has made four investments to date:
- Channel VAS, a global fintech business providing mobile financial services;
- SICAM, a Tunisian tomato producer;
- Kelix Bio, a biopharmaceutical platform broadening access to speciality generic drugs across Africa; and
- MNT-Halan, a fintech ecosystem provider in Egypt.
The fund has a pipeline of potential investments lined up in financial services, healthcare, agri-business, education and telecommunications infrastructure. – © 2021 NewsCentral Media