Development Partners International (DPI), a leading investment entity focused on Africa, has announced that the African Development Partners III Fund (ADP III) has surpassed its target of USD 800 million and is expected to hold a final close at USD 900 million with an added USD 250 million of co-investment capital, bringing the total investment of USD 1.15 billion to Africa.
The latest injection of funds makes ADP III as one of the largest funding that is targeted for investment in Africa.
As per reports, ADP III will invest in established and emerging entities in industries that benefit from the continent’s escalating middle class and rapidly rising digitization. All the investments carry the highest levels of impact and environmental, social, and governance (ESG) work.
By doing the aforementioned work, DPI deploys its proprietary DPI Management System toolkit to offer impact to meet ten of the UN Sustainable Development goals.
Runa Alam, Co-Founder and Chief Executive, DPI, was quoted stating that through the latest ADP III fund, the company will continue to focus on innovative-based companies that lead to digital transformation of the economy that they operate in.
It is worth noting that ADP III has gained capital from a wide number of prominent pension and sovereign wealth funds, endowment and foundations, financial institutions, asset managers, insurance firms, and fund-of-funds.
Notably, the global investor base represents 20 nations across Europe, North America, Middle East, and Africa. Along with gaining strong support from current investors, DPI has onboarded more than 25 new LPs to its investor network.
To date, ADP III has made four key investments in:
- Channel VAS- a prominent global fintech business that offers mobile financial services
- MNT- Halan- a key fintech ecosystem based in Egypt
- Kelix Bio- a biopharmaceutical platform that expands access to specialty generic drugs in Africa
- SICAM- a leading tomato producer, which is one of the largest private equity transactions made in Africa