Apis fund in line for IFC investment
The IFC has disclosed a proposed investment of up to $60 million into the Apis Growth Markets Fund III (AGF III), a $500 million private equity vehicle making growth-stage investments in companies operating at the intersection of financial services and technology in South Asia, Southeast Asia and Africa. The fund is established and registered as a special limited partnership in Luxembourg.
AGF III will seek to take significant minority stakes, or in some cases majority stakes, via $60-70 million tickets (including co-investments), in companies that typically have strong performance, market positioning, growth prospects, potential for expansion, and high-quality management backed by shareholders that are aligned to the fund’s objectives. The fund will seek to make 10-15 investments.
The portfolio management of the fund will be delegated to Apis Partners, an experienced manager that has previously raised two funds pursuing a similar strategy. The Apis team overseeing the growth markets strategy is led by two managing partners and comprises 19 investment professionals, including four partners, spread across locations including London, Cairo, Singapore, Dubai, Lagos and Nairobi.