British International Investment commits to Alterra Capital fund
The Alterra Accelerator Africa Fund has received a $20m investment from BII.
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Alterra Capital Partners, an Africa-focused private equity firm, today announced a $20 million commitment from British International Investment (BII) to its Alterra Accelerator Africa Fund (AAA Fund).
Alterra was formed in 2020 when the Carlyle Africa team spun out; subsequently the Anglophone team of Emerging Capital Partners joined Alterra.
BII’s investment will support AAA Fund’s capital deployment into a diversified portfolio of businesses providing essential consumer goods, services and business solutions, primarily in East Africa and Southern Africa.
Sara Taylor, head of PE funds and co-investments at BII said: “We are delighted to work with Alterra’s experienced team to advance our mission of empowering businesses that drive growth in Africa's emerging economies. Our investment in the AAA Fund, ensures our capital reaches a diverse range of companies, fostering productive, sustainable and inclusive economic development."
Geneveive Sangudi, partner at Alterra, commented: “We are thrilled to welcome BII as an investor in our fund. BII’s commitment adds invaluable credibility and resources to our strategy of advancing sustainable and inclusive growth in Africa. This commitment will further accelerate our efforts to invest in transformative businesses across the continent, particularly in high growth and high impact sectors including telecommunications, technology, business services, consumer and retail.”
Alterra announced the first close for the AAA Fund at $140 million in 2023 and continues to attract support from development finance institutions and commercial investors, including International Finance Corporation, Norfund, DEG, Standard Bank, Allianz AfricaGrow Fund and the Public Investment Corporation.
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