CDC backs Development Partners International's third fund
CDC Group, the UK’s development finance institution and impact investor, has announced a $100 million commitment to African Development Partners III, the fund advised by private equity firm Development Partners International. CDC’s latest commitment supports ADP III fundraise as it closes at $900 million, becoming one of the largest funds dedicated to investing in Africa.
ADP III will target medium-sized and large companies in Africa, thereby facilitating greater job creation, economic diversification, and market expansion, whilst also funding essential services through corporate taxes. As part of its strategy, the fund will also focus on innovation-led businesses that are transforming critical sectors such as healthcare and agriculture, and are in turn, helping to foster economic growth across the continent.
John Owers, head of mid/large funds at CDC Group said, “We are pleased by DPI’s rigorous and focused ability to provide targeted support to investees in sectors that serve the continent’s growing middle class. Our commitment to ADP III demonstrates our confidence that DPI’s third fund presents an opportunity to make investments that help to maximise both commercial and impact outcomes across the continent. We are thrilled that our patient and long-term capital will facilitate increased access to goods and services, and create lasting jobs that will continue to energise Africa’s growth.”
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