Convergence Partners fund in line for $25m IFC investment
The IFC is considering an equity investment of up to $25 million in Convergence Partners Digital Infrastructure Fund (CPDIF), a digital infrastructure investment vehicle focused on sub-Saharan Africa (SSA), seeking $250 million in third party commitments and to comprise two parallel funds in South Africa and Mauritius. The fund’s strategy is to invest in companies operating in the digital technology sector and ICT infrastructure with a geographical focus on Nigeria, Ghana, Cote d’Ivoire, the Democratic Republic of Congo (DRC), Ethiopia, South Africa, Kenya, Uganda, Zambia, Tanzania, Mozambique, Botswana.
The fund will be managed by Convergence Partners Africa Limited and advised by Convergence Partners Management Proprietary Limited. Formed in 2006 by four partners – Andile Ngcaba, Brandon Doyle, Stefan Ferreira and Idan Segal – the Convergence Partners Group, with over $300 million in assets under management, invests in private equity and infrastructure opportunities in technology and digital sectors across sub-Saharan Africa. CPA is being incorporated in Mauritius while CPM is incorporated in South Africa, and the group has offices in Ebene, Mauritius, Johannesburg, South Africa and Lagos, Nigeria. IFC has invested in Convergence Partner’s previous fund – Convergence Partners Communication Infrastructure Fund.
The fund has a total committed capital target size of $250 million, with a $300 million hard cap. IFC’s proposed investment is for up to $25 million in equity, not to exceed 20% of total committed capital.
Convergence Partners Group has offices in Ebene, Mauritius, Johannesburg, South Africa and Lagos, Nigeria. The fund will target investments in companies operating in Nigeria, Ghana, Cote d’Ivoire, the Democratic Republic of Congo (DRC), Ethiopia, South Africa, Kenya, Uganda, Zambia, Tanzania, Mozambique and Botswana.
Are you seeking private equity or venture capital investment to grow your company? Africa Private Equity News now offers you the opportunity to connect with investors backing African businesses. Contact us at editor@africaprivateequitynews.com for our rate card and more information.