Dangote backs new African PE fund
Dangote backs new African PE fund
Private equity firm Alterra has announced the first close of its Alterra Africa Accelerator Fund at $140 million. The fund has a target size of $500 million.
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Private equity firm Alterra has announced the first close of its Alterra Africa Accelerator Fund (AAA Fund) at $140 million. The fund has a target size of $500 million.
The AAA Fund has attracted first close commitments from the International Finance Corporation, Norfund, DEG, Standard Bank, Allianz AfricaGrow Fund, Carlyle co-founders David Rubenstein and Bill Conway, as well as African industrialist Aliko Dangote.
The AAA Fund will invest across the African continent, with a focus on technology, telecom, healthcare, logistics, consumer, and retail.
“This is an excellent time to put money to work in Africa as many of the current macro themes provide attractive potential investment opportunities,” partner Genevieve Sangudi said. “For example, African corporates are using technology transformation to improve efficiency, reduce costs, increase output and achieve greater scale particularly in sectors such as logistics and financial services.”
Alterra was formed from the combination of two pan-African private equity franchises – Carlyle Africa and Emerging Capital Partners.
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