Danish DFI commits $15m to pan-African PE fund
The Investment Fund for Developing Countries (IFU), a development financial institution owned by the Government of Denmark, has decided to invest $15 million in ADP III, which is a sector agnostic investment fund with a pan-African focus advised by Development Partners International (DPI). The fund has attracted investments from several development finance institutions (DFI) with a common mission of creating strong development impact in their investments.
ADP III is aiming to invest $40-120 million in eight to 14 companies.
”Impact investments in Africa are a high priority for IFU, and with our investment in ADP III we participate alongside several other DFIs in easing the negative effects of the pandemic across the African continent,” says IFU’s chief investment officer, Lars Krogsgaard.
One of ADP III’s recent investments is in a platform that combines Adwia Pharmaceuticals, an Egyptian generic drugs manufacturer, and Celon Laboratories Pvt, an Indian oncology and critical care specialist. The platform will leverage its manufacturing and R&D centre of excellence in India to strengthen its local manufacturing operations in Africa, while capturing synergies from centralised supply chain management and business development. The aim is to generate significant cost savings for healthcare providers across Africa and broaden the range of therapeutics available in underserved markets.
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