DPI’s African Development Partners III fund chosen as the first 2X Flagship Fund
CDC Group, the UK’s development finance institution, alongside Germany’s DEG, the European Investment Bank, FinDev Canada, FMO, Proparco, SIFEM and SwedFund International, have signed a memorandum of understanding with Development Partners International LLP, a pan-African private equity firm with $1.7 billion in funds under management, to become the first 2X Flagship Fund.
2X Flagship Funds are a new part of the 2X Challenge, a multilateral initiative launched by the DFIs of the G7 countries, with the objective of mobilising $3 billion to support projects that empower women and enhance their economic participation. Vehicles are awarded status as 2X Flagship Funds based on their commitment to 1) promoting internal gender diversity within the fund itself, and 2) investing with a gender lens using the 2X criteria.
With African Development Partners III Fund (ADP III) qualifying as the first 2X Flagship Fund, DPI is affirming its clear and long-standing commitment to advancing women’s economic empowerment and promoting gender equity both at DPI and within its portfolio companies in ADP III. Applying a gender lens helps investors unlock the multi-trillion-dollar opportunity that women represent in the global economy – as earners, women have a multiplier effect by reinvesting their income to grow their businesses, buy goods and services and improve the welfare of their families and communities.
Runa Alam, co-founder and CEO of DPI said, “We are extremely proud to be the first 2X Flagship Fund in the 2X Challenge, which reaffirms our commitment to advancing senior women and developing the pipeline of female talent in private equity. We are continuing to execute our strategy of investing in companies that benefit from the growth of the middle class. Working closely with our portfolio companies, we want to emphasise the benefits that gender-focused investing can provide, not just in terms of returns, but in helping to drive economies, unlock opportunities, and improve the quality of life for women across Africa. For DPI, signing on as a 2X Flagship Fund, is an important and natural step to reinforce our long-standing commitment to gender equity.”
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