Finnfund commits to Development Partners International's third fund
Finnfund, a Finnish development financier and impact investor, today announced a $26 million commitment to African Development Partners III (ADP III), a pan-African private equity fund aiming to foster the growth and development of African consumer-focused businesses across the continent.
The fund is advised by Development Partners International (DPI), a private equity firm with a $1.1 billion portfolio that has invested in 20 portfolio companies across its two former funds: ADP I and ADP II.
ADP III is aiming to invest $40-120 million in 8-14 companies in different sectors. So far, the fund has made three investments in three sectors: in microfinance and fintech, food processing, and pharmaceuticals.
“We are very pleased to announce our commitment to ADP III, as it fits well to Finnfund’s strategy as a development financier and impact investor. Through this investment, we aim to foster growth and development of African businesses currently facing the consequences of the Covid-19 crisis. We are particularly happy about the fund’s strong hands-on approach and its commitment to foster gender balance, equality and diversity in its portfolio companies, as well as within its own team,” said Riikka Molander, associate director at Finnfund.
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