Five notable African private capital fundraising closes
We highlight five African fund closes, as featured in our Dealmaker’s Log.
We highlight five African private capital fundraising closes over the past 12 months, as featured in our Dealmaker’s Log, a database of reported investment deals, exits, and fundraising milestones. Subscribe to this service here
1. AfricInvest health fund surpasses $100m target
AfricInvest and The Health Finance Coalition announced the final close of the pan-African Transform Health Fund. The blended-finance fund aims to bolster healthcare systems in Africa by scaling proven and innovative healthcare models.
Under the management of AfricInvest – a pan-African investment platform active across private equity, venture capital and private debt – in collaboration with the Health Finance Coalition – a group of global health funders – the Transform Health Fund exceeded its initial target, raising $111 million, through commercial, public, and private donor investments. Read the full article
2. LeapFrog announces fundraising close for fourth fund
LeapFrog Investments announced the close of its fourth fund (Fund IV), with commitments and designated co-investments totalling $1.02 billion. LeapFrog’s initial target for Fund IV was $1 billion.
The fundraise includes $808 million of primary fund commitments and up to $210 million of pre-allocated co-investment to accelerate high-impact healthcare and financial services companies in global growth markets. Read the full article
3. TLcom Capital closes second fund at $154m
TLcom Capital, the Africa-focused venture capital firm, announced the final close of its TIDE Africa Fund II at $154 million.
At more than twice the size of TLcom Capital’s first fund, TIDE Africa Fund II is oversubscribed and sees participation from several new LPs alongside returning LPs from the firm’s first Africa-focused fund, TIDE Africa Fund I, closed in 2020. These include the European Investment Bank; Allianz and DEG Impact’s joint venture, AfricaGrow; Visa Foundation; and Bertelsmann. Read the full article
4. Sanari 3S Growth Fund announces final close
South Africa-based Sanari Capital raised about R1.5 billion ($80 million) for its Sanari 3S Growth Fund.
New investors in the fund join institutions including the Public Investment Corporation (PIC), Alexforbes Investments, the 27four Black Business Growth Fund, Telkom Retirement Fund and the Motor Industry Retirement Funds with RisCura, and the National Fund for Municipal Workers. Read the full article
5. Janngo Capital fund reaches final close at $78m
Pan-African venture capital firm Janngo Capital announced the final closing of its second fund at $78 million, 20% beyond its initial target.
Janngo Capital Startup Fund’s anchor investors – such as the European Investment Bank and African Development Bank – doubled down by reinvesting in this final closing.
New investors include the Mastercard Foundation Africa Growth Fund; the U.S. International Development Finance Corporation; the International Finance Corporation; and ANAVA (Smart Capital), a Tunisian fund of funds. Read the full article
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