Five noteworthy African private capital fundraising closes in 2024
We highlight five notable private capital fundraising closes this year, as featured in our Dealmaker’s Log.
We highlight five private capital fundraising closes this year, as featured in our Dealmaker’s Log, a database of reported investment deals, exits, and fundraising milestones. Subscribe to this service here
1. African Infrastructure Investment Managers closes fund at $748m
African Infrastructure Investment Managers announced the final close of its fourth pan-African infrastructure fund, African Infrastructure Investment Fund 4.
The fund achieved its hard cap, with $748 million raised from a diverse investor base across Africa, Europe, Canada, US, Middle East and Asia with an additional $206 million approved for co-investments alongside the fund. 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. Adenia secures $470m for latest Africa PE fund
Adenia Partners, a private equity firm focused on growth opportunities in Africa, closed its fifth fund, Adenia Capital V (or Fund V) at its $470 million hard cap. The fund, which was oversubscribed, attracted commitments from new and existing investors globally.
Fund V is sector-agnostic with financial services, renewable energy, consumer goods, telecommunications, healthcare, education, business services, light manufacturing, and specialty distribution as areas of particular focus. Read the full article
4. Metier Capital Growth Fund III reaches a final close of $219m
Metier announced the final close of its Metier Capital Growth Fund at $219 million, exceeding its targeted fund size of $200 million.
The fund has a geographic focus on sub-Saharan Africa and is expected to make eight to 12 equity and equity-related investments into mid-market companies with strong growth features in sectors that benefit from regional economic and demographic trends such as population growth and increased urbanisation. Read the full article
5. 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
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