Metier announces first close of mid-market equity fund
South Africa-based private equity firm Metier announced the first close for its Metier Capital Growth Fund III, raising just over $182 million. Further commitments are expected by the final close, positioning Metier to exceed its targeted fund size of $200 million.
The fund is the successor fund to the Metier Capital Growth Fund II of 2015/2016 which invested in eight portfolio companies in the retail, out-of-home dining, healthcare, industrial services, FMCG, manufacturing and telecommunications sectors.
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 high growth features in sectors that benefit from regional economic and demographic trends such as population growth and increased urbanisation.
“Our active deal pipeline is characterised by growth capital investments that will have a positive impact on climate change, create decent jobs with a focus on gender-lens investing, support the connectivity of rural communities, and enhance the development of businesses across Africa,” said Paul Botha, CEO and co-founder of Metier. “Beyond delivering top quartile returns, Metier’s core objective is to contribute towards positive and sustainable impact across sub-Saharan Africa.”
The fund has attracted investment from both international and South African investors, including significant commitments from international development finance institutions.
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