Persistent reaches $52m first close for Africa climate venture fund
The fund targets early-stage climate investments.
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Persistent has launched the $70 million Persistent Africa Climate Venture Fund (Persistent ACV Fund). The fund has reached a first close of $52 million and includes a $5 million Venture Building Facility (VBF).
The Persistent ACV Fund is an early-stage climate investment vehicle domiciled in Mauritius. It will invest in climate ventures across Africa and will be supported by Persistent’s Venture Building platform.
The fund’s strategy targets investments from pre-seed to Series A. It can also provide later-stage follow-on capital to portfolio companies.
The Persistent ACV Fund is managed by its general partner, Persistent ACV. It is advised by Persistent Energy Capital, a US venture capital firm investing in early-stage climate ventures in Africa.
The fund was conceived by Persistent in collaboration with FSD Africa Investments (FSDAi), which is also an anchor investor in the fund.
Other anchor investors in the fund are the Nordic Development Fund (NDF) – a Nordic international finance institution focused on climate and development – and the African Development Bank’s Sustainable Energy Fund for Africa (AfDB SEFA), a multi-donor fund managed by the African Development Bank.
Additional investors include the Japan International Cooperation Agency, Japan’s development agency; the Soros Economic Development Fund, the impact investment arm of the Open Society Foundations; Impact Fund Denmark, Denmark’s development finance institution; the Schmidt Family Foundation, a US-based philanthropic foundation; and the Cottier Donzé Foundation, a Swiss charitable foundation based in Küsnacht.
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