South Africa: Summit Africa announces final close for PE fund

South Africa-based Summit Africa announced the final close for its impact-focused private equity fund, Summit Private Equity Fund I (SPEF I), with total commitments of R1.6 billion (about $115 million), exceeding its initial target. With this capital, Summit Africa will target investments in the healthcare, education, financial services, and ICT services sectors in the Common Monetary Area, focusing on partnerships that can actively create jobs and improve access, quality, affordability, diversity and inclusion within the target sectors.

At its final close, SPEF I had received commitments from 10 institutional investors, including Thuso Partners, the 27Four Black Business Growth Fund, RisCura (on behalf of various clients), the National Fund for Municipal Workers, and CDC Group. To date, SPEF I has deployed approximately 20% of its capital in three investments in South Africa, with a fourth investment to be concluded shortly.

Tomi Amosun, the managing partner of Summit Africa said, “The fund is grateful for the support and commitments received towards the final close. This successful close demonstrates the strength of Summit Africa’s investment platform, our team, our fully integrated ESG and impact strategy, and our ability to work actively with investee companies to meet their financial and social impact objectives. For private equity investors, the ongoing Covid-19 pandemic has reinforced the importance of ensuring long-term social sustainability while stimulating economic activity in a truly inclusive manner. This firmly aligns the fund to the objectives of the UN Sustainable Development Goals and the South African government’s National Development Plan.”

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