South Africa: Summit Africa fund secures IFC commitment
South African private equity firm Summit Africa has signed a $20 million investment from the IFC.
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South African private equity firm Summit Africa has secured a $20 million investment commitment from the International Finance Corporation (IFC) to its second private equity fund, Summit Private Equity Fund II (SPEF II). The IFC has also approved a $5 million co-investment envelope.
Summit has already secured approximately R900 million ($52.5 million) in investment commitments toward the fund’s target size of R2.5 billion to R3 billion (about $174.8 million). It will imminently commence deploying equity capital into its investment pipeline of small-to-mid-market companies in the financial services, ICT services, and food supply chain sectors.
SPEF II follows Summit’s first fund, which has invested $115 million since 2019.
Summit managing partner, Tomi Amosun, said: “We are honoured to welcome IFC as a strategic partner in SPEF II. Their commitment affirms our investment strategy and strengthens our ability to mobilise further support from local and international institutional investors towards SPEF II’s investment and social impact objectives. With IFC’s support, we will back companies that deliver both strong commercial returns and systemic change in financial inclusion, digital inclusion, and food security.”
Ethiopis Tafara, IFC vice president for Africa, commented: “IFC’s investment in Summit Africa’s Private Equity Fund II is about unlocking potential and driving transformation. By supporting local fund managers, we channel capital where it’s needed most, helping small and mid-sized businesses scale and become engines of growth. Focusing on sectors like financial services, technology, and food processing, the fund will help improve food security, increase access to finance and digital tools, and generate jobs that change lives across Southern Africa.”
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