Swedfund commits additional $10m to African PE fund
The Swedish development finance institution, Swedfund, is making an additional investment in African Development Partners (ADP) III to further support the development of the private sector in Africa.
During the autumn of 2019, Swedfund committed $15 million to ADP III which is the successor fund of the earlier Swedfund-backed ADP II. Swedfund has recently reaffirmed its support to ADP III by increasing its commitment by an additional $10 million.
”The Covid-19 pandemic has made fundraising more difficult for private equity funds overall, and Swedfund is supporting ADP III because we believe in a long-term commitment. ADP III is a proven efficient channel for us to create new jobs – which is crucial right now in developing countries, due to the Covid-19 pandemic. Supporting the development of larger companies is key for a functioning business ecosystem and a private sector growth, especially now in the light of the pandemic,” says Maria Håkansson, CEO at Swedfund.
Development Partners International (DPI), the manager behind ADP, has a proven track record of driving impact, enabled by the focus on private sector development and by having their ESG and impact agenda integrated into its investment strategy.
Reach Africa’s private equity community by publishing a Showcase Article, Job Opportunity or Event on Africa Private Equity News. Contact us at editor@africaprivateequitynews.com for our rate card and more information.