The 5 most popular stories on Africa Private Equity News this week
Here are summaries of the five most widely read stories this week on Africa Private Equity News.
1. TPG closes Rise Climate Fund at $7.3bn
TPG, a leading global alternative asset management firm, announced the $7.3 billion final close of TPG Rise Climate, the dedicated climate investing strategy of its global impact investing platform TPG Rise.
With the final close, TPG Rise Climate reaches its hard cap, bringing together a unique blend of capital from some of the world’s most prominent institutional investors and a diverse set of industry-leading global companies.
2. Apis Growth Fund I partially exits Sun King
Apis Growth Fund I, a private equity fund managed by Apis Partners, a UK-based asset manager that supports growth stage financial services and financial infrastructure businesses, has partially exited its position in off-grid solar energy company Sun King, formerly Greenlight Planet.
Sun King this week announced a $260 million series D capital raise, with investment led by BeyondNetZero, the climate investing venture of General Atlantic. As part of this transaction the fund sold the majority of its stake in the company. The fund continues to hold a stake in Sun King and Apis Partners will remain supportive of the future growth plans of the company, which include continued geographical and product-line expansion, including larger products such as solar systems equipped with AC-electricity inverters (capable of powering large appliances like refrigerators) and new products, for example mobile phones.
3. BluePeak Private Capital backs pharmaceutical manufacturer
BluePeak Private Capital’s $200 million fund announced its investment in Africure, a pan-African manufacturer and distributor of quality pharmaceutical goods with manufacturing hubs across the continent serving patients across East and West Africa.
The up to $15 million investment provides a vital capital boost to Africure and supports the company’s plan to strengthen its working capital to support the increased demand for pharmaceutical goods across its more than 10 African markets. The funding further enables Africure to realise its growth ambitions to develop a range of innovative affordable Africure brands that target chronic disease profiles such as cardiac and diabetes conditions.
4. European LP proposes $40m commitment to Adenia fund
The European Investment Bank is proposing an investment of $40 million in Adenia Capital V, a generalist, closed-ended private equity fund focusing on small and medium-sized enterprises (SMEs) in sub-Saharan Africa.
Adenia Capital V is managed by private equity company Adenia Partners and aims to provide equity and quasi-equity support to private companies (SMEs and mid-market companies) active in Africa (with a focus on sub-Saharan Africa).
5. Amazon for African farmers secures mix of equity and debt funding
Farmerline Group – the continent’s Amazon for African farmers – has secured a $6.4 million pre-series A investment and $6.5 million debt to strengthen its supply chain for agribusinesses; reduce the cost of farming; and increase yield for farmers on the continent through the deployment of AI technology and local infrastructure.
The $6.4 million pre-series A investment, led by Acumen Resilient Agriculture Fund and FMO, the Dutch entrepreneurial development bank, is Farmerline’s first equity raise since launching with a $600 grant almost a decade ago. The other investor of the $6.4 million equity round is Greater Impact Foundation.
Lenders of the $6.5 million debt include DEG, Rabobank, Ceniarth, Rippleworks, Mulago Foundation, Whole Planet Foundation, Netri Foundation and Kiva.
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