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. €245m first close for Partech Africa II fund
Partech, the global technology investment firm, has announced the first closing of its Partech Africa II fund at €245 million. This second iteration of Partech’s Africa-focused strategy is backed by development finance institutions, as well as institutional and commercial investors.
Partech Africa II will double-down on its strategy to identify and support the next generation of category leaders across the continent. The fund will provide $1 million to $15 million initial tickets from seed to growth stages.
The fund’s LPs comprise anchor investor KfW, joined by the European Investment Bank, the International Finance Corporation, FMO, Bpifrance Investissement, British International Investment, DEG and Proparco, as well as commercial investors such as South Suez and Bertelsmann.
2. FinDev Canada commits $30m to Adenia’s fifth fund
FinDev Canada announced a commitment of up to $30 million to Adenia V, a private equity fund managed by Adenia Partners Limited, which has marked a first close at $237 million.
Adenia V will provide growth capital to mid-cap businesses (those with 50 to 500 employees) in sub-Saharan Africa.
3. Egypt: BPE Partners finalises TotalEnergies exit
BPE Partners has announced that its flagship-managed investment vehicle, B Investments, has finalised the sale of its entire stake of 6.38% in TotalEnergies Marketing Egypt LLC to TotalEnergies Marketing Afrique (TEMA) for a total consideration of $27.6 million.
Furthermore, B Investments is eligible for an additional amount equal to $2.2 million subject to certain milestones concerning TEMA’s transaction with Abu Dhabi National Oil Company for Distribution (ADNOC).
In 2013, B Investments acquired 7.97% of TotalEnergies Marketing Egypt through a capital increase which supported the company to increase its retail gas stations from 70 stations to 240 stations in 2022.
4. South Africa: STANLIB fund acquires Scatec and Norfund stakes in Upington solar plant
Scatec, a renewable energy company in emerging markets, has signed an agreement with a subsidiary of the STANLIB Infrastructure Fund II to sell its 42% equity share in the 258 MW Upington solar power plant for a gross consideration of ZAR 979 million ($56.5 million).
Norfund is also selling its 18% equity share to STANLIB as part of the same transaction. The transaction is subject to the customary consents and is expected to close in the first half of 2023.
5. Chimera Abu Dhabi backs Egyptian fintech business
MNT-Halan, an Egyptian fintech business, has announced that private investment firm Chimera Abu Dhabi has invested more than $200 million in equity in exchange for over 20% of the company.
In addition, the company is in advanced stages with international investors to raise $60 million of primary capital. Following the completion of these investments, MNT-Halan’s valuation will exceed $1 billion.