DPI raises $900m for Africa fund

Africa mapDevelopment Partners International (DPI), a UK-based asset manager focused on African investment, has raised US$900 million for a fund targetting “innovation-led” companies in the region. The African Development Partners III (ADP III) fund has exceeded its target of $800 with a final close set to bring in $900 million. In addition, DPI has an additional $250 million of co-investment capital. The fund is looking to capitalise on demographic and technology trends in the region by investing in companies that are benefitting from the increasing digital transformation of companies and the growing middle class in the region. The fund has so far made four investments which include SICAM, a Tunisian tomato producer, Kelix Bio, a biopharmaceutical platform, and Egyptian fintech MNT-Halan. “Africa remains an exciting investment destination with positive demographics, rising adoption of technology, and rising consumer and business spending, said Runa Alam, DPIO co-founder and chief executive. ©2021 funds global mena

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