Six CDC investments in African PE funds over the past year

Posted on: 28 April, 2020 at 8:59 AM

The CDC, the UK’s development finance institution, is a meaningful investor in Africa-focused private equity (PE) funds. Here is a breakdown of CDC’s African PE investments that came across our desk in the past 12 months.

– $27.5 million investment in the Mediterrania Capital III (MC III) fund, which recently achieved a final close at €286 million. MC III is an eight-year fund that targets SMEs in North African countries including Algeria, Egypt, Morocco and Tunisia, as well as West and Central African countries including Senegal, Côte d’Ivoire and Cameroon.

– $20 million investment in Adiwale I Fund, an SME fund primarily targeting investments in West Africa focusing on Côte d’Ivoire, Senegal, Burkina Faso and Mali. It is the first fund raised by Adiwale Partners and will make investments in selected industry sectors (FMCG, business services and manufacturing) with commitments of $3-10 million.

– $20 million investment in Verod Cap Growth III Fund, managed by Verod Capital. Fund III is targeting investments in consumer-facing SMEs in Nigeria and Ghana. The fund will be focused on sectors such as consumer goods and services, agribusiness and financial services with investments of up to $20 million concentrating on themes including regional expansion and import substitution.

– $20 million investment in Metier Sustainable Capital II Fund. The South African private equity fund will provide growth capital to renewables and resource efficiency projects in sub-Saharan Africa.

– $15 million investment in TLcom’s TIDE Africa Fund, a sub-Saharan African VC fund that supports businesses that leverage technology and innovation. TLcom Capital is a sub-Saharan Africa focused tech VC, with offices in Lagos, Nairobi and London. The TIDE Africa Fund invests in tech-enabled companies tackling some of Africa’s most pressing challenges across various verticals such as financial services, e-commerce, health, education, energy and software solutions for corporates and SMEs.

– $80 million investment in African Development Partners III, a fund managed by Development Partners International (DPI). DPI’s strategy is to build a diversified pan-African portfolio of private equity investments in established and growing companies benefiting from Africa’s fast-growing, middle class. ADP III is expected to invest $40 million to $120 million in eight to 14 different companies.

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