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Private equity investor Convergence Partners has announced it has successfully closed its Digital Infrastructure Fund (CPDIF) at $120 million.
The firm specialises in investment in digital infrastructure in Africa and has more than $400 million of capital under management.
“We are delighted to have achieved this milestone particularly given the headwinds in African PE fundraising generally, and the impact of the COVID pandemic on business activity, over the past 12 months,” CEO Brandon Doyle said in a statement.
Convergence Partners aims for the fund to have a final size of $250 million.
“We are very pleased with the level of support from both repeat and new investors and believe this reflects our solid track record and the opportunity CPDIF presents at this crucial time in both a tech and African context.”
According to the World Bank, Sub-Saharan Africa requires more than $100 billion of capital to achieve an acceptable level of digital access by 2030.
Convergence Partners Digital Infrastructure Fund goals
CPDIF investments will focus on growing the continent’s digital infrastructure ecosystem. This includes network virtualisation, Artificial Intelligence (AI), the Internet of Things (IoT), and 5G.
Investors in the CPDIF include the UK-based CDC Group, the European Investment Bank (EIB), and Proparco.
The firm aims for the fund to have a final size of $250 million.
Convergence Partners launched in 2006. Since then, it has invested in submarine cable systems, geostationary satellites, terrestrial long-haul, data centres, and wireless networks.
It also invests in service provision related to digital infrastructure such as enterprise connectivity, and fintech and healthtech solutions.
“As we embark on this journey as CPDIF, the next twelve years will be spent continuing to build on our original vision of ubiquitous pan-African communications,” Chairman Andile Ngcaba said.
Featured image: Mario Caruso via Unsplash