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Firm raises $296m Africa Tech fund
News Update
Published on 01/30/2023

Convergence Partners, the leading private equity investor dedicated to the technology sector across sub-Saharan Africa, said it has successfully raised $296 million Convergence Partners Digital Infrastructure Fund surpassing its initial target by over 18%. This achievement is despite subdued private capital fundraising on the continent in 2022.

The recent close of CPDIF marks a significant milestone for the company, as it represents Convergence Partners’ largest fund to date, bringing total funds under management to more than $600m, according to Tech Economy.

The close was backed by a combination of existing and new investors comprising leading global and regional Development Finance Institutions, pension funds and financial institutions based in Europe and Africa.

CPDIF was launched in June 2020 and had a first close of $120m in July 2021. The Fund is focused on investing in digital infrastructure opportunities across sub-Saharan Africa. This includes investments in fibre networks, data centres, wireless, towers, cloud, Internet of Things, Artificial Intelligence and other critical digital infrastructure that is vital for the growth of the digital economy in the region.

 

In addition to investing in physical assets, CPDIF is also aimed at developing and supporting initiatives that promote access to education, financial services, healthcare, and other essential services through digital technologies.

 

Brandon Doyle CEO and Founding Partner of Convergence Partners said that the closing of CPDIF is a major step forward for Convergence Partners and for the development of the digital economy in sub-Saharan Africa, that they are extremely grateful for the continued support of our repeat investors and the new support given to us from first-time investors that have joined us on this journey to address the challenge of the digital inclusion across the Continent, one technology at a time.

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