Convergence Partners, a private equity investor focused on the technology sector across sub-Saharan Africa, has held the first close of its third fund, the Convergence Partners Digital Infrastructure Fund (CPDIF) at $120 million.
The fund is targeting a final size of $250 million. Now with more than $400 million of capital under management, Convergence Partners remains the largest private equity investor dedicated to digital infrastructure in Africa.
Investors in CPDIF are leading institutions that continue to support African growth such as the CDC Group (the UK’s development finance institution), the United States International Development Finance Corporation (DFC), the European Investment Bank (EIB), the International Finance Corporation (IFC) and Proparco (the private sector arm of the Agence Française de Développement – AFD Group).
CPDIF investments will be driven by the infrastructure needs of the emerging growth themes in the digital infrastructure ecosystem, specifically fibre, wireless, data centres, towers etc, as well as 5G, Cloud, Internet of Things (IoT), Artificial Intelligence (AI), fintech and network virtualisation. CPDIF’s first investment is in Ctrack, a transaction that was announced earlier in the year. As a data analytics business servicing the fleet management and insurance industries, the business sits at the intersection of AI and IoT with all its solutions being cloud delivered.
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