Development Partners International (DPI), a premier investment firm focused on Africa, has disclosed that African Development Partners III Fund (ADP III), has exceeded its $800 million set target, and is set to hold a final close at $900 million, with an additional $250 million of dedicated co-investment capital.
This was made known by DPI via a statement issued on Monday. The development brings a total of $1.15 billion for investments in the continent.
According to the statement, which was seen by Nairametrics, the fundraising establishes ADP III as one of the largest funds dedicated to investing global capital in Africa.
It stated, “ADP III will invest in established and growing companies in industries that benefit from Africa’s fast-growing middle class and the increasing digital transformation of the continent. All investments have the highest standards of impact and environmental, social and governance (“ESG”) work.
“In doing this work DPI is using its proprietary DPI Management System (“DPIMS”) toolkit to deliver impact in line with 10 of the UN Sustainable Development goals, as well as driving the highest standards of ESG.”
Runa Alam, co-founder and Chief Executive of DPI stated, “Africa remains an exciting investment destination with positive demographics, rising adoption of technology, and rising consumer and business spending. Against this backdrop, DPI has continued to generate top quartile returns by leveraging our team’s deep-rooted local expertise across the African continent.
“As we look towards the future with our ADP III fund, we will focus on innovation-driven companies leading the digital transformation of the economies in which they operate. In addition, our deep integration of impact and ESG initiatives in the investment life cycle has been widely recognised and ensures we are known as a trusted partner.”
According to him, ADP III secured capital from a broad range of leading pension and sovereign wealth funds, development finance institutions, endowment and foundations, insurance companies, fund-of-funds, asset managers, and impact investors.
Credit :- Nairametrics
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