Africa focused private equity firm Development Partners International (DPI) has announced that its African Development Partners III Fund (ADP III), has surpassed its US$800 million target, and is set to hold a final close at US$900 million, with an additional US$250m of dedicated co-investment capital.
The US$1.15 billion fundraising establishes ADP III as one of the largest funds dedicated to investing global capital in Africa.
Where DPI Will Invest
In a statement, DPI said that 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.
“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.” noted Runa Alam, co-founder and Chief Executive of DPI.
ADP III secured capital from a range of leading pension and sovereign wealth funds, development finance institutions, endowment and foundations, insurance companies, fund-of-funds, asset managers, and impact investors. The global investor base represents 20 countries across North America, Europe, Middle East and Africa.