Another DFI considers re-upping for Convergence’s latest fund

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Another development finance institution indicated it was considering an investment in South Africa-based Convergence Partners‘ latest private equity fund. Among the investors committing to the fund’s $120 million first close in July were CDC, European Investment Bank, and International Finance Corporation, each of whom had invested in Convergence’s earlier funds.

The latest DFI to mull investing in the fund is FMO. If it goes ahead, the Dutch development bank will invest $30 million in the fund, an increase of $10 million on the investment it made in Convergence Partners’ second fund in 2013. The potential investment helps the fund, which is called the Convergence Partners Digital Infrastructure, (or CPDIF), move close to its $250 million final close target which it hopes to reach by the second half of next year. The fund’s hard cap has been set at $300 million.

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