AfricInvest announced the final close for its latest private equity fund last week, handily beating the hard cap set for it when it was launched two years ago. The fund has won commitments totaling $411 million from a mix of development finance institutions, pension funds, (including some African), and other institutional investors. Some, such as Britain’s BII (formerly CDC Group) and Finnfund, are repeat investors, having backed earlier funds sponsored by the Tunis-headquartered private equity firm.
“The support we received from our investors has been terrific,” said George Odo, a Partner at AfricInvest and head of the firm’s Nairobi office. “Seeing how many of them have recommitted to this mip cap fund strategy, especially amidst the Covid pandemic, is a testament to their belief in our ability to deliver attractive risk-adjusted returns.”
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