Q3 Snapshot: Six $50 million-plus Africa-focused fund closes

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Africa Capital Digest reported on the following private equity, venture, and infrastructure private equity fund closes held by Africa-focused fund managers between July and September 2023.  Four of the six are $100 million or more, their sizes a positive sign of rising LP interest in the continent. Here they are, ranked by size.

1) Metier                                                                                                               

Name: Metier Capital Growth Fund III               Amount raised: $182 million                  Stage: First Close

Closed: September 2023

Metier will build a portfolio of 8 to 12 midmarket businesses in Africa focusing on opportunities in sectors benefiting from regional economic and demographic trends such as an increasing population and urbanization rates. These are likely to include telecommunications, fast-moving consumer goods, healthcare, non-banking financial services, manufacturing, infrastructure, and energy firms.

Coverage in Africa Capital Digest: Metier holds strong first close for Capital Growth Fund III

2) Amethis

Name: Amethis Fund III                                   Amount raised: €140 million                      Stage: First Close

Closed: July 2023

Amethis Fund III’s strategy is to make growth capital and buyout investments in midcap companies across Africa, building a portfolio of 10 to 12 businesses across various sectors including healthcare, non-banking financial institutions and services, business services, manufacturing, and distribution.

Coverage in Africa Capital Digest: Amethis touches 30+% of final goal with new fund’s first close

3) Infra Impact Investment Managers

Name: Infra Impact Mid-Market Infrastructure Fund I                    Amount raised: $115 million                       Stage: Final Close

Closed: July 2023

Infra Impact’s investment team will source opportunities in the mid-market infrastructure sector, backing businesses developing, owning, and operating assets that deliver essential services in South Africa. Deals in the country’s capital-hungry water, waste, green energy, and telecom infrastructure segments are of prime interest.

Coverage in Africa Capital Digest: Infra Impact’s maiden fund smashes final close target by 43%

4) Nuwa Capital

Name: Nuwa Ventures I                                    Amount raised: $100 million                          Stage:  Final Close

Closed: September 2023

Nuwa Ventures I invests in startups based in the Middle East, North Africa, East Africa, Turkey, and Pakistan. In terms of sectors, the fund’s investment team focuses on opportunities in the direct-to-consumer, fintech, mobility, logistics, and enterprise segments.

Coverage in Africa Capital Digest: Nuwa Capital’s maiden fund hits target at final close

5) Joliba Capital

Name: Joliba Capital I                       Amount raised: €55 million                           Stage: First Close

Closed: September 2023

Joliba Capital I will back small and mid-cap businesses in Francophone West and Central Africa, providing them with growth capital and value creation strategies to help them develop into regional champions in their sectors. Joliba Capital Is’s investment team will source opportunities in the Agribusiness, Business Services, Consumer, Education, Financial Services, Healthcare, Transport, and Logistics industries, all consumer-driven markets that look set to benefit most from the region’s economic growth fundamentals.

Coverage in Africa Capital Digest: Joliba Capital’s first fund holds €55mln initial close

6) BlueOrchard

Name: InsuResilience Investment Fund Private Equity II                 Amount raised: $50 million+                           Stage: Interim Close

Closed: July 2023

InsuResilience Investment Fund Private Equity II across the climate insurance value chain in Africa, Asia, and Latin America that sell insurance-based solutions that help people and small businesses improve their ability to ride out and bounce back from extreme weather events and natural catastrophes.

Coverage in Africa Capital Digest: BlueOrchard holds second close for latest climate insurance fund

6) Knife Capital

Name: Knife Fund III                 Amount raised: $50 million                           Stage: Final Close

Closed: August 2023

Knife Fund III focuses on deals in business-to-business technology startups that have navigated the initial stages of fundraising (seed and Series A) and are currently seeking significant amounts of risk capital to help them propel their expansion and growth.

Coverage in Africa Capital Digest: Leading Investors help Knife’s Series B expansion fund reach final goal

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