Afrigather South Africa personal fairness agency Convergence Partners has introduced that it has closed its Convergence Companions Digital Infrastructure Fund (CPDIF) at $296 million, surpassing its preliminary goal by over 18%.
In keeping with an announcement by the agency, the shut was backed by a mixture of current and new buyers within the fund, which embrace international and regional improvement finance establishments (DFIs), pension funds, and monetary establishments based mostly in Europe and Africa. The Convergence Companions Digital Infrastructure Fund is the agency’s largest fund to this point and brings its whole funds below administration to over $600 million.
The fund is especially centered on investing in digital infrastructure alternatives throughout sub-Saharan Africa, together with fibre networks, knowledge centres, wi-fi, towers, cloud, Web of Issues (IoT), and synthetic intelligence (AI).
Moreover, the fund is geared toward growing and supporting initiatives that promote entry to schooling, monetary providers, healthcare, and different important providers by digital applied sciences.
Talking on the shut, Brandon Doyle CEO and founding accomplice of Convergence Companions, acknowledged that, “This closing is just the start, and we look ahead to working with our buyers and companions to construct the digital infrastructure required to help the expansion of the area’s digital financial system.”
Convergence Companions’ portfolio corporations embrace enterprise capital agency 4DI, IT infrastructure options supplier Dimension Information, and fibre community operator Fibreco.
The Convergence Companions Digital Infrastructure Fund was launched in June 2020 and had a primary shut of $120m in July 2021.
