Convergence Partners, the leading private equity investor dedicated to the technology sector across sub-Saharan Africa, said it has successfully raised $296 million Convergence Partners Digital Infrastructure Fund surpassing its initial target by over 18%.
This achievement is despite subdued private capital fundraising on the continent in 2022.
The recent close of CPDIF marks a significant milestone for the company, as it represents Convergence Partners’ largest fund to date, bringing total funds under management to more than $600m, according to Tech Economy.
The close was backed by a combination of existing and new investors comprising leading global and regional Development Finance Institutions, pension funds and financial institutions based in Europe and Africa.
CPDIF was launched in June 2020 and had a first close of $120m in July 2021. The Fund is focused on investing in digital infrastructure opportunities across sub-Saharan Africa.
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