Convergence Partners Holds a US$145 Million First Close on Africa-focused ICT Infrastructure Fund (Sub-Saharan Africa)

Source: Convergence Partners

Africa-focused investment management firm Convergence Partners has reached a first close on Convergence Partners Communications Infrastructure Fund (CPCIF) with US$145 million in capital commitments. Investors include development finance institutions International Finance Corporation, European Investment Bank, Netherlands Development Finance Company, Development Bank of Southern Africa and CDC Group. CPCIF, which has a final target of US$250 million, aims to invest in information and communications technology (ICT) infrastructure and related services across Sub-Saharan Africa.