Convergence Partners raises $120 million to drive digital inclusion in Africa

African tech-focused private equity investor, Convergence Partners, says it has raised $120 million for its third fund, the Convergence Partners Digital Infrastructure Fund (CPDIF).

The fund, which is targeting a final size of $250 million, will be geared towards fulfilling the needs of the emerging growth themes in the digital infrastructure ecosystem, specifically fibre, wireless, data centres, as well as 5G, Cloud, Internet of Things (IoT), Artificial Intelligence (AI), fintech and network virtualisation.