Convergence Partners Raises $296 Million for Digital Inclusion in Africa
Convergence Partners, the leading private equity investor dedicated to the technology sector in sub-Saharan Africa, has successfully closed its Convergence Partners Digital Infrastructure Fund (CPDIF) at $296 million, exceeding its initial target by 18%.
This marks the largest fund the company has raised to date, bringing the total funds under management to over $600 million.
In addition to investing in physical assets, CPDIF is aimed at promoting access to education, financial services, healthcare, and other essential services through digital technologies.
The fund is a crucial step forward for Convergence Partners and the development of the digital economy in sub-Saharan Africa, and the company is committed to supporting the growth and development of the region's digital economy through investments in critical digital infrastructure.
The close was supported by a combination of existing and new investors, including global and regional development finance institutions, pension funds, and financial institutions in Europe and Africa.
CPDIF was launched in June 2020 and invests in digital infrastructure across sub-Saharan Africa, including fiber networks, data centers, wireless, towers, cloud, IoT, AI, and other critical digital infrastructure necessary for the growth of the digital economy in the region.
Convergence Partners has a strong focus on growth-stage investing and brings its experience, capital, relationships, and deep skills to actively grow its investments and create new investment opportunities.
