Africa Capital Digest reported on the following private equity, venture, and infrastructure private equity fund closes held by Africa-focused fund managers between January and March 2024. Venture funds predominate, with one sealing its position as the largest venture capital fund focused on the continent. Here’s a summary, ranked by capital raised.
1) Partech Partners
Name: Partech Africa II Amount raised: $300 million Stage: Final Close
Closed: February 2024
More than forty investors committed capital to Partech Partners‘ second Africa fund, helping the Paris-headquartered venture firm’s fundraising team hit its hard cap and close the continent’s largest dedicated venture fund. The fund’s investment team aims to build a portfolio of at least 20 investments for the fund made up of seed through Series C-stage startups across the continent.
For more details, read Africa Capital Digest’s coverage here: Partech’s second Africa fund hits hard cap at final close
2) Africa50
Name: Africa50 Infrastructure Acceleration Fund Amount raised: $225.5 million Stage: First Close
Closed: January 2024
Africa50 won enough commitments from a group of LPs made up predominantly of African institutional investors to raise $222.5 million for the fund’s first close, representing almost 50% of the fund’s $500 million final close goal. Africa50-IAF has a pan-African focus and will invest in opportunities across a wide range of infrastructure sectors, prioritizing those that contribute to sustainable, impactful growth.
For more details, read Africa Capital Digest’s coverage here: Africa50 holds first close for Infrastructure Acceleration Fund
3) XSML Capital
Name: African Rivers Fund IV Amount raised: $98.7 million Stage: First Close
Closed: March 2024
With this first close, XSML Capital has raised 70% of the final goal set for the fund. The fund’s investment team will follow a similar investment strategy to XSML Capital’s first three funds, backing opportunities within efficiently managed and expanding small and medium-sized enterprises (SMEs).
For more details, read Africa Capital Digest’s coverage here: XSML Capital holds healthy first close for latest fund
4) P1 Ventures
Name: P1 Ventures I Amount raised: $35 million Stage: Interim Close
Closed: March 2024
P1 Ventures will source investment opportunities in startups developing and deploying disruptive technologies such as Generative AI, zeroing in on sectors such as AI SaaS where Africa currently enjoys a competitive economic advantage. Businesses launched by repeat founders with track records in validating products, developing resilient software business models, scaling their businesses, and securing early customer traction will be particularly interesting.
For more details, read Africa Capital Digest’s coverage here: P1 Ventures holds second close with IFC backing
5) Injaro Investments
Name: Ghana Venture Capital Fund Amount raised: $17.3 million Stage: Final Close
Closed: February 2024
Injaro Investments‘ strategy is to back profitable, well-run SMEs in a variety of sectors including education, healthcare, inclusive financial services, manufacturing, and industrial services. The fund close marks the first time a substantial portion of a Ghana-based fund’s capital has been raised from domestic institutions.
For more details, read Africa Capital Digest’s coverage here: Injaro’s cedi-denominated venture fund beat final close goal
