Convergence Partners, a private equity investor, has announced it has successfully closed its Digital Infrastructure Fund (CPDIF) at USD 120 Mn. Investors in the CPDIF include the UK-based CDC Group, the European Investment Bank (EIB), and Proparco.
The firm specializes in digital infrastructure investments in Africa and has more than USD 400 Mn of capital under management. It also invests in service provision related to digital infrastructures such as enterprise connectivity and fintech and healthtech solutions. CPDIF investments will focus on growing the continent’s digital infrastructure ecosystem. This includes network virtualization, Artificial Intelligence (AI), the Internet of Things (IoT), and 5G.