*Data updated daily at 18:00 EAT
Convergence Partners, one of the leading private equity investors dedicated to the technology sector across sub-Saharan Africa, has announced the successful closing of its Convergence Partners Digital Infrastructure Fund (CPDIF) at USD 296 M, surpassing its initial target by over 18%. The recent close of CPDIF marks a significant milestone for the company, as it represents Convergence Partners’ largest fund to date, bringing total funds under management to more than USD 600 M. The close was backed by a combination of existing and new investors comprising leading global and regional development finance institutions (DFIs), pension funds and financial institutions based in Europe and Africa.
The Fund is focused on investing in digital infrastructure opportunities across sub-Saharan Africa. This includes investments in fiber networks, data centers, wireless, towers, cloud, Internet of Things (IoT), artificial intelligence (AI) and other critical digital infrastructure that is vital for the growth of the digital economy in the region. In addition to investing in physical assets, CPDIF is also aimed at developing and supporting initiatives that promote access to education, financial services, healthcare, and other essential services through digital technologies.