DPI Steps Into Venture Capital With Launch Of New Platform And Takeover Of Nclude Fund

Development Partners International (DPI), the London-based private equity (PE) firm known for its focus on high-growth, impact-driven investments across Africa, has officially entered the venture capital space with the launch of DPI Venture Capital.

Through its new venture capital platform, the PE firm will provide investors access to early-stage, technology-led businesses across the continent.

As part of the launch, DPI has taken over investment advisory control of Nclude, a USD 105 M Cairo-based fintech fund established in 2022.

Nclude, backed by Egypt’s largest national banks, including Banque Misr, National Bank of Egypt, and Banque du Caire, with other notable financial services limited partners (LPs) such as e-Finance Investment Group, EBC, and Mastercard, has quickly become one of the region’s most influential fintech investment engines investing in innovative fintech businesses in Egypt all the way from Seed funding to Series C.

Now, it becomes a core part of DPI’s broader ambition to help scale impact-driven tech startups that help foster financial inclusion across emerging markets.

Nclude brings a strong track record into the DPI fold. In under two years, the fund has invested over USD 28 M across nine companies, including Egyptian fintechs like Paymob, Khazna, Flapkap, and Connect Money. These startups span diverse verticals—from digital payments to agri-finance—all aimed at improving financial access for underserved communities. With DPI now advising the fund, Nclude is set to play an even larger role in building out Africa’s fintech landscape.

The takeover was formalised through a fund restructuring transaction, which handed DPI full advisory responsibility for Nclude’s assets and future capital deployment. With its new venture capital arm, the firm will not only manage Nclude’s current portfolio but also guide new investments across Egypt, the wider Middle East, and Africa.

Under its terms, Nclude retains the ability to invest up to 30% of its committed capital in companies based outside Egypt, to help them expand into the Egyptian market.

Egypt has long been a priority market for DPI. Over the past decade, the firm has invested close to USD 850 M in the country and has seen firsthand the impact of digitisation through companies like MNT-Halan and Kazyon. By integrating Nclude into its operations and advising the entirety of the Fund’s USD 105 M assets under management, DPI deepens its roots in Egypt’s tech ecosystem while gaining a springboard to scale fintech inclusion more broadly in the region.

DPI Venture Capital will be led by Ashley Lewis, a Managing Partner at DPI, with Mohamed Aladdin joining the team as General Partner, based in Cairo. The platform is supported by a local team on the ground, bringing both a global perspective and regional insight to every investment decision.

For DPI, this move is more than a business expansion, it’s a strategic pivot that reflects its evolution in Africa’s investment landscape. With over USD 3 B in assets already under management, and in the process of raising its fourth flagship fund targeting USD 1 B, DPI is reinforcing its position as a leading player in private capital on the continent.

“By establishing DPI Venture Capital, DPI has fulfilled its long-standing ambition to provide investors with a range of investment strategies in Africa,” said Runa Alam, Co-Founder and CEO of DPI. “The completion of the Nclude transaction is an opportunity to build on the success of our previous investments in technology-led companies and will empower our investors to add exposure to highly innovative growth-oriented businesses.”

Ashley Lewis echoed the sentiment. “The African venture capital ecosystem is still underpenetrated, and there is a fantastic opportunity for Africa-focused fund sponsors to make a significant impact on the ecosystem.” She noted that welcoming the Nclude team and their portfolio into DPI is an important step toward that goal.

With a proven investment platform, an expanding footprint, DPI see its venture capital arm as a unique opportunity to support early-stage companies and expand its strategy of investing in companies that positively impact the growing middle class in Africa.